News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax | PPE Safety Kit SITRA Approved | PPE Safety Kit
« General »
 Income tax department notifies exemption for sovereign wealth funds
 How much gold can you keep at home as per income tax rules?
 New income tax slab: Rules changed, no exemption on meal vouchers & coupons
 Pharma shines in advance tax pay
 SDMC starts offline facility for depositing property tax
 Covid-19 crisis threatens to wipe out gains from corporation tax cut
 Big tax shortfall raises Centreā€™s fiscal deficit to 4.6%
 Experience with GST holds valuable lessons for One Nation One Ration Card
 Firms may get input tax credit for masks, PPEs
 Traders seek deferring of property tax
 COVID-19: Kerala Government extends Time Limit of Payment of License Fee and Renewal of Registration under various Acts

No proposal to replace Income Tax with Banking Cash Transaction Tax
April, 18th 2017

There is no proposal "at present" to replace Income Tax with Banking Transaction Tax or BTT, the government said today.

To a query if the government has any proposal to replace the Income Tax with BTT, Minister of State for Finance Santosh Kumar Gangwar said: "There is no such proposal under consideration of the government at present."

There is no tax by the name of BTT in the statute, he said in a written reply in the Lok Sabha.

He said however that earlier a Banking Cash Transaction Tax (BCTT) was being levied at the rate of 0.1 per cent on cash withdrawals from banks exceeding specified limit.

The BCTT was introduced in 2005 by the then UPA finance minister P Chidambaram. The levy was, however, withdrawn with effect from April 1, 2009.

The minister further informed that the collection of BCTT over the years has been very insignificant as compared to collection of Income Tax.

In January, however, the government had said that it will examine the recommendations of the chief ministers' panel on encouraging digital payments post demonetisation for levying BCTT on cash deals of Rs 50,000 and above before taking a final view on it.

With Andhra Pradesh Chief Minister Chandrababu Naidu as convener, the panel on digitisation had submitted its interim report to Prime Minister Narendra Modi.

Home | About Us | Terms and Conditions | Contact Us | PPE Kit SITRA Approved | PPE Safety Kit
Copyright 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting