banking cash transaction tasx (bctt)
This query is : Resolved
23 August 2013
Dear Sir
Kindly Explain me Nature of BCTT and Examples
Kindly Explain me Nature of BCTT and Examples
23 August 2013
In order to trap the black money our honorable Finance Minister Mr. P. Chidambaram has levied Banking Cash Transaction Tax in the Finance Act 2005.
The government had introduced 0.1 per cent BCCT in 2005 on cash withdrawals of more than Rs 50,000 (individuals) and Rs 1 lakh for others in a single day from non-savings bank account maintained with any scheduled bank. The tax has been withdrawn from April 1 following an announcement made by the then Finance Minister P Chidambaram in his Budget speech for 2008-09.
The government had introduced 0.1 per cent BCCT in 2005 on cash withdrawals of more than Rs 50,000 (individuals) and Rs 1 lakh for others in a single day from non-savings bank account maintained with any scheduled bank. The tax has been withdrawn from April 1 following an announcement made by the then Finance Minister P Chidambaram in his Budget speech for 2008-09.
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