FreeLists / 0banktech / [STC Salt Lake] Cash Withdrawal Tax comes into force

["Anup Sen, Salt Lake City, Kolkata" <anupsen@xxxxxxxxx>]

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Title: State Bank of India, Staff Training Centre, Salt Lake, Kolkata. : : stcsaltlake@xxxxxxxx : :

 

Cash Withdrawal Tax comes into force

 

The Business Line

Published on June 2, 2005

 

 

THE Banking Cash Transaction Tax (BCTT), an anti-tax evasion measure introduced through this year's Budget, became operational from Wednesday.

 

The Finance Ministry has now notified the BCTT rules 2005 that specifies the format of the returns and particulars that banks would have to periodically submit to the revenue department.

 

Cash withdrawals from savings accounts do not attract the 0.01 per cent tax.

 

For individuals and Hindu Undivided Families, BCTT is applicable for withdrawal of Rs 25,000 and above on a single day from current and other non-savings accounts in the banks.

 

For businesses, the 0.01 per cent tax will be applicable for any withdrawal beyond Rs 1 lakh on a single day.

 

The Central Board of Direct Taxes has made it clear that if the total withdrawal exceeds Rs 25,000 by individuals or Rs 1 lakh by businesses on a single day even through multi-transactions, the tax would be applicable.