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Banking cash transaction tax abolished.

Taxpayers will not have to pay the levy on withdrawal of cash from banks with the government withdrawing the Banking Cash Transaction Tax (BCTT). 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 The tax has been withdrawn from April 1 following an announcement made by the then Finance Minister P Chidambaram in his Budget speech for 2008-09, sources said.

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