Thursday, Jun 02, 2005
Thursday, Jun 02, 2005 |
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Special Correspondent
NEW DELHI: The Banking Cash Transaction Tax on cash withdrawals and receipts of term deposits in banks came into effect from Wednesday. The tax of 0.1 per cent proposed in the Union budget for 2005-06 will now apply to withdrawals of Rs. 25,000 and above on a single day from current and other non-savings accounts for individuals and the Hindu Undivided Families. In the case of business accounts, the 0.1 per cent tax would be applicable on any withdrawal beyond Rs. 1 lakh on a single day. It has been clarified that the tax would apply even if the total withdrawal in multiple transactions in a single day exceeds Rs. 25,000 by individuals or Rs. 1 lakh by businesses. The tax had been mooted by Finance Minister P. Chidambaram as a way of laying a paper trail to track blackmoney transactions in the economy. The notification says the tax will also apply when one or more term deposits are encashed in a day. In the case of individuals and HUF, it will be levied on such transactions over Rs. 25,000 and for businesses it will be levied on encashment over Rs. 1 lakh.
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