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of <h1>Banking Cash Transaction Tax (BCTT) Introduced in 2005: 0.1% Tax on Large Cash Withdrawals to Curb Black Money.</h1> The Finance Act, 2005 introduced the Banking Cash Transaction Tax (BCTT) to curb black money by taxing large cash transactions. Applicable from June 1, 2005, the BCTT is levied at 0.1% on cash withdrawals exceeding Rs. 25,000 for individuals and Rs. 100,000 for others, excluding savings accounts, from scheduled banks. The tax also applies to cash received from term deposits exceeding these amounts. Banks are responsible for collecting and remitting the tax monthly to the Central Government. The BCTT is not applicable in Jammu and Kashmir, and specific provisions allow for appeals and refunds. The tax paid is deductible under the Income-tax Act.
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