Banking Cash Transaction Tax exempted for interbank cash withdrawals and term-deposit encashments; scheduled banks must not collect. The Finance Act, 2005 levies a Banking Cash Transaction Tax on specified cash withdrawals and on cash received on encashment of term deposits when statutory single-day thresholds are exceeded. The Government has clarified that interbank cash withdrawals and receipt of cash on encashment of term deposits in the name of scheduled or non-scheduled banks (including co-operative banks) are excluded from BCTT, and scheduled banks are instructed not to collect BCTT on such transactions.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Banking Cash Transaction Tax exempted for interbank cash withdrawals and term-deposit encashments; scheduled banks must not collect.
The Finance Act, 2005 levies a Banking Cash Transaction Tax on specified cash withdrawals and on cash received on encashment of term deposits when statutory single-day thresholds are exceeded. The Government has clarified that interbank cash withdrawals and receipt of cash on encashment of term deposits in the name of scheduled or non-scheduled banks (including co-operative banks) are excluded from BCTT, and scheduled banks are instructed not to collect BCTT on such transactions.
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