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of <h1>Finance Act 2005: 0.1% Banking Cash Transaction Tax on Withdrawals Over Rs. 25K for Individuals, Rs. 100K for Others.</h1> The Finance Act, 2005 introduced the Banking Cash Transaction Tax (BCTT) at 0.1% on cash withdrawals exceeding Rs. 25,000 for individuals or HUFs, and Rs. 1,00,000 for others, from non-savings accounts with scheduled banks. It also applies to cash received from term deposit encashments exceeding these amounts. However, the government clarified that BCTT does not apply to bank-to-bank transactions, such as cash withdrawals by banks from their accounts with scheduled banks, or cash received by banks from term deposit encashments. Scheduled banks are instructed not to collect BCTT on these interbank transactions.
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