Banking Cash Transaction Tax to be withdrawn

In the General Budget 2008-09, Banking Cash Transaction Tax (BCTT) has been withdrawn w.e.f. April 1, 2009. The step is in view of the fact that the information gathered by means of BCTT is also available to the Income Tax Department through other instruments introduced in the last few years.

Relief has been provided in the Fringe Benefit Tax (FBT) for certain class of tax payers. Crèche facilities, sponsorship of an employee-sportsperson, organizing sports events for employees and guests will be excluded from the purview of FBT.

Source : Press Information Bureau

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