Exemption limit for cash transaction Raised to Rs. 50,000

The exemption limit for individuals and HUFs under the Banking Cash Transactions Tax (BCTT) has been raised to Rs. 50,000 from Rs. 25,000. Cash withdrawals by the Central and State Government have been excluded from the scope of BCTT. Finance Minister Shri P Chidambaram while presenting the Union Budget for 2007-08 in Lok Sabha today said that as other instruments become more effective, it would be possible to review the provision next year.

Source : Press Information Bureau

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