Banking Cash Transaction Tax withdrawn

New Delhi, Feb 29: In the Central Budget 2008-09, Banking Cash Transaction Tax (BCTT) has been withdrawn. 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 introducted in the last few years.

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

UNI