Banking Cash Transaction Tax

Tax Glossary Definition

Banking Cash Transaction Tax

Banking Cash Transaction Tax (BCTT) – A tax that was previously levied in India on large cash withdrawals from bank accounts, aimed at reducing cash-based dealings and addressing issues related to unaccounted money. The levy was discontinued in 2009.

Example: Prior to its abolition, withdrawing ₹1 lakh or more in cash from a bank could attract BCTT.

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