Union Budget: No more Banking cash transaction tax
Posted on Fri Feb 29, 2008 at 07:17:57 PM EST
The Finance Minister has announced that the Banking Cash Transaction Tax (BCTT) will be withdrawn w.e.f. April 1, 2009.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.
By djain128, Section Taxation - Income Tax
Posted on Fri Feb 29, 2008 at 07:17:57 PM EST
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