Fringe benefit tax

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Mohd Hassan

Mohd Hassan (Querist)
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14 July 2014 can anyone tell me about banking cash transaction tax and fringe benefits tax?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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14 July 2014 Both are inoperative.

The fringe benefits tax (FBT) was imposed on employers by India's Finance Act 2005 was introduced for the financial year commencing April 1, 2005. The fringe benefit tax was scrapped in the 2009 Union budget of India by the then Finance Minister Pranab Mukherjee.

Banking Cash Transaction Tax (BCCT) was a tax on withdrawal of cash from banks in India. The Indian government had introduced 0.1 per cent BCCT in 2005 on cash withdrawals of more than Rs 50,000 (individuals) and Rs 1,00,000 for others in a single day from non-savings bank account maintained with any scheduled bank. This tax was withdrawn with effect from 1 April 2009

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