News for '-banking-cash-transaction-tax'

Delhi conceals its income best

No withdrawal tax on savings accounts

The government has proposed to dilute the controversial Fringe Benefit Tax, exempt savings account from the 0.1 per cent banking cash transaction tax and raise income tax exemption limit for women and senior citizens.

Tax exemptions to go eventually, says FM

Union Finance Minister P Chidambaram on Thursday said that tax exemptions will be pruned further and phased out eventually and that the controversial Banking Cash Transaction Tax will be reviewed next year.

Mumbai tops tax collection, Delhi second

Direct tax revenues up 40% at Rs 99,935 cr

Booming economic activity enabled the government to collect Rs 99,935 crore (Rs 999.35 billion) from direct taxes during April-November this year

Cash withdrawal tax comes into force

The new banking cash transaction tax, introduced for the first time in the Budget to keep a tax trail on black money, became operational from Wednesday.

Cash tax has helped trace black money: FM

Finance Minister P Chidambaram on Wednesday said the new banking cash transaction tax imposed this year has started yielding results by helping authorities keep a track on black money.

FBT, transaction tax fetch Rs 603 cr in Q1

As much as Rs 583 crore (Rs 5.83 billion) was collected from the Fringe Benefit Tax and Rs 20 crore (Rs 200 million) from Banking Cash Transaction Tax during the first quarter of this fiscal, the Lok Sabha was informed on Tuesday.

Evading tax? FM's out to get you!

Promising a carrot and stick policy, Finance Minister P Chidambaram on Wednesday said taxmen will use annual information report, tax information network and the new bank cash transaction tax to track tax evaders.\n\n

Cash tax limit may be hiked; FBT toned down

The finance ministry is likely to tone down some of the provisions of Fringe Benefit Tax and moderate the conditionalities for Banking Cash Transaction Tax proposed in the Budget.

FinMin yet to take a call on 'tax on cash'

A committee on digitalisation headed by Andhra Pradesh Chief Minister Chandrababu Naidu had in an interim report recommended taxing cash transactions of at least Rs 50,000 to promote digital payments.

Will Jaitley reintroduce Fringe Benefits Tax?

FBT was an unpopular tax and withdrawn before the General Elections in 2009

Why Modi has forgotten the middle class

'The middle class you can hurt anytime. For revenues, politics, pleasure, anything,' notes Shekhar Gupta.