BCTT: Exemption limit doubled to Rs 50,000

Individuals withdrawing cash up to 50,000 from their current accounts in banks will not have to pay any tax as the exemption limit for the Banking Cash Transaction Tax has been raised.

Presenting the Union Budget 2007-08 on Wednesday, Finance Minister P Chidambaram said the exemption for individuals and Hindu Undivided Families for the BCTT had been raised from Rs 25,000 to Rs 50,000.

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