Banking Cash Transaction Tax (BCTT) – measure to curb Black Money

BANKING CASH TRANSACTION TAX (BCTT)   For: Preliminary & Mains Topic covers: BCTT – features & advantages   News Flash The government will put tax on cash transactions at bank in place measures to further curb black money generation and not for revenue generation. Policymakers have started talks on the possibility of re-introducing the banking cash transaction tax (BCTT) to discourage cash transactions. Further, the tax authorities are considering levying the estate tax on inherited…

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