Cash Transaction Tax (CTT)

Cash Transaction Tax (CTT)-Cash Transaction Tax (CTT) Any cash withdrawal worth Rs 25,000 or more on a single day from bank’s current account will attract a banking transaction tax of 0.1%. The tax will be leviable even on purchase of a bank draft, or banker’s cheque or encashment of term deposits. Small traders and businessmen exempted from the CTT in respect of their daily withdrawal upto Rs.1 lakh.