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Section 96 – Banking Cash Transaction Tax

The value of taxable banking transaction shall be,—

(i) in respect of taxable banking transaction referred to in sub-clause (a) of clause (8) of section 94, the amount of cash withdrawn;
(ii) in respect of taxable banking transaction referred to in sub-clause (b) of clause (8) of section 94, the amount of cash received on encashment of term deposit or deposits.
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CA Bhuvnesh Goyal Partner
CA Bhuvnesh Goyal is a Chartered Accountant with expertise in taxation, finance, and business compliance. He shares practical insights to help readers navigate complex financial matters with ease.
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