MASTER CIRCULAR ABOUT COLLECTION OF DIRECT TAX BY BANKS

RBI issued a master circular about collection of direct taxes by banks. RBI tells different types of tax collected by banks which are as follows.

)Corporation Tax (C.T)0020Corporation Tax
ii)Income Tax (I.T.)0021Taxes on Income other than Corporation Tax
iii)Wealth Tax (W.T.)0032Taxes on Wealth
iv)Gift Tax (G.T.)0033Gift Tax
v)Fringe Benefit Tax *0026
vi)Banking Cash Transaction Tax #0036
*  Fringe Benefit Tax has been abolished w.e.f. assessment year 2010-11.
#  Banking Cash Transaction Tax has been withdrawn w.e.f. 1st April 2009.
Direct Tax Collection by Banks
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