Withdrawing Rs 10 lakh a year may attract 3-5% tax

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Withdrawing Rs 10 lakh a year may attract 3-5% tax

G Plus News | June 11, 2019 17:22 hrs

GUWAHATI: In a move to discourage cash usage in the economy and resultant black money, the central government is thinking of introducing a tax of 3-5 percent on cash withdrawal of Rs 10 lakh in a year.

The government is of the opinion that paying Rs 30,000-50,000 for Rs 10 lakh annual withdrawal will be seen as a loss and feels that levying of tax this will discourage large cash transactions.

 

A proposal is going on in the Finance Ministry to track high-value cash deals and make digital payments mandatory.
 
Official sources said discussions have been held internally on the fallout of such a move and the tax figure is still being discussed, said sources adding 3-5 percent is an appropriate figure.

Source: India Today

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