Bad news: You will be taxed if you withdraw Rs 50,000



New Delhi: The Naidu-led panel has recommended levy of cash transaction tax for cash transactions of Rs 50,000 and above. A panel of chief ministers has recommended a ban on transactions beyond a threshold and a tax on payments beyond Rs 50,000 as it sought to minimise the usage of physical currency. 


The Chief Ministers' Panel report, which was submitted to Prime Minister Narendra Modi by committee representative Chief
Minister of Andhra Pradesh N Chandrababu Naidu, has also made a case of lower/zero merchant discount rate (MDR) for all
digital payments to government entities and cap on cash in all type of big ticket transactions.


The 'Merchant Discount Rate' is charged to a merchant by a bank for providing debit and credit card services. The committee comprising Maharashtra Chief Minister Devendra Fadnavis and Madhya Pradesh Chief Minister Shivraj Singh Chouhan has also asked the Centre to promote Aadhaar Enabled Payment System (AEPS) by incentivising and not charging MDR.


The other recommendations include tax incentives for micro ATMs, biometric sensors etc. and tax refund for consumers using digital payment up to a certain proportion of annual income.


When asked how sure he was about incorporation of these recommendations in the forthcoming budget on February 1, Naidu said, "I am very confident about that."


Explaining about advantage of digital payments, he said that there are lots of cost of handling physical currency because of its printing, movement and security while there is no such cost for digital currency. 

Don’t Miss

Good news: India's first 5G trial conducted
Bumper jobs for teachers, Salary will be Rs 27,500
Capital Shame: Another AAP MLA embarrasses with his comments
Trump names India, China to defend his policy on climate change
Light rainfall in Chandigarh
Elections for 58 Rajya Sbabha seats..voting on March 23
War clouds?Chinese troops with US-style combat gear on Indian border
Pakistan will become a beggar, placed on terror finance watch list
Rs 20000000-corruption case, CBI arrests DM of Bihar district
Singer Papon regrets "inappropriately kissing" minor girl
Rahul Gandhi will address only-women rally
106-yr-old Kunwar no more, she sold goats to build toilets, PM had touched her feet
Madhuri Dixit celebrates Holi...PIC story
In PICS... Ranveer Singh kicks around with kids
ED whips Nirav Modi..Rs 440000000+ imported watches+ 176 almirahs seized
Karan Singh Grover Birthday Special: 5 Hot PICS with Bipasha Basu
Priyanka is setting New York on fire
Law Suit Filed against the oscar nominated movie ‘The Shape of Water’
Salman Khan and Katrina Kaif in a BIG trouble together
Ram Gopal Varma in trouble for making pornographic film with Mia Malkova?
Sushma calls on Canadian PM Justin Trudeau
Avalanche warning for some places in J&K
Salman Khan finds it TOUGH to afford
Are you 12th pass? Many jobs available for you
Kejriwal drags Amit Shah, challenges cops to question him
18-yr-old woman burnt alive in UP village
Will this warm hug thaw relations between India and Canada?
Huawei to showcase world's 1st smartphone-driven car
Himachal may get snow this weekend
Complaint filed against this Indian singer for kissing a minor girl, see video

Most Popular