Finance ministry mulling 3-5% tax in Budget on cash withdrawal of 10 lakh a year

NEW DELHI: Withdrawing a cumulative ₹10 lakh a year can attract 3-5 per cent tax if a proposal going around in the Finance Ministry takes shape in the Budget to track high value cash deals and make digital payments mandatory. In its push towards a digital economy, the central government is thinking of introducing a tax of 3-5 per cent on cash withdrawal of ₹10 lakh in a year, a move to discourage cash usage in the economy and resultant black money. Paying ₹30,000-50,000 for ₹10 lakh annual withdrawal will be seen as a loss, the…

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Finance ministry mulling 3-5% tax in Budget on cash withdrawal of 10 lakh a year

NEW DELHI: Withdrawing a cumulative ₹10 lakh a year can attract 3-5 per cent tax if a proposal going around in the Finance Ministry takes shape in the Budget to track high value cash deals and make digital payments mandatory. In its push towards a digital economy, the central government is thinking of introducing a tax of 3-5 per cent on cash withdrawal of ₹10 lakh in a year, a move to discourage cash usage in the economy and resultant black money. Paying ₹30,000-50,000 for ₹10 lakh annual withdrawal will be seen as a loss, the…

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Railway Panel Mulling Increased Fare For Lower Berths, Festive Travel

Railway passengers could be paying extra for seats of their choice. NEW DELHI: Railway passengers could be shelling out more for choosing lower berths and travels during festive seasons, if the recommendations of a fare review committee are approved by the Railway Board. The panel constituted to review the flexi-fare system in premium trains has recommended that the transport behemoth adopt the dynamic pricing model followed by airlines and hotels, sources said. Like flyers pay more for front-row seats, railway passengers too could be paying extra for seats of their…

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