Budget 2019: Govt may levy tax on cash withdrawals over Rs 10 lakh a year

[reality]

36 minutes ago, dasara_bullodu said:

I think this will help property dealers and buyers to do transaction using online banking instead of cash.... it will also help record transactions and avoid frauds. Good one

 

What utopian world you are in? I faced practically, cash lenidhe transaction jaragani paristhithi (for a 30 lak transaction)... vadu konte konu lekapothe ledhu antadu...

Just like GST vanka tho rates ni manipulate chesi ela workaround chesthunnnaro... idhi kuda alage chestharu... dealers/brokers. Or transactions will slow down/cancel. Either way, consumers/normal people are the victims.

[raccha rambabu]

2 hours ago, Kool_SRG said:

Another proposal under consideration by the government is Aadhaar authentication for high-value cash withdrawals to help track income tax returns

The government might introduce a tax on cash withdrawals exceeding Rs 10 lakh a year, according to a report by The Times of India. The move will help the government clamp down on black money and promote digital payments.

Another proposal under consideration by the government is Aadhaar authentication for high-value cash withdrawals to help track tax returns, the report said. The Aadhaar authentication process will involve verification of the Unique Identification Number (UID) and a one-time password (OTP), so that the data is not misused.

In doing so, the government is going beyond seeking UID as is the case with deposits of over Rs 50,000 where PAN number has to be quoted.

 

The government is of the opinion that the majority of individuals and businesses do not need to withdraw over Rs 10 lakh in a year. Moneycontrol could not independently verify this story.

The consideration comes ahead of the Budget, which will be presented on July 5 by Finance Minister Nirmala Sitharaman.

The government is also planning to re-introduce the banking cash transaction tax (BCTT), which was imposed by the United Progressive Alliance (UPA) government in 2005 but was removed in 2009.

The Reserve Bank of India (RBI) has set-up a committee to review charges on ATM transactions. The central bank on June 6 lifted charges on NEFT National Electronic Funds Transfer) and RTSGS (Real-Time Gross Settlement) transactions.

Tax reforms to improve compliance are likely to be a crucial part of the newly-elected government Budget for 2019-20.

Top income tax payers could be rewarded with an invitation to tea with the Prime Minister or Finance Minister, according to a media report.

Simple ga janalu cash deposit cheyyatam manestharu. Cash transactions peruguthai baita. slow ga SBI and other bank shutters close cheyyataniki ready avthai emo inka

[reality]

16 minutes ago, siru said:

10 lakhs paina already income tax katii..malli mana dabbulu manam draw cheskunte daniki kuda tax aa..

janalu maree vp laga kanipistannara

Chillara Chaiwala gadiki chillara lekkala pina unna sraddha swiss bank lo blackmoney return cheyadam lo enduku untadhi...

[Hydrockers]

10 minutes ago, reality said:

What utopian world you are in? I faced practically, cash lenidhe transaction jaragani paristhithi (for a 30 lak transaction)... vadu konte konu lekapothe ledhu antadu...

Just like GST vanka tho rates ni manipulate chesi ela workaround chesthunnnaro... idhi kuda alage chestharu... dealers/brokers. Or transactions will slow down/cancel. Either way, consumers/normal people are the victims.

Just record it and compaline 

They will take care 

[reality]

Just now, Hydrockers said:

Just record it and compaline 

They will take care 

Be practical.....no kidding. 

[Edhokati]

33 minutes ago, siru said:

10 lakhs paina already income tax katii..malli mana dabbulu manam draw cheskunte daniki kuda tax aa..

janalu maree vp laga kanipistannara

Ade comedy

[Katara]

Better deenamma bank line lo nilabadi kaallu peekutayi baa.kilo mutton ki cash and 100 gazala plot ki cash etla equal

[Katara]

20 minutes ago, raccha rambabu said:

Simple ga janalu cash deposit cheyyatam manestharu. Cash transactions peruguthai baita. slow ga SBI and other bank shutters close cheyyataniki ready avthai emo inka

Dongala bhayam vundiga intlo paisal pettalem kadaaa

[Hydrockers]

17 minutes ago, reality said:

Be practical.....no kidding. 

IT vallu mingutaru baa

janalu eda dorukutara ani chustu untaru eppudu

[dasara_bullodu]

49 minutes ago, reality said:

What utopian world you are in? I faced practically, cash lenidhe transaction jaragani paristhithi (for a 30 lak transaction)... vadu konte konu lekapothe ledhu antadu...

Just like GST vanka tho rates ni manipulate chesi ela workaround chesthunnnaro... idhi kuda alage chestharu... dealers/brokers. Or transactions will slow down/cancel. Either way, consumers/normal people are the victims. 

ippudu atne untadi after some days online transactions will gain traction appudu online better antaru

 

[batman2]

2 hours ago, xano917 said:

this is what i don't understand... modi demonitization and GST pettina taruvatha kuda fublic yela vote vesindhi ?  yekkada theda koduthundhi 

GST is a great reform . demonitization failed its purpose but majority people think its a honest move. 

[AndhraneedSCS]

farmers ki money ee madya direct bank account lo vestunnaru. Ippudu aa dabbulu bayataki teeste tax vestaru .. ento ee @Modi tatha

[batman2]

to all dcikheads here....

you all screamed out of your arses about FCRA rule on deposits. did it get implemented??

meeku burra anedhi okati undadha??? yevado rumour start chesthadu adhi pattukuni underwe@t tearing idiots

[batman2]

1 minute ago, AndhraneedSCS said:

farmers ki money ee madya direct bank account lo vestunnaru. Ippudu aa dabbulu bayataki teeste tax vestaru .. ento ee @Modi tatha

babu farmers ki 2000 rupees icharu. year ki 6000 isthaaru....

sp far the rumour is about 10 lakhs withdrawl. how many indians with draw 10 lakhs??

[xano917]

14 minutes ago, batman2 said:

to all dcikheads here....

you all screamed out of your arses about FCRA rule on deposits. did it get implemented??

meeku burra anedhi okati undadha??? yevado rumour start chesthadu adhi pattukuni underwe@t tearing idiots

I like tearing underwear man