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Govt May Introduce Tax On Cash Withdrawal Of Rs 10 Lakh A Year: Report
The government is considering introducing taxes on cash withdrawal of Rs 10 lakh made per year in an attempt to curb the use of paper currency, control black money circulation and promote digital payments, a Times of India report said, citing sources.
The report further said that the government is also looking at a proposal of using Aadhaar authentication for high-value cash withdrawals. The intention is to using more than just PAN (Permanent Account Number) to track individuals and their tax returns.
While the discussion comes ahead of the presentation of the Union Budget 2019-20 on 5 July, the source of the information further told TOI that these decisions weren't finalised and were proposed considering that most individuals and businesses do not need to make cash withdrawals greater than Rs 10 lakh a year.
The government has been pushing digital transactions in the recent years. Last week, the RBI announced removal of charges on NEFT and RTGS transactions. It further said that charges on ATM cash withdrawals are being reviewed to reduce losses faced by banks.
A few years ago, digital or cheque payments above Rs 10,000 were made mandatory for businesses who wish to claim tax benefits on expenses.
