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Home > Business > Business Headline > Budget 2005-06 > Report
Withdrawing money from bank? Pay tax!
February 28, 2005 13:05 IST
Last Updated: February 28, 2005 13:27 IST
Finance Minister P Chidambaram introduced two anti-tax evasion measures announced to check black money generation, while presenting the Union Budget for 2005-06 in Parliament on Monday. He has levied 0.1 per cent tax on withdrawal of cash of Rs 10,000 or more from banks on a single day. So if you withdraw Rs 10,000 from the bank on a single day, you will need to pay a tax of Rs 10 on it. There will be no amnesty scheme for black money.
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Number of User Comments: 58
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Sub: Tax on Withdrawing from bank
I am already paying tax from my salary and the rest money which i am saving now the Gov. is take tax from that also ...
Posted by Dilip
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Sub: withdrawl
depositing money and withdrawing money...fill the form and pay the tax.... lower than ever bank interests... i think i'll keep my money home ...
Posted by mayank
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Sub: Re:tax levied on withdrawing from bank
This is a stupid decision on the part of FM. Banks are the major sources to safely deposit their money for the middle class and ...
Posted by shiva
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Sub: tax on money withdrawals
My friend is busy opening savings accounts. He hope to withdraw Rs 9999 from each of them on the same day and avoid tax. He ...
Posted by ANUPAM SHUKLA
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Sub: Tax for the Help
This is great thing our FM have done , which describes at what level the Think Tank Thinks to Pull money from Middle Class family, ...
Posted by Ravi Ramgiri
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