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Cash Withdrawal Above 50,000 are Taxable: Recommends Chandrababu Naidu-led panel newsreporter.in

Cash Withdrawal Above 50000 are Taxable Recommends Chandrababu Naiduled panel

In a move to encourage digital payments and transaction, the panel led by Andhra Pradesh Chief Minister Chandrababu Naidu recommended levy of cash transaction tax for cash transactions or withdrawals of Rs 50,000 and above.

The Chandrababu Naidu panel in its interim report to Prime Minister Narendra Modi on Tuesday stated that bringing down cost of digital transactions was key to success of digital payments. The panel suggested abolition of MDR and imposing tax on cash transaction above Rs 50,000.

2017-01-25 18:20:00 by Harini

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