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Should there be withdrawal tax?
February 28, 2005
The finance minister has levied 0.1% tax on withdrawal of cash of Rs 10,000 or more from banks or ATMs in a single day.
So if you withdraw Rs 10,000, in a single day, you will have to pay a tax of Rs 10 on it. He says this will check black money generation.
Do you agree with this move? Should you pay tax on your own money (on which you have already paid tax)?
Tell us what you think!
Also see: Budget 2005-06: Complete Coverage