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Home > Business > Message Board

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

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Read what others have to say:

Number of User Comments: 928

Sub: CWT

I am afraid I don't agree with this CWT- Paying tax on your own money and that too when it had already been taxed once. ...

Posted by Debjani Guha(ACA)

Sub: A good plan

I guess 0.1% is ok. The same thing happens to ppl who live outside India like US. We pay income tax and also pay charges ...

Posted by Chandy

Sub: Comment on withdrawl tax.

As per my opinion , this withdrawl tax is not at all justified. why should one keep on giving tax again and again on same ...

Posted by Ankur Jain

Sub: withdrawal tax

we are dreaming of leading india from developing country to developed country. but PC's this move may make the world to believe that we are ...

Posted by Dr. Jayant G.Kulkarni.

Sub: scrap withdrawal tax

i think the Mr.Chidambaram should be given a entry in the guinness book of world records by imposing this withdrawal tax. where in the world ...




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