Wednesday, 25 January 2017

No final decision on taxing cash transactions above Rs 50,000: Government

The Finance Ministry on Wednesday clarified that a final call on the recommendations of the panel of Chief Ministers, which includes a tax on cash transactions above Rs 50,000, is yet to be made. "The recommendations of the committee (on digital payments, headed by Andhra Pradesh Chief Minister N. Chandrababu Naidu) will be carefully examined and appropriate decisions will be taken in due course," the ministry said. 

"The committee has submitted an interim report to the government. The government has not yet taken any final view on the recommendations of the committee." The panel said the government must tax cash transactions above Rs 50,000, abolish banks' interest on credit card transactions, give tax refund to consumers on digital payments and extend Rs 1,000 subsidy on smart phones to non income-tax payees to promote a less-cash digital economy.

SHARE and STOCK MARKET calls and INTRADAY tips click here to subscribe FREE

No comments:

Post a Comment