Modi Government Is Considering Taxing Your Cash Withdrawals: Report

[skyisthelimit]

It is there in all countries. Up to certain limit, no charges for atm withdrawals.
Y are we all creating this fuss.
It is so in past as well.

 

[The_Showstopper]

The reason MGNREGA is required is because of the systematic loot and corruption of the "Sikular" govt. When a disease is there you will have to give proper medication.

Bro... What was that? Did you even understand what you just posted. NDA Government increased the MGNREGA funds. So going by your logic, to get to rid of disease, you will increase the bacteria/virus content at that particular infection.

 

[Soumitra]

Bro... What was that? Did you even understand what you just posted. NDA Government increased the MGNREGA funds. So going by your logic, to get to rid of disease, you will increase the bacteria/virus content at that particular infection.

Disease is rural poverty and job loss. MGNREGA is the medicine

 

[The_Showstopper]

Disease is rural poverty and job loss. MGNREGA is the medicine

Then you must thank the "Sickular" government for this medicine... No?

 

[Soumitra]

Then you must thank the "Sickular" government for this medicine... No?

They were responsible for the disease. When it became too much they administered the medicine

the Sickular Govt were Anti Indian Growth. The MGNREGA i symbol of their failure

 

[Zibago]

How it is different than what we Pakistanis pay when we withdraw through ATM?

We did it first and it resulted in decrease in banking transactions
http://tribune.com.pk/story/1060499...ng-cheques-to-avoid-levy-says-official-stats/

 

[Acknowledge]

The best strategy to increasetax base is lower the tax both for individuals and corporate

And cut exemptions.

There's a whole fucking list of exemptions that have been given out by Congress over multiple decades which make taxes look like a bottle with 100 holes.

Remove and and every exemption, and then cut down on the taxes dramatically.

Compliance will skyrocket.

Tax on cash withdrawal didn't make any difference nor double tax rate made people to file tax returns in Pakistan. Only benefit is increase in tax revenue of government. If Indian government is serious to discourage cash than there should be at least 10% tax on cash withdrawal of more than 5000.

Which is why Govt. is committed to cutting tax rates. Nothing increases compliance like less paperwork and less taxes.

By 2019, our corporate tax rate will go down to 25% flat instead of current 33%. This much has already been announced.

I want them to go down to 20%.

 

[ito]

And cut exemptions.

There's a whole fucking list of exemptions that have been given out by Congress over multiple decades which make taxes look like a bottle with 100 holes.

Remove and and every exemption, and then cut down on the taxes dramatically.

Compliance will skyrocket.

Simpler tax structure will be an incentive for people to pay taxes. Give tax exemptions to people who earn below 2 lakh. Income between 2 and 20 lakhs will have tax rate of 15% and Income above 20 lakh have a tax rate of 20%. For corporate keep tax rate at 20% flat . All black money problems will be solved. Moreover lower tax rate will be an incentive for FDI.

 

[Acknowledge]

Simpler tax structure will be an incentive for people to pay taxes. Give tax exemptions to people who earn below 2 lakh. Income between 2 and 20 lakhs will have tax rate of 15% and Income above 20 lakh have a tax rate of 20%. For corporate keep tax rate at 20% flat . All black money problems will be solved. Moreover lower tax rate will be an incentive for FDI.

I agree more or less.
My ideal would be:

No tax till 4 lakhs(Rs 33,000 per month, more than sufficient for decent needs for a single person anywhere in India)

>4 lakh : 10% tax
>10 Lakh: 20% tax.

Corporate - flat tax 20%. No exemptions.

We did it first and it resulted in decrease in banking transactions
http://tribune.com.pk/story/1060499...ng-cheques-to-avoid-levy-says-official-stats/

There is no withholding tax in India. There is no plan to introduce one either.

A Cash withdrawal charge is being considered. That means withdrawing physical cash either from the Bank or the ATM. Digital transactions are open and being incentivized now. For example it is now cheaper to buy petrol/diesel using a card/electronic payment instead of paying with cash.

 

[Surya 1]

Actually this is a very nice step and it will replace direct tax system. Pay tax on what you spend and not what you earn.

 

[graphican]

A likely outcome of this action would be that people would keep cash out and wouldn't submit in Banks the first place. That is infarct an anti-strategy to modi's cash-less strategy.

But I hope poor people of India wouldn't suffer. This mindless bag of bananas has caused them much pain already.

 

[Soumitra]

A likely outcome of this action would be that people would keep cash out and wouldn't submit in Banks the first place. That is infarct an anti-strategy to modi's cash-less strategy.

But I hope poor people of India wouldn't suffer. This mindless bag of bananas has caused them much pain already.

People will be vary of keeping too much Cash in Hand. They have just seen the downside of that strategy. the authorities are working against cash hoarding

 

[graphican]

People will be vary of keeping too much Cash in Hand. They have just seen the downside of that strategy. the authorities are working against cash hoarding

There is not a single example of what Modi is doing and thus far it has back fired. It may turn out to be an example for the world and I think pro Modi crowed is hoping for that, but thus far both pro-Modi and anti-Modi has witnessed problems. Because of these abrupt changes, India has lost growth rate with no clear road-maps of recovery.

Just as you, I would wait and see how it turns out, but from the surface, it has thus far proven to be a pain and strategy of failure.

 

[Soumitra]

There is not a single example of what Modi is doing and thus far it has back fired. It may turn out to be an example for the world and I think pro Modi crowed is hoping for that, but thus far both pro-Modi and anti-Modi has witnessed problems. Because of these abrupt changes, India has lost growth rate with no clear road-maps of recovery.

Just as you, I would wait and see how it turns out, but from the surface, it has thus far proven to be a pain and strategy of failure.

If his policies are failing Pakistanis and Chinese should be happy. But it is seen that (in general) Indians are happy. Obviously there will be some opposition - India is a democracy afterall. However we generally believe that this is a good step

 

[Spring Onion]

We did it first and it resulted in decrease in banking transactions
http://tribune.com.pk/story/1060499...ng-cheques-to-avoid-levy-says-official-stats/

Actually this news was about increase in the said TAX while there was already a tax on cash withdrawals specially through ATM it was already high and now it is much higher in Pakistan. I was wondering and it was amazing that there was NO such tax in India till now???