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Government looking at introducing tax on cash withdrawal of Rs 10 lakh a year, says report

Government looking at introducing tax on cash withdrawal of Rs 10 lakh a year, says report
The government is considering introducing a tax on cash withdrawal of Rs 10 lakh a year, reported The Times of India, citing sources, who added that through the move, the centre aims to discourage use of paper currency, promote digital payments and keep a check on black money.
According to the TOI sources, the government is also looking at mandating Aadaar authentification for all high-value cash withdrawals. This, the government believes, would help in tracking individuals and checking their tax returns, added the source.
“A MGNREGA beneficiary needs to authenticate receipts using Aadhaar but someone withdrawing Rs 5 lakh need not do so as things stand,” an official was quoted as saying by the TOI.
The move, however, is yet to be finalised, added the sources mentioned in the report.
While the government believes that withdrawals of Rs 10 lakh annually are not needed for most individuals, it also doesn’t want to do anything that can burden the middle class and poor, the report said.

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