Budget 2017 - 1% Expenditure Tax on transactions above Rs 20K desirable Direct taxes - Pre-budget memorandum 2017 - Part I

While appreciating your suggestions, i would like to add one to those. Tax on cash withdrawals should be more than credit or debit card usage charges which are around 2 percent. Expenditure under Income tax should not be allowed on the expenses incurred by way of cash payment beyond 20000. Charging 10 percent TDS on cash withdrawals with an option to adjust towards IT payable or to get refund to the extent of 8 percent i.e. 80 percent of 10 PC through filing of IT returns

mallikarjun reddy c 14/01/2017