-
ALSO READ
Report cash receipt over Rs 2 lakh in single transaction: CBDT Highlights of Union Budget-IX CBDT issues norms for filing of revised 'Income Tax Returns' by tax payers post demonetisation Income Tax Department (ITD) launches Operation Clean Money Sebi to clampdown on entities for share price manipulation -
There is no proposal to replace income tax with the banking cash transaction tax, Parliament was informed on Friday.
"In the present there is no such proposal under consideration," Minister of State for Finance Santosh Kumar Gangwar said in a written reply in the Lok Sabha, in reply to a query as to whether the government was considering replacement of income tax with a banking cash transaction tax.
Banking cash transaction tax of 0.1 per cent was introduced in 2005 on cash withdrawals above a certain limit -- this was withdrawn on April 1, 2009.
The collection from banking cash transaction tax was significant as compared to income tax collections, Gangwar said.
--IANS
mm/ahm/dg
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
RECOMMENDED FOR YOU