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Withdrawing money from bank? Pay tax!

Source: PTI
Last updated on: February 28, 2005 13:27 IST
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Finance Minister P Chidambaram introduced two anti-tax evasion measures announced to check black money generation, while presenting the Union Budget for 2005-06 in Parliament on Monday.

He has levied 0.1 per cent tax on withdrawal of cash of Rs 10,000 or more from banks on a single day. So if you withdraw Rs 10,000 from the bank on a single day, you will need to pay a tax of Rs 10 on it.

There will be no amnesty scheme for black money.

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