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Another Loot – ATM Withdrawal to Cost More

ATM Withdrawal

The Modi government has decided to loot the citizens of the country in the time of pandemic in one or the other way. After continuous hike of petrol prices which saw a nation wide uproar, now the government has brought a change in TDS rules, under Finance Act 2020, making every cash transaction above Rs. 5000 to cost more.

The provisions under Finance Act, 2020 have been tightened which will eventually increase the tax deducted at source (TDS) on high value withdrawals from today, impacting those who have not been filing income tax returns.

The increased TDS will be applicable for individuals, Hindu Undivided Families, Companies, Partnership Firms, LLPs and local authorities who have failed to file ITRs in the past three years, while government bodies, cooperative banks and business correspondants of a banking company will be excluded from this.

In order to promote digital economy in the country and discourage cash transactions, it has been recommended that charges for financial transactions through ATMs should be increased from Rs 2 to Rs 17, while for non-financial transactions from Rs 5 to Rs 7 at ATMs in all centres with a population of one million and above.

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