NEW DELHI: The first General Budget for the Modi government's second term has been presented today by Finance Minister Nirmala Sitharaman. Currently, this budget remains in discussions. While this budget has seen quite a few changes. Finance Minister Nirmala Sitharaman has also announced a number of schemes.
also read The government took this big decision on two-wheelers and three-wheelers vehicles
Union Finance and Corporate Affairs Minister Nirmala Sitharaman in her Budget Speech said that if anyone withdraws more than one crore rupees from the bank in a year, he will have to pay a TDS of 2%. This means that withdrawals above Rs 1 crore annually will attract a tax of Rs 2 lakh. This is because the tendency to cash in on business payments has grown rapidly in the past.
Union Budget: Government to raise Rs 1 lakh crore
The central government's decision is expected to reduce cash transactions in business payments. People will also be attracted to DDs, cheques or online payments. This will make it easier to prevent frauds during business payments. The central government is also expected to reduce economic corruption by its move. While ease of financial transactions is a special thing for the digital payment system. Not only that, you won't even need to line up cash, plastic cards, banks or ATMs.
Also Read:
Underworld Don Dawood Ibrahim is not in country: Pak re-claims