Comments
Finance Minister Nirmala Sitharaman on Friday raised cess on petrol and diesel by Re 1 per litre, while customs duty on gold was also increased to 12.5 per cent from existing 10 per cent.
Presenting the first Budget of the Modi government in its second term, Sitharaman said surcharges on individuals having taxable income of Rs 2 crore to Rs 5 crore; and Rs 5 crore and more have been raised.
No MDR charges
She also said there will be no merchant discount rate (MDR) charges on digital transaction made at big establishments having annual turnover of more than Rs 50 crore.
The finance minister also announced TDS (tax deducted at source) of 2 per cent on cash withdrawal of more than Rs 1 crore from a bank account.
She said faceless assessment of tax returns in electronic mode is being launched this year in a phased manner.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.