The Indian Budget for 05-06
The Union Finance Minister, P Chidambaram, unveiled the annual budget and the highlights have been tax reforms and focus on infrastructure of 7 major cities and increased rural focus.
One of the things the urban business crowd is going to hotly debate is the slapping of a 0.1% withdrawal tax if Rs. 10000 or more is withdrawn from banks/ATM in a single day. In effect, one gets taxed for withdrawing one’s money on which one has already paid tax!
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