Current Affairs - Economy - Discussion

Discussion Forum : Economy - Latest Current Affairs (Q.No. 1097)

2019-09-02 Economy

1097.

How much Tax Deduction at Source(TDS) will be deducted on cash withdrawals of over Rs 1 crore from September 1, 2019?

12%

6.4%

4.2%

Answer: Option

Explanation:

The Department of Revenue notified that 2% tax deduction at source (TDS) on cash withdrawals of over Rs 1 crore will come into effect from September 1, 2019. The government had made this provision in the Union Budget 2019-20 with an aim to discourage cash transactions and move towards less cash economy.