Current Affairs - Economy - Discussion

Discussion :: Economy - Latest Current Affairs (Q.No.36)

36. 

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

[A]. 12%
[B]. 6.4%
[C]. 4.2%
[D]. 2%

Answer: Option D

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.

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