Know your world in 60 words - Read News in just 1 minute
Hot Topics
Select the content to hear the Audio

Added on : 2019-07-09 04:59:58

Over 1.75 lakh entities withdrew more than Rs 1 crore each from their bank accounts in 2017-18, adding up to Rs 11lakh crore, prompting the government to impose checks for better tracking and reduction of cash transactions.
Although some of the withdrawals were for genuine business needs, including by cash management companies which manage ATMs, sources said the 2017-18 data also threw up several instances of what they believed was money meant to have been used for illicit purposes. In a large number of cases, the PAN furnished was incorrect or was not shared at all. Through the proposed 2% tax deduction at source, the government hopes to improve tracking of entities that withdraw large amounts of cash as entities withdrawing money will give their correct PAN to claim adjustment at the time of payment of advance tax.

Over 1.75 lakh entities withdrew more than Rs 1 crore each from their bank accounts in 2017-18, adding up to Rs 11lakh crore, prompting the government to impose checks for better tracking and reduction of cash transactions.
Although some of the withdrawals were for genuine business needs, including by cash management companies which manage ATMs, sources said the 2017-18 data also threw up several instances of what they believed was money meant to have been used for illicit purposes. In a large number of cases, the PAN furnished was incorrect or was not shared at all. Through the proposed 2% tax deduction at source, the government hopes to improve tracking of entities that withdraw large amounts of cash as entities withdrawing money will give their correct PAN to claim adjustment at the time of payment of advance tax.

Editor & Publisher : Dr Dhimant Purohit

Headlines

Good News

politics

India

World