FM's SELECTIVE ALERTNESS

BL 20-02-08
Opinion - Letters
Tax on bank transactions
Please refer to the article “What about the aam aurat’s Budget expectations?” (Business Line, February 18). In the report, it is stated: “As it is, he has to pay professional tax, cash handling tax for taking out our own money from the bank……”
The author has missed a few crucial points: Banking Cash Transaction Tax (BCTT) does not apply to a savings bank account; BCTT applies only to withdrawals by individuals and Hindu Undivided Families (HUF) of more than Rs 50,000 per day from any current account;
In the case of other entities, it applies only if the withdrawal is more than Rs 1 lakh per day from any current account; it is most unlikely that any individual will withdraw more than Rs 50,000 per day from his/her current account on any day (leave alone on several days a month). In fairness, your correspondent should have reported accurately the scope and application of the tax.
Rajul Awasthi Officer on Special Duty to the Finance Minister New Delhi
COMMENT----- Original Message -----
To: blfeedback@thehindu.co.in
Sent: Wednesday, February 20, 2008 10:02 AM
Subject: "Tax on bank transactions..."
GOOD SHOW!!!
TO WHOMSOEVER IT MAY CONCERN
IN ALL FAIRNESS, IT WOULD BE DESIRBLE AND OF GREATER SERVICE TO THE COMMON GOOD, SHOULD LIKE ALERTNESS, AND PERHAPS, MORE RECEPTIVE AND RESPONSIVE ATTITUDE, BE EVINCED, BY THE CONCERNED PERSONS TOWARDS OTHER NO-LESS PRESSING MATTERS OF VITAL IMPORTANCE (???), FROM ALL POINTS OF VIEW!!!
V Swaminathan
(vswami@vsnl.com)