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YSR Congress questions tax on bank withdrawals
Andhra Pradesh

YSR Congress questions tax on bank withdrawals

Agency News

New Delhi, Jul 24: YSR Congress lawmaker K V Vijaysai Reddy on Tuesday questioned the government over a provision in the Budget to levy tax on banks withdrawal and said it is unacceptable.

While participating in the discussion on Finance and Appropriation Bill he said that levying tax on withdrawal was started by then finance minister P Chidamabaram but in later stage it was withdrawn. Now, it has been again started in different form. Mr Reddy said it is the deposit of an individual which doesn't come under any revenue or expenditure. Then why the tax should be imposed on it?

He also raised the issue of imposing penalty on filing income tax return and asked when one has not to pay tax on their income then why it is mandatory to file ITR?

On levying cess on petrol and diesel, Mr Reddy added that the move would increase the burden on farmers. On 10 per cent custom duty on news print, he said the smal newpapers will have to face the heat.

Navneetkrishnan of AIADMK urged the government to take decision on privatisation of public sector units after wider consultations. However, he praised the finance minister for zero budget farming.

BJP's Bhupendra Yadav said that the roadmap for the new India has been presented in this Budget. This is not an allocation of funds but it also has policy to take country forward. (UNI)