Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 73
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 74
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

            } else {
$response = object(Cake\Http\Response) {

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    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f09c608c906-trace').style.display = (document.getElementById('cakeErr67f09c608c906-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr67f09c608c906-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f09c608c906-code').style.display = (document.getElementById('cakeErr67f09c608c906-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f09c608c906-context').style.display = (document.getElementById('cakeErr67f09c608c906-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr67f09c608c906-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
</span></span></code>
<span class="code-highlight"><code><span style="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&lt;link&nbsp;rel="canonical"&nbsp;href="<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">Configure</span><span style="color: #007700">::</span><span style="color: #0000BB">read</span><span style="color: #007700">(</span><span style="color: #DD0000">'SITE_URL'</span><span style="color: #007700">);&nbsp;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$urlPrefix</span><span style="color: #007700">;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">category</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">slug</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>/<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">seo_url</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>.html"/&gt;
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</span></span></code></pre><pre id="cakeErr67f09c608c906-context" class="cake-context" style="display: none;">$viewFile = &#039;/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp&#039;
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		&#039;title&#039; =&gt; &#039;Budget riddle on cash withdrawals: &amp;#039;Income&amp;#039; tax on &amp;#039;non-income&amp;#039; -Sambit Saha&#039;,
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-The Telegraph&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;The obvious question: if the cash withdrawal isn&amp;rsquo;t designated as &amp;ldquo;income&amp;rdquo;, how can you tax it under the &amp;ldquo;income&amp;rdquo; tax act?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The Narendra Modi government has left tax consultants and legal eagles deeply puzzled as they try to wrap their heads around the legalese of a change to the income-tax act.&lt;br /&gt;
&lt;br /&gt;
The change, incorporated in the budget presented by Nirmala Sitharaman and amended afresh on Thursday, mandates banks to deduct a 2 per cent tax deduction at source (TDS) on cash withdrawals above Rs 1 crore a year from multiple bank accounts. But, mystifyingly, the cash withdrawn will not be deemed as &amp;ldquo;income&amp;rdquo;.&lt;br /&gt;
&lt;br /&gt;
The obvious question: if the cash withdrawal isn&amp;rsquo;t designated as &amp;ldquo;income&amp;rdquo;, how can you tax it under the &amp;ldquo;income&amp;rdquo; tax act?&lt;br /&gt;
&lt;br /&gt;
Tax advocates and legal wordsmiths have been poring over the last-minute amendments to the Finance Bill 2019 before it was passed by the Lok Sabha on Thursday to try and make sense out of an apparent absurdity. The new provision comes into effect from September 1.&lt;br /&gt;
&lt;br /&gt;
When the Modi government decided to tax cash withdrawals from bank accounts, it brought back memories of the banking cash transaction tax (BCTT) that was introduced in the Finance Act of 2005 by the then finance minister, P. Chidambaram, to track unaccounted money and trace its source and destination.&lt;br /&gt;
&lt;br /&gt;
Chidambaram had introduced the BCTT on cash withdrawals above Rs 50,000 as a separate chapter in the Finance Act and avoided any legal quibble over the levy.&lt;br /&gt;
&lt;br /&gt;
The BCTT stayed on the statute books till April 1, 2009, when the UPA government decided that it had served its purpose and there were other ways to ferret out tax dodgers and money-launderers.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://www.telegraphindia.com/india/budget-riddle-on-cash-withdrawals-income-tax-on-non-income/cid/1694849?ref=top-stories_home-template&amp;amp;fbclid=IwAR3O97Mg2crAj1RgFf7Hs34cW8RI0CZ95lreKCf-TR8tSXhLijMh-Dl4hu8&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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-The Telegraph

The obvious question: if the cash withdrawal isn&amp;rsquo;t designated as &amp;ldquo;income&amp;rdquo;, how can you tax it under the &amp;ldquo;income&amp;rdquo; tax act?

The Narendra Modi government has left tax consultants and legal eagles deeply puzzled as they try to wrap their...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Telegraph&lt;br /&gt;&lt;br /&gt;&lt;em&gt;The obvious question: if the cash withdrawal isn&amp;rsquo;t designated as &amp;ldquo;income&amp;rdquo;, how can you tax it under the &amp;ldquo;income&amp;rdquo; tax act?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The Narendra Modi government has left tax consultants and legal eagles deeply puzzled as they try to wrap their heads around the legalese of a change to the income-tax act.&lt;br /&gt;&lt;br /&gt;The change, incorporated in the budget presented by Nirmala Sitharaman and amended afresh on Thursday, mandates banks to deduct a 2 per cent tax deduction at source (TDS) on cash withdrawals above Rs 1 crore a year from multiple bank accounts. But, mystifyingly, the cash withdrawn will not be deemed as &amp;ldquo;income&amp;rdquo;.&lt;br /&gt;&lt;br /&gt;The obvious question: if the cash withdrawal isn&amp;rsquo;t designated as &amp;ldquo;income&amp;rdquo;, how can you tax it under the &amp;ldquo;income&amp;rdquo; tax act?&lt;br /&gt;&lt;br /&gt;Tax advocates and legal wordsmiths have been poring over the last-minute amendments to the Finance Bill 2019 before it was passed by the Lok Sabha on Thursday to try and make sense out of an apparent absurdity. The new provision comes into effect from September 1.&lt;br /&gt;&lt;br /&gt;When the Modi government decided to tax cash withdrawals from bank accounts, it brought back memories of the banking cash transaction tax (BCTT) that was introduced in the Finance Act of 2005 by the then finance minister, P. Chidambaram, to track unaccounted money and trace its source and destination.&lt;br /&gt;&lt;br /&gt;Chidambaram had introduced the BCTT on cash withdrawals above Rs 50,000 as a separate chapter in the Finance Act and avoided any legal quibble over the levy.&lt;br /&gt;&lt;br /&gt;The BCTT stayed on the statute books till April 1, 2009, when the UPA government decided that it had served its purpose and there were other ways to ferret out tax dodgers and money-launderers.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://www.telegraphindia.com/india/budget-riddle-on-cash-withdrawals-income-tax-on-non-income/cid/1694849?ref=top-stories_home-template&amp;amp;fbclid=IwAR3O97Mg2crAj1RgFf7Hs34cW8RI0CZ95lreKCf-TR8tSXhLijMh-Dl4hu8&quot; title=&quot;https://www.telegraphindia.com/india/budget-riddle-on-cash-withdrawals-income-tax-on-non-income/cid/1694849?ref=top-stories_home-template&amp;amp;fbclid=IwAR3O97Mg2crAj1RgFf7Hs34cW8RI0CZ95lreKCf-TR8tSXhLijMh-Dl4hu8&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;,
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&lt;br /&gt;
&lt;em&gt;The obvious question: if the cash withdrawal isn&amp;rsquo;t designated as &amp;ldquo;income&amp;rdquo;, how can you tax it under the &amp;ldquo;income&amp;rdquo; tax act?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The Narendra Modi government has left tax consultants and legal eagles deeply puzzled as they try to wrap their heads around the legalese of a change to the income-tax act.&lt;br /&gt;
&lt;br /&gt;
The change, incorporated in the budget presented by Nirmala Sitharaman and amended afresh on Thursday, mandates banks to deduct a 2 per cent tax deduction at source (TDS) on cash withdrawals above Rs 1 crore a year from multiple bank accounts. But, mystifyingly, the cash withdrawn will not be deemed as &amp;ldquo;income&amp;rdquo;.&lt;br /&gt;
&lt;br /&gt;
The obvious question: if the cash withdrawal isn&amp;rsquo;t designated as &amp;ldquo;income&amp;rdquo;, how can you tax it under the &amp;ldquo;income&amp;rdquo; tax act?&lt;br /&gt;
&lt;br /&gt;
Tax advocates and legal wordsmiths have been poring over the last-minute amendments to the Finance Bill 2019 before it was passed by the Lok Sabha on Thursday to try and make sense out of an apparent absurdity. The new provision comes into effect from September 1.&lt;br /&gt;
&lt;br /&gt;
When the Modi government decided to tax cash withdrawals from bank accounts, it brought back memories of the banking cash transaction tax (BCTT) that was introduced in the Finance Act of 2005 by the then finance minister, P. Chidambaram, to track unaccounted money and trace its source and destination.&lt;br /&gt;
&lt;br /&gt;
Chidambaram had introduced the BCTT on cash withdrawals above Rs 50,000 as a separate chapter in the Finance Act and avoided any legal quibble over the levy.&lt;br /&gt;
&lt;br /&gt;
The BCTT stayed on the statute books till April 1, 2009, when the UPA government decided that it had served its purpose and there were other ways to ferret out tax dodgers and money-launderers.&lt;br /&gt;
&lt;br /&gt;
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	&#039;credit_writer&#039; =&gt; &#039;The Telegraph, 20 July, 2019, https://www.telegraphindia.com/india/budget-riddle-on-cash-withdrawals-income-tax-on-non-income/cid/1694849?ref=top-stories_home-template&amp;amp;fbclid=IwAR3O97Mg2crAj1RgFf7&#039;,
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-The Telegraph

The obvious question: if the cash withdrawal isn&amp;rsquo;t designated as &amp;ldquo;income&amp;rdquo;, how can you tax it under the &amp;ldquo;income&amp;rdquo; tax act?

The Narendra Modi government has left tax consultants and legal eagles deeply puzzled as they try to wrap their...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-The Telegraph&lt;br /&gt;&lt;br /&gt;&lt;em&gt;The obvious question: if the cash withdrawal isn&amp;rsquo;t designated as &amp;ldquo;income&amp;rdquo;, how can you tax it under the &amp;ldquo;income&amp;rdquo; tax act?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The Narendra Modi government has left tax consultants and legal eagles deeply puzzled as they try to wrap their heads around the legalese of a change to the income-tax act.&lt;br /&gt;&lt;br /&gt;The change, incorporated in the budget presented by Nirmala Sitharaman and amended afresh on Thursday, mandates banks to deduct a 2 per cent tax deduction at source (TDS) on cash withdrawals above Rs 1 crore a year from multiple bank accounts. But, mystifyingly, the cash withdrawn will not be deemed as &amp;ldquo;income&amp;rdquo;.&lt;br /&gt;&lt;br /&gt;The obvious question: if the cash withdrawal isn&amp;rsquo;t designated as &amp;ldquo;income&amp;rdquo;, how can you tax it under the &amp;ldquo;income&amp;rdquo; tax act?&lt;br /&gt;&lt;br /&gt;Tax advocates and legal wordsmiths have been poring over the last-minute amendments to the Finance Bill 2019 before it was passed by the Lok Sabha on Thursday to try and make sense out of an apparent absurdity. The new provision comes into effect from September 1.&lt;br /&gt;&lt;br /&gt;When the Modi government decided to tax cash withdrawals from bank accounts, it brought back memories of the banking cash transaction tax (BCTT) that was introduced in the Finance Act of 2005 by the then finance minister, P. Chidambaram, to track unaccounted money and trace its source and destination.&lt;br /&gt;&lt;br /&gt;Chidambaram had introduced the BCTT on cash withdrawals above Rs 50,000 as a separate chapter in the Finance Act and avoided any legal quibble over the levy.&lt;br /&gt;&lt;br /&gt;The BCTT stayed on the statute books till April 1, 2009, when the UPA government decided that it had served its purpose and there were other ways to ferret out tax dodgers and money-launderers.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://www.telegraphindia.com/india/budget-riddle-on-cash-withdrawals-income-tax-on-non-income/cid/1694849?ref=top-stories_home-template&amp;amp;fbclid=IwAR3O97Mg2crAj1RgFf7Hs34cW8RI0CZ95lreKCf-TR8tSXhLijMh-Dl4hu8&quot; title=&quot;https://www.telegraphindia.com/india/budget-riddle-on-cash-withdrawals-income-tax-on-non-income/cid/1694849?ref=top-stories_home-template&amp;amp;fbclid=IwAR3O97Mg2crAj1RgFf7Hs34cW8RI0CZ95lreKCf-TR8tSXhLijMh-Dl4hu8&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;
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Cake\View\View::_evaluate() - CORE/src/View/View.php, line 1413
Cake\View\View::_render() - CORE/src/View/View.php, line 1374
Cake\View\View::renderLayout() - CORE/src/View/View.php, line 927
Cake\View\View::render() - CORE/src/View/View.php, line 885
Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 791
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 126
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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-The Telegraph

The obvious question: if the cash withdrawal isn&rsquo;t designated as &ldquo;income&rdquo;, how can you tax it under the &ldquo;income&rdquo; tax act?

The Narendra Modi government has left tax consultants and legal eagles deeply puzzled as they try to wrap their..."/>
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                <strong>Budget riddle on cash withdrawals: &#039;Income&#039; tax on &#039;non-income&#039; -Sambit Saha</strong></h1>
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                <div align="justify">-The Telegraph<br /><br /><em>The obvious question: if the cash withdrawal isn&rsquo;t designated as &ldquo;income&rdquo;, how can you tax it under the &ldquo;income&rdquo; tax act?<br /></em><br />The Narendra Modi government has left tax consultants and legal eagles deeply puzzled as they try to wrap their heads around the legalese of a change to the income-tax act.<br /><br />The change, incorporated in the budget presented by Nirmala Sitharaman and amended afresh on Thursday, mandates banks to deduct a 2 per cent tax deduction at source (TDS) on cash withdrawals above Rs 1 crore a year from multiple bank accounts. But, mystifyingly, the cash withdrawn will not be deemed as &ldquo;income&rdquo;.<br /><br />The obvious question: if the cash withdrawal isn&rsquo;t designated as &ldquo;income&rdquo;, how can you tax it under the &ldquo;income&rdquo; tax act?<br /><br />Tax advocates and legal wordsmiths have been poring over the last-minute amendments to the Finance Bill 2019 before it was passed by the Lok Sabha on Thursday to try and make sense out of an apparent absurdity. The new provision comes into effect from September 1.<br /><br />When the Modi government decided to tax cash withdrawals from bank accounts, it brought back memories of the banking cash transaction tax (BCTT) that was introduced in the Finance Act of 2005 by the then finance minister, P. Chidambaram, to track unaccounted money and trace its source and destination.<br /><br />Chidambaram had introduced the BCTT on cash withdrawals above Rs 50,000 as a separate chapter in the Finance Act and avoided any legal quibble over the levy.<br /><br />The BCTT stayed on the statute books till April 1, 2009, when the UPA government decided that it had served its purpose and there were other ways to ferret out tax dodgers and money-launderers.<br /><br />Please <a href="https://www.telegraphindia.com/india/budget-riddle-on-cash-withdrawals-income-tax-on-non-income/cid/1694849?ref=top-stories_home-template&amp;fbclid=IwAR3O97Mg2crAj1RgFf7Hs34cW8RI0CZ95lreKCf-TR8tSXhLijMh-Dl4hu8" title="https://www.telegraphindia.com/india/budget-riddle-on-cash-withdrawals-income-tax-on-non-income/cid/1694849?ref=top-stories_home-template&amp;fbclid=IwAR3O97Mg2crAj1RgFf7Hs34cW8RI0CZ95lreKCf-TR8tSXhLijMh-Dl4hu8">click here</a> to read more. <br /></div>               </font>
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    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f09c608c906-trace').style.display = (document.getElementById('cakeErr67f09c608c906-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr67f09c608c906-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f09c608c906-code').style.display = (document.getElementById('cakeErr67f09c608c906-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f09c608c906-context').style.display = (document.getElementById('cakeErr67f09c608c906-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr67f09c608c906-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
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-The Telegraph&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;The obvious question: if the cash withdrawal isn&amp;rsquo;t designated as &amp;ldquo;income&amp;rdquo;, how can you tax it under the &amp;ldquo;income&amp;rdquo; tax act?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The Narendra Modi government has left tax consultants and legal eagles deeply puzzled as they try to wrap their heads around the legalese of a change to the income-tax act.&lt;br /&gt;
&lt;br /&gt;
The change, incorporated in the budget presented by Nirmala Sitharaman and amended afresh on Thursday, mandates banks to deduct a 2 per cent tax deduction at source (TDS) on cash withdrawals above Rs 1 crore a year from multiple bank accounts. But, mystifyingly, the cash withdrawn will not be deemed as &amp;ldquo;income&amp;rdquo;.&lt;br /&gt;
&lt;br /&gt;
The obvious question: if the cash withdrawal isn&amp;rsquo;t designated as &amp;ldquo;income&amp;rdquo;, how can you tax it under the &amp;ldquo;income&amp;rdquo; tax act?&lt;br /&gt;
&lt;br /&gt;
Tax advocates and legal wordsmiths have been poring over the last-minute amendments to the Finance Bill 2019 before it was passed by the Lok Sabha on Thursday to try and make sense out of an apparent absurdity. The new provision comes into effect from September 1.&lt;br /&gt;
&lt;br /&gt;
When the Modi government decided to tax cash withdrawals from bank accounts, it brought back memories of the banking cash transaction tax (BCTT) that was introduced in the Finance Act of 2005 by the then finance minister, P. Chidambaram, to track unaccounted money and trace its source and destination.&lt;br /&gt;
&lt;br /&gt;
Chidambaram had introduced the BCTT on cash withdrawals above Rs 50,000 as a separate chapter in the Finance Act and avoided any legal quibble over the levy.&lt;br /&gt;
&lt;br /&gt;
The BCTT stayed on the statute books till April 1, 2009, when the UPA government decided that it had served its purpose and there were other ways to ferret out tax dodgers and money-launderers.&lt;br /&gt;
&lt;br /&gt;
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-The Telegraph

The obvious question: if the cash withdrawal isn&amp;rsquo;t designated as &amp;ldquo;income&amp;rdquo;, how can you tax it under the &amp;ldquo;income&amp;rdquo; tax act?

The Narendra Modi government has left tax consultants and legal eagles deeply puzzled as they try to wrap their...&#039;,
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&lt;br /&gt;
&lt;em&gt;The obvious question: if the cash withdrawal isn&amp;rsquo;t designated as &amp;ldquo;income&amp;rdquo;, how can you tax it under the &amp;ldquo;income&amp;rdquo; tax act?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The Narendra Modi government has left tax consultants and legal eagles deeply puzzled as they try to wrap their heads around the legalese of a change to the income-tax act.&lt;br /&gt;
&lt;br /&gt;
The change, incorporated in the budget presented by Nirmala Sitharaman and amended afresh on Thursday, mandates banks to deduct a 2 per cent tax deduction at source (TDS) on cash withdrawals above Rs 1 crore a year from multiple bank accounts. But, mystifyingly, the cash withdrawn will not be deemed as &amp;ldquo;income&amp;rdquo;.&lt;br /&gt;
&lt;br /&gt;
The obvious question: if the cash withdrawal isn&amp;rsquo;t designated as &amp;ldquo;income&amp;rdquo;, how can you tax it under the &amp;ldquo;income&amp;rdquo; tax act?&lt;br /&gt;
&lt;br /&gt;
Tax advocates and legal wordsmiths have been poring over the last-minute amendments to the Finance Bill 2019 before it was passed by the Lok Sabha on Thursday to try and make sense out of an apparent absurdity. The new provision comes into effect from September 1.&lt;br /&gt;
&lt;br /&gt;
When the Modi government decided to tax cash withdrawals from bank accounts, it brought back memories of the banking cash transaction tax (BCTT) that was introduced in the Finance Act of 2005 by the then finance minister, P. Chidambaram, to track unaccounted money and trace its source and destination.&lt;br /&gt;
&lt;br /&gt;
Chidambaram had introduced the BCTT on cash withdrawals above Rs 50,000 as a separate chapter in the Finance Act and avoided any legal quibble over the levy.&lt;br /&gt;
&lt;br /&gt;
The BCTT stayed on the statute books till April 1, 2009, when the UPA government decided that it had served its purpose and there were other ways to ferret out tax dodgers and money-launderers.&lt;br /&gt;
&lt;br /&gt;
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-The Telegraph

The obvious question: if the cash withdrawal isn&amp;rsquo;t designated as &amp;ldquo;income&amp;rdquo;, how can you tax it under the &amp;ldquo;income&amp;rdquo; tax act?

The Narendra Modi government has left tax consultants and legal eagles deeply puzzled as they try to wrap their...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-The Telegraph&lt;br /&gt;&lt;br /&gt;&lt;em&gt;The obvious question: if the cash withdrawal isn&amp;rsquo;t designated as &amp;ldquo;income&amp;rdquo;, how can you tax it under the &amp;ldquo;income&amp;rdquo; tax act?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The Narendra Modi government has left tax consultants and legal eagles deeply puzzled as they try to wrap their heads around the legalese of a change to the income-tax act.&lt;br /&gt;&lt;br /&gt;The change, incorporated in the budget presented by Nirmala Sitharaman and amended afresh on Thursday, mandates banks to deduct a 2 per cent tax deduction at source (TDS) on cash withdrawals above Rs 1 crore a year from multiple bank accounts. But, mystifyingly, the cash withdrawn will not be deemed as &amp;ldquo;income&amp;rdquo;.&lt;br /&gt;&lt;br /&gt;The obvious question: if the cash withdrawal isn&amp;rsquo;t designated as &amp;ldquo;income&amp;rdquo;, how can you tax it under the &amp;ldquo;income&amp;rdquo; tax act?&lt;br /&gt;&lt;br /&gt;Tax advocates and legal wordsmiths have been poring over the last-minute amendments to the Finance Bill 2019 before it was passed by the Lok Sabha on Thursday to try and make sense out of an apparent absurdity. The new provision comes into effect from September 1.&lt;br /&gt;&lt;br /&gt;When the Modi government decided to tax cash withdrawals from bank accounts, it brought back memories of the banking cash transaction tax (BCTT) that was introduced in the Finance Act of 2005 by the then finance minister, P. Chidambaram, to track unaccounted money and trace its source and destination.&lt;br /&gt;&lt;br /&gt;Chidambaram had introduced the BCTT on cash withdrawals above Rs 50,000 as a separate chapter in the Finance Act and avoided any legal quibble over the levy.&lt;br /&gt;&lt;br /&gt;The BCTT stayed on the statute books till April 1, 2009, when the UPA government decided that it had served its purpose and there were other ways to ferret out tax dodgers and money-launderers.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://www.telegraphindia.com/india/budget-riddle-on-cash-withdrawals-income-tax-on-non-income/cid/1694849?ref=top-stories_home-template&amp;amp;fbclid=IwAR3O97Mg2crAj1RgFf7Hs34cW8RI0CZ95lreKCf-TR8tSXhLijMh-Dl4hu8&quot; title=&quot;https://www.telegraphindia.com/india/budget-riddle-on-cash-withdrawals-income-tax-on-non-income/cid/1694849?ref=top-stories_home-template&amp;amp;fbclid=IwAR3O97Mg2crAj1RgFf7Hs34cW8RI0CZ95lreKCf-TR8tSXhLijMh-Dl4hu8&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;
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-The Telegraph

The obvious question: if the cash withdrawal isn&rsquo;t designated as &ldquo;income&rdquo;, how can you tax it under the &ldquo;income&rdquo; tax act?

The Narendra Modi government has left tax consultants and legal eagles deeply puzzled as they try to wrap their..."/>
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                <strong>Budget riddle on cash withdrawals: &#039;Income&#039; tax on &#039;non-income&#039; -Sambit Saha</strong></h1>
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                <div align="justify">-The Telegraph<br /><br /><em>The obvious question: if the cash withdrawal isn&rsquo;t designated as &ldquo;income&rdquo;, how can you tax it under the &ldquo;income&rdquo; tax act?<br /></em><br />The Narendra Modi government has left tax consultants and legal eagles deeply puzzled as they try to wrap their heads around the legalese of a change to the income-tax act.<br /><br />The change, incorporated in the budget presented by Nirmala Sitharaman and amended afresh on Thursday, mandates banks to deduct a 2 per cent tax deduction at source (TDS) on cash withdrawals above Rs 1 crore a year from multiple bank accounts. But, mystifyingly, the cash withdrawn will not be deemed as &ldquo;income&rdquo;.<br /><br />The obvious question: if the cash withdrawal isn&rsquo;t designated as &ldquo;income&rdquo;, how can you tax it under the &ldquo;income&rdquo; tax act?<br /><br />Tax advocates and legal wordsmiths have been poring over the last-minute amendments to the Finance Bill 2019 before it was passed by the Lok Sabha on Thursday to try and make sense out of an apparent absurdity. The new provision comes into effect from September 1.<br /><br />When the Modi government decided to tax cash withdrawals from bank accounts, it brought back memories of the banking cash transaction tax (BCTT) that was introduced in the Finance Act of 2005 by the then finance minister, P. Chidambaram, to track unaccounted money and trace its source and destination.<br /><br />Chidambaram had introduced the BCTT on cash withdrawals above Rs 50,000 as a separate chapter in the Finance Act and avoided any legal quibble over the levy.<br /><br />The BCTT stayed on the statute books till April 1, 2009, when the UPA government decided that it had served its purpose and there were other ways to ferret out tax dodgers and money-launderers.<br /><br />Please <a href="https://www.telegraphindia.com/india/budget-riddle-on-cash-withdrawals-income-tax-on-non-income/cid/1694849?ref=top-stories_home-template&amp;fbclid=IwAR3O97Mg2crAj1RgFf7Hs34cW8RI0CZ95lreKCf-TR8tSXhLijMh-Dl4hu8" title="https://www.telegraphindia.com/india/budget-riddle-on-cash-withdrawals-income-tax-on-non-income/cid/1694849?ref=top-stories_home-template&amp;fbclid=IwAR3O97Mg2crAj1RgFf7Hs34cW8RI0CZ95lreKCf-TR8tSXhLijMh-Dl4hu8">click here</a> to read more. <br /></div>               </font>
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-The Telegraph&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;The obvious question: if the cash withdrawal isn&amp;rsquo;t designated as &amp;ldquo;income&amp;rdquo;, how can you tax it under the &amp;ldquo;income&amp;rdquo; tax act?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The Narendra Modi government has left tax consultants and legal eagles deeply puzzled as they try to wrap their heads around the legalese of a change to the income-tax act.&lt;br /&gt;
&lt;br /&gt;
The change, incorporated in the budget presented by Nirmala Sitharaman and amended afresh on Thursday, mandates banks to deduct a 2 per cent tax deduction at source (TDS) on cash withdrawals above Rs 1 crore a year from multiple bank accounts. But, mystifyingly, the cash withdrawn will not be deemed as &amp;ldquo;income&amp;rdquo;.&lt;br /&gt;
&lt;br /&gt;
The obvious question: if the cash withdrawal isn&amp;rsquo;t designated as &amp;ldquo;income&amp;rdquo;, how can you tax it under the &amp;ldquo;income&amp;rdquo; tax act?&lt;br /&gt;
&lt;br /&gt;
Tax advocates and legal wordsmiths have been poring over the last-minute amendments to the Finance Bill 2019 before it was passed by the Lok Sabha on Thursday to try and make sense out of an apparent absurdity. The new provision comes into effect from September 1.&lt;br /&gt;
&lt;br /&gt;
When the Modi government decided to tax cash withdrawals from bank accounts, it brought back memories of the banking cash transaction tax (BCTT) that was introduced in the Finance Act of 2005 by the then finance minister, P. Chidambaram, to track unaccounted money and trace its source and destination.&lt;br /&gt;
&lt;br /&gt;
Chidambaram had introduced the BCTT on cash withdrawals above Rs 50,000 as a separate chapter in the Finance Act and avoided any legal quibble over the levy.&lt;br /&gt;
&lt;br /&gt;
The BCTT stayed on the statute books till April 1, 2009, when the UPA government decided that it had served its purpose and there were other ways to ferret out tax dodgers and money-launderers.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://www.telegraphindia.com/india/budget-riddle-on-cash-withdrawals-income-tax-on-non-income/cid/1694849?ref=top-stories_home-template&amp;amp;fbclid=IwAR3O97Mg2crAj1RgFf7Hs34cW8RI0CZ95lreKCf-TR8tSXhLijMh-Dl4hu8&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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-The Telegraph

The obvious question: if the cash withdrawal isn&amp;rsquo;t designated as &amp;ldquo;income&amp;rdquo;, how can you tax it under the &amp;ldquo;income&amp;rdquo; tax act?

The Narendra Modi government has left tax consultants and legal eagles deeply puzzled as they try to wrap their...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Telegraph&lt;br /&gt;&lt;br /&gt;&lt;em&gt;The obvious question: if the cash withdrawal isn&amp;rsquo;t designated as &amp;ldquo;income&amp;rdquo;, how can you tax it under the &amp;ldquo;income&amp;rdquo; tax act?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The Narendra Modi government has left tax consultants and legal eagles deeply puzzled as they try to wrap their heads around the legalese of a change to the income-tax act.&lt;br /&gt;&lt;br /&gt;The change, incorporated in the budget presented by Nirmala Sitharaman and amended afresh on Thursday, mandates banks to deduct a 2 per cent tax deduction at source (TDS) on cash withdrawals above Rs 1 crore a year from multiple bank accounts. But, mystifyingly, the cash withdrawn will not be deemed as &amp;ldquo;income&amp;rdquo;.&lt;br /&gt;&lt;br /&gt;The obvious question: if the cash withdrawal isn&amp;rsquo;t designated as &amp;ldquo;income&amp;rdquo;, how can you tax it under the &amp;ldquo;income&amp;rdquo; tax act?&lt;br /&gt;&lt;br /&gt;Tax advocates and legal wordsmiths have been poring over the last-minute amendments to the Finance Bill 2019 before it was passed by the Lok Sabha on Thursday to try and make sense out of an apparent absurdity. The new provision comes into effect from September 1.&lt;br /&gt;&lt;br /&gt;When the Modi government decided to tax cash withdrawals from bank accounts, it brought back memories of the banking cash transaction tax (BCTT) that was introduced in the Finance Act of 2005 by the then finance minister, P. Chidambaram, to track unaccounted money and trace its source and destination.&lt;br /&gt;&lt;br /&gt;Chidambaram had introduced the BCTT on cash withdrawals above Rs 50,000 as a separate chapter in the Finance Act and avoided any legal quibble over the levy.&lt;br /&gt;&lt;br /&gt;The BCTT stayed on the statute books till April 1, 2009, when the UPA government decided that it had served its purpose and there were other ways to ferret out tax dodgers and money-launderers.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://www.telegraphindia.com/india/budget-riddle-on-cash-withdrawals-income-tax-on-non-income/cid/1694849?ref=top-stories_home-template&amp;amp;fbclid=IwAR3O97Mg2crAj1RgFf7Hs34cW8RI0CZ95lreKCf-TR8tSXhLijMh-Dl4hu8&quot; title=&quot;https://www.telegraphindia.com/india/budget-riddle-on-cash-withdrawals-income-tax-on-non-income/cid/1694849?ref=top-stories_home-template&amp;amp;fbclid=IwAR3O97Mg2crAj1RgFf7Hs34cW8RI0CZ95lreKCf-TR8tSXhLijMh-Dl4hu8&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;,
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-The Telegraph&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;The obvious question: if the cash withdrawal isn&amp;rsquo;t designated as &amp;ldquo;income&amp;rdquo;, how can you tax it under the &amp;ldquo;income&amp;rdquo; tax act?&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
The Narendra Modi government has left tax consultants and legal eagles deeply puzzled as they try to wrap their heads around the legalese of a change to the income-tax act.&lt;br /&gt;
&lt;br /&gt;
The change, incorporated in the budget presented by Nirmala Sitharaman and amended afresh on Thursday, mandates banks to deduct a 2 per cent tax deduction at source (TDS) on cash withdrawals above Rs 1 crore a year from multiple bank accounts. But, mystifyingly, the cash withdrawn will not be deemed as &amp;ldquo;income&amp;rdquo;.&lt;br /&gt;
&lt;br /&gt;
The obvious question: if the cash withdrawal isn&amp;rsquo;t designated as &amp;ldquo;income&amp;rdquo;, how can you tax it under the &amp;ldquo;income&amp;rdquo; tax act?&lt;br /&gt;
&lt;br /&gt;
Tax advocates and legal wordsmiths have been poring over the last-minute amendments to the Finance Bill 2019 before it was passed by the Lok Sabha on Thursday to try and make sense out of an apparent absurdity. The new provision comes into effect from September 1.&lt;br /&gt;
&lt;br /&gt;
When the Modi government decided to tax cash withdrawals from bank accounts, it brought back memories of the banking cash transaction tax (BCTT) that was introduced in the Finance Act of 2005 by the then finance minister, P. Chidambaram, to track unaccounted money and trace its source and destination.&lt;br /&gt;
&lt;br /&gt;
Chidambaram had introduced the BCTT on cash withdrawals above Rs 50,000 as a separate chapter in the Finance Act and avoided any legal quibble over the levy.&lt;br /&gt;
&lt;br /&gt;
The BCTT stayed on the statute books till April 1, 2009, when the UPA government decided that it had served its purpose and there were other ways to ferret out tax dodgers and money-launderers.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://www.telegraphindia.com/india/budget-riddle-on-cash-withdrawals-income-tax-on-non-income/cid/1694849?ref=top-stories_home-template&amp;amp;fbclid=IwAR3O97Mg2crAj1RgFf7Hs34cW8RI0CZ95lreKCf-TR8tSXhLijMh-Dl4hu8&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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-The Telegraph

The obvious question: if the cash withdrawal isn&amp;rsquo;t designated as &amp;ldquo;income&amp;rdquo;, how can you tax it under the &amp;ldquo;income&amp;rdquo; tax act?

The Narendra Modi government has left tax consultants and legal eagles deeply puzzled as they try to wrap their...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-The Telegraph&lt;br /&gt;&lt;br /&gt;&lt;em&gt;The obvious question: if the cash withdrawal isn&amp;rsquo;t designated as &amp;ldquo;income&amp;rdquo;, how can you tax it under the &amp;ldquo;income&amp;rdquo; tax act?&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;The Narendra Modi government has left tax consultants and legal eagles deeply puzzled as they try to wrap their heads around the legalese of a change to the income-tax act.&lt;br /&gt;&lt;br /&gt;The change, incorporated in the budget presented by Nirmala Sitharaman and amended afresh on Thursday, mandates banks to deduct a 2 per cent tax deduction at source (TDS) on cash withdrawals above Rs 1 crore a year from multiple bank accounts. But, mystifyingly, the cash withdrawn will not be deemed as &amp;ldquo;income&amp;rdquo;.&lt;br /&gt;&lt;br /&gt;The obvious question: if the cash withdrawal isn&amp;rsquo;t designated as &amp;ldquo;income&amp;rdquo;, how can you tax it under the &amp;ldquo;income&amp;rdquo; tax act?&lt;br /&gt;&lt;br /&gt;Tax advocates and legal wordsmiths have been poring over the last-minute amendments to the Finance Bill 2019 before it was passed by the Lok Sabha on Thursday to try and make sense out of an apparent absurdity. The new provision comes into effect from September 1.&lt;br /&gt;&lt;br /&gt;When the Modi government decided to tax cash withdrawals from bank accounts, it brought back memories of the banking cash transaction tax (BCTT) that was introduced in the Finance Act of 2005 by the then finance minister, P. Chidambaram, to track unaccounted money and trace its source and destination.&lt;br /&gt;&lt;br /&gt;Chidambaram had introduced the BCTT on cash withdrawals above Rs 50,000 as a separate chapter in the Finance Act and avoided any legal quibble over the levy.&lt;br /&gt;&lt;br /&gt;The BCTT stayed on the statute books till April 1, 2009, when the UPA government decided that it had served its purpose and there were other ways to ferret out tax dodgers and money-launderers.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://www.telegraphindia.com/india/budget-riddle-on-cash-withdrawals-income-tax-on-non-income/cid/1694849?ref=top-stories_home-template&amp;amp;fbclid=IwAR3O97Mg2crAj1RgFf7Hs34cW8RI0CZ95lreKCf-TR8tSXhLijMh-Dl4hu8&quot; title=&quot;https://www.telegraphindia.com/india/budget-riddle-on-cash-withdrawals-income-tax-on-non-income/cid/1694849?ref=top-stories_home-template&amp;amp;fbclid=IwAR3O97Mg2crAj1RgFf7Hs34cW8RI0CZ95lreKCf-TR8tSXhLijMh-Dl4hu8&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;
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-The Telegraph

The obvious question: if the cash withdrawal isn&rsquo;t designated as &ldquo;income&rdquo;, how can you tax it under the &ldquo;income&rdquo; tax act?

The Narendra Modi government has left tax consultants and legal eagles deeply puzzled as they try to wrap their..."/>
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                <strong>Budget riddle on cash withdrawals: &#039;Income&#039; tax on &#039;non-income&#039; -Sambit Saha</strong></h1>
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                <div align="justify">-The Telegraph<br /><br /><em>The obvious question: if the cash withdrawal isn&rsquo;t designated as &ldquo;income&rdquo;, how can you tax it under the &ldquo;income&rdquo; tax act?<br /></em><br />The Narendra Modi government has left tax consultants and legal eagles deeply puzzled as they try to wrap their heads around the legalese of a change to the income-tax act.<br /><br />The change, incorporated in the budget presented by Nirmala Sitharaman and amended afresh on Thursday, mandates banks to deduct a 2 per cent tax deduction at source (TDS) on cash withdrawals above Rs 1 crore a year from multiple bank accounts. But, mystifyingly, the cash withdrawn will not be deemed as &ldquo;income&rdquo;.<br /><br />The obvious question: if the cash withdrawal isn&rsquo;t designated as &ldquo;income&rdquo;, how can you tax it under the &ldquo;income&rdquo; tax act?<br /><br />Tax advocates and legal wordsmiths have been poring over the last-minute amendments to the Finance Bill 2019 before it was passed by the Lok Sabha on Thursday to try and make sense out of an apparent absurdity. The new provision comes into effect from September 1.<br /><br />When the Modi government decided to tax cash withdrawals from bank accounts, it brought back memories of the banking cash transaction tax (BCTT) that was introduced in the Finance Act of 2005 by the then finance minister, P. Chidambaram, to track unaccounted money and trace its source and destination.<br /><br />Chidambaram had introduced the BCTT on cash withdrawals above Rs 50,000 as a separate chapter in the Finance Act and avoided any legal quibble over the levy.<br /><br />The BCTT stayed on the statute books till April 1, 2009, when the UPA government decided that it had served its purpose and there were other ways to ferret out tax dodgers and money-launderers.<br /><br />Please <a href="https://www.telegraphindia.com/india/budget-riddle-on-cash-withdrawals-income-tax-on-non-income/cid/1694849?ref=top-stories_home-template&amp;fbclid=IwAR3O97Mg2crAj1RgFf7Hs34cW8RI0CZ95lreKCf-TR8tSXhLijMh-Dl4hu8" title="https://www.telegraphindia.com/india/budget-riddle-on-cash-withdrawals-income-tax-on-non-income/cid/1694849?ref=top-stories_home-template&amp;fbclid=IwAR3O97Mg2crAj1RgFf7Hs34cW8RI0CZ95lreKCf-TR8tSXhLijMh-Dl4hu8">click here</a> to read more. <br /></div>               </font>
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-The Telegraph<br />
<br />
<em>The obvious question: if the cash withdrawal isn&rsquo;t designated as &ldquo;income&rdquo;, how can you tax it under the &ldquo;income&rdquo; tax act?<br />
</em><br />
The Narendra Modi government has left tax consultants and legal eagles deeply puzzled as they try to wrap their heads around the legalese of a change to the income-tax act.<br />
<br />
The change, incorporated in the budget presented by Nirmala Sitharaman and amended afresh on Thursday, mandates banks to deduct a 2 per cent tax deduction at source (TDS) on cash withdrawals above Rs 1 crore a year from multiple bank accounts. But, mystifyingly, the cash withdrawn will not be deemed as &ldquo;income&rdquo;.<br />
<br />
The obvious question: if the cash withdrawal isn&rsquo;t designated as &ldquo;income&rdquo;, how can you tax it under the &ldquo;income&rdquo; tax act?<br />
<br />
Tax advocates and legal wordsmiths have been poring over the last-minute amendments to the Finance Bill 2019 before it was passed by the Lok Sabha on Thursday to try and make sense out of an apparent absurdity. The new provision comes into effect from September 1.<br />
<br />
When the Modi government decided to tax cash withdrawals from bank accounts, it brought back memories of the banking cash transaction tax (BCTT) that was introduced in the Finance Act of 2005 by the then finance minister, P. Chidambaram, to track unaccounted money and trace its source and destination.<br />
<br />
Chidambaram had introduced the BCTT on cash withdrawals above Rs 50,000 as a separate chapter in the Finance Act and avoided any legal quibble over the levy.<br />
<br />
The BCTT stayed on the statute books till April 1, 2009, when the UPA government decided that it had served its purpose and there were other ways to ferret out tax dodgers and money-launderers.<br />
<br />
Please <a href="https://www.telegraphindia.com/india/budget-riddle-on-cash-withdrawals-income-tax-on-non-income/cid/1694849?ref=top-stories_home-template&amp;fbclid=IwAR3O97Mg2crAj1RgFf7Hs34cW8RI0CZ95lreKCf-TR8tSXhLijMh-Dl4hu8">click here</a> to read more. <br />
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-The Telegraph

The obvious question: if the cash withdrawal isn&rsquo;t designated as &ldquo;income&rdquo;, how can you tax it under the &ldquo;income&rdquo; tax act?

The Narendra Modi government has left tax consultants and legal eagles deeply puzzled as they try to wrap their...',
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-The Telegraph<br />
<br />
<em>The obvious question: if the cash withdrawal isn&rsquo;t designated as &ldquo;income&rdquo;, how can you tax it under the &ldquo;income&rdquo; tax act?<br />
</em><br />
The Narendra Modi government has left tax consultants and legal eagles deeply puzzled as they try to wrap their heads around the legalese of a change to the income-tax act.<br />
<br />
The change, incorporated in the budget presented by Nirmala Sitharaman and amended afresh on Thursday, mandates banks to deduct a 2 per cent tax deduction at source (TDS) on cash withdrawals above Rs 1 crore a year from multiple bank accounts. But, mystifyingly, the cash withdrawn will not be deemed as &ldquo;income&rdquo;.<br />
<br />
The obvious question: if the cash withdrawal isn&rsquo;t designated as &ldquo;income&rdquo;, how can you tax it under the &ldquo;income&rdquo; tax act?<br />
<br />
Tax advocates and legal wordsmiths have been poring over the last-minute amendments to the Finance Bill 2019 before it was passed by the Lok Sabha on Thursday to try and make sense out of an apparent absurdity. The new provision comes into effect from September 1.<br />
<br />
When the Modi government decided to tax cash withdrawals from bank accounts, it brought back memories of the banking cash transaction tax (BCTT) that was introduced in the Finance Act of 2005 by the then finance minister, P. Chidambaram, to track unaccounted money and trace its source and destination.<br />
<br />
Chidambaram had introduced the BCTT on cash withdrawals above Rs 50,000 as a separate chapter in the Finance Act and avoided any legal quibble over the levy.<br />
<br />
The BCTT stayed on the statute books till April 1, 2009, when the UPA government decided that it had served its purpose and there were other ways to ferret out tax dodgers and money-launderers.<br />
<br />
Please <a href="https://www.telegraphindia.com/india/budget-riddle-on-cash-withdrawals-income-tax-on-non-income/cid/1694849?ref=top-stories_home-template&amp;fbclid=IwAR3O97Mg2crAj1RgFf7Hs34cW8RI0CZ95lreKCf-TR8tSXhLijMh-Dl4hu8">click here</a> to read more. <br />
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$metaTitle = 'LATEST NEWS UPDATES | Budget riddle on cash withdrawals: &#039;Income&#039; tax on &#039;non-income&#039; -Sambit Saha'
$metaKeywords = 'Digital Divide,Digital Payments,Cashless Economy,Union Budget,Union Budget 2019-20,TDS,Tax Deduction at Source,Cash Withdrawals'
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-The Telegraph

The obvious question: if the cash withdrawal isn&rsquo;t designated as &ldquo;income&rdquo;, how can you tax it under the &ldquo;income&rdquo; tax act?

The Narendra Modi government has left tax consultants and legal eagles deeply puzzled as they try to wrap their...'
$disp = '<div align="justify">-The Telegraph<br /><br /><em>The obvious question: if the cash withdrawal isn&rsquo;t designated as &ldquo;income&rdquo;, how can you tax it under the &ldquo;income&rdquo; tax act?<br /></em><br />The Narendra Modi government has left tax consultants and legal eagles deeply puzzled as they try to wrap their heads around the legalese of a change to the income-tax act.<br /><br />The change, incorporated in the budget presented by Nirmala Sitharaman and amended afresh on Thursday, mandates banks to deduct a 2 per cent tax deduction at source (TDS) on cash withdrawals above Rs 1 crore a year from multiple bank accounts. But, mystifyingly, the cash withdrawn will not be deemed as &ldquo;income&rdquo;.<br /><br />The obvious question: if the cash withdrawal isn&rsquo;t designated as &ldquo;income&rdquo;, how can you tax it under the &ldquo;income&rdquo; tax act?<br /><br />Tax advocates and legal wordsmiths have been poring over the last-minute amendments to the Finance Bill 2019 before it was passed by the Lok Sabha on Thursday to try and make sense out of an apparent absurdity. The new provision comes into effect from September 1.<br /><br />When the Modi government decided to tax cash withdrawals from bank accounts, it brought back memories of the banking cash transaction tax (BCTT) that was introduced in the Finance Act of 2005 by the then finance minister, P. Chidambaram, to track unaccounted money and trace its source and destination.<br /><br />Chidambaram had introduced the BCTT on cash withdrawals above Rs 50,000 as a separate chapter in the Finance Act and avoided any legal quibble over the levy.<br /><br />The BCTT stayed on the statute books till April 1, 2009, when the UPA government decided that it had served its purpose and there were other ways to ferret out tax dodgers and money-launderers.<br /><br />Please <a href="https://www.telegraphindia.com/india/budget-riddle-on-cash-withdrawals-income-tax-on-non-income/cid/1694849?ref=top-stories_home-template&amp;fbclid=IwAR3O97Mg2crAj1RgFf7Hs34cW8RI0CZ95lreKCf-TR8tSXhLijMh-Dl4hu8" title="https://www.telegraphindia.com/india/budget-riddle-on-cash-withdrawals-income-tax-on-non-income/cid/1694849?ref=top-stories_home-template&amp;fbclid=IwAR3O97Mg2crAj1RgFf7Hs34cW8RI0CZ95lreKCf-TR8tSXhLijMh-Dl4hu8">click here</a> to read more. <br /></div>'
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Budget riddle on cash withdrawals: 'Income' tax on 'non-income' -Sambit Saha

-The Telegraph The obvious question: if the cash withdrawal isn’t designated as “income”, how can you tax it under the “income” tax act? The Narendra Modi government has left tax consultants and legal eagles deeply puzzled as they try to wrap their heads around the legalese of a change to the income-tax act. The change, incorporated in the budget presented by Nirmala Sitharaman and amended afresh on Thursday, mandates banks to deduct a 2 per cent tax deduction at source (TDS) on cash withdrawals above Rs 1 crore a year from multiple bank accounts. But, mystifyingly, the cash withdrawn will not be deemed as “income”. The obvious question: if the cash withdrawal isn’t designated as “income”, how can you tax it under the “income” tax act? Tax advocates and legal wordsmiths have been poring over the last-minute amendments to the Finance Bill 2019 before it was passed by the Lok Sabha on Thursday to try and make sense out of an apparent absurdity. The new provision comes into effect from September 1. When the Modi government decided to tax cash withdrawals from bank accounts, it brought back memories of the banking cash transaction tax (BCTT) that was introduced in the Finance Act of 2005 by the then finance minister, P. Chidambaram, to track unaccounted money and trace its source and destination. Chidambaram had introduced the BCTT on cash withdrawals above Rs 50,000 as a separate chapter in the Finance Act and avoided any legal quibble over the levy. The BCTT stayed on the statute books till April 1, 2009, when the UPA government decided that it had served its purpose and there were other ways to ferret out tax dodgers and money-launderers. Please click here to read more.