Indiaherald Group of Publishers P LIMITED

close save
crop image
Tue, Aug 20, 2019 | Last Updated 3:49 pm IST

Menu &Sections


Technology firms in India have welcomed Budget

Technology firms in India have welcomed Budget
Technology firms in India have welcomed Budget

Reportedly technology firms on Friday welcomed the move to levy two percent tax deduction at source (TDS) on cash withdrawal exceeding Rs. 1 crore in a year from a bank account, while small businesses warned it would have an adverse impact on the economy. Delivering her maiden budget speech on Friday, Finance Minister Nirmala Sitharaman said the proposal to levy two percent TDS was aimed at discouraging the practice of making business payments in cash.

Technology firms in India have welcomed Budget

"This move will discourage spending which will be a big blow to the economy. There are both pros and cons of a digital payments ecosystem. india is not fully equipped to leverage this system," said New delhi based businessman Ajit Khosla who deals in money transfer, travelling and remittance business.

"For example, while customer liability is limited in case of fraudulent electronic transactions, we do not immediately get the refund. This could be a huge problem for those with limited capital, especially when one is forced to do business only through digital payments”. Khosla said that he is currently required to withdraw about Rs. 2 crores a year and uses financial services such as Western Union and MoneyGram. Naresh Kumar, owner of Falcon Cargo Movers in Paharganj, New delhi agreed with Khosla.

Technology firms in India have welcomed Budget
5/ 5 - (1 votes)
Add To Favourite
More from author
Priyanka Gandhi lashes out Modi Government
Rahul Gandhi remembered Rajiv Gandhi's Achievement in IT & Telecom industry
Shah defended the law criminalizing triple talaq, saying it is going to benefit Muslims
Donald Trump said his administration was "doing very well with China"
Income tax officials able to use manual communication with assessee only in exceptional cases
Zakir Naik banned from Preaching Islam in Malaysia
Two weeks extended to CBI to investigate Unnao Accident probe by SC
Uttarakhand Police garnered 14.1K followers on TikTok so far
A Make or Break Operation for Chandraayan 2
KTR angry on BJPs work ethics
Why Hero MotoCorp suspends manufacturing facilities?
Mumbai will soon see a Multichannel offer through IKEA
Apply for Chief & Deputy GM posts in NHAI
Heavy rains lashed northern parts, leaving at least 28 people dead
Closed door consultations on Kashmir by UN Security Council
IAF helicopter rescued two men stranded on a pier of a bridge being constructed over Tawi River
Hike in price of Aavin Milk by Tamilnadu Govt
Drop in sales of utility vehicles despite recent launch of new models XUV300 and Venue
Kerala Floods wreak havoc as 2 villages buried due to landslides and more than a 100 lives were lost
Coffee Day announced its debt after sale of Global Village Tech Park in Bengaluru
SC ready to hear petitions against repeal of Article 370
Lemon has magical effects for skin care
About the author

Nanotechnology Degree Holder. Movie Geek. Crazy about comics and cartoons. Hardcore Cricket Lover. Photoshop Professional