Credit Card tax
I had written earlier, in concurrence with the comments made by the Managing Director of Pubali Bank, that the collection of income tax from purchases against Credit Cards, proposed in the Finance Act,'06, is not at all based on sensible and genuine argument as spending on Credit Cards is not an earning of card holders, rather it's a loan account which is to be repaid with a very high rate of interest. The unilateral imposition of high interest rate was never checked by the banking control authorities, nor challenged by any sufferer, though they have to pay through their nose! Whereas without giving any relief to the suffering public, the govt. is now going to charge the poor public extra tax without rhyme or reason!
I urge upon the authorities concerned and also appeal to the Hon'ble Prime Minister to consider our plight and to realise that a wrong is being done without reasonable thought and appeal that the detrimental and prejudicial Act be cancelled forthwith.
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