Finance Minister Arun Jaitley has announced tax benefits for small scale businessmen who make e payments and said that 8 percent presumptive income will be assumed for traders below 2 Crore rupees for filing of tax.Briefing media in New Delhi this afternoon, Mr Jaitley said, said, government has made amendments in some taxation for small traders to boost digital payment. He added that if small trade makes digital payment, presumptive income will be 6 per cent. Replying to a query, Mr Jaitley said, Reserve Bank of India was adequately prepared for demonetisation and it has enough currency stocks that will last beyond 30th of this month. He said, there has not been a day when the RBI did not dispense adequate cash to banks. He said, the banks have been asked to take action against erring officials who were found guilty for irregularities post demonetisation.He said, if someone have old currency, the person can deposit it with banks at one go as repeat deposits of such notes raise doubt. He said, many industries have shown increase in digital payments by 300 to 1,500 per cent. He also informed that credit and debit card, e-wallet users and payments have increased significantly.
News On AIR | December 20, 2016 2:16 PM
Less tax for small traders if they accept digital payments: Jaitley