Digital India News

Small traders to get upto 30% tax benefits on cashless payments

To promote digital payments in an effort to move towards a cashless economy, GOI is going to relieve small traders with transactions upto Rs. 2 Cr. with tax benefits as signaled by Hon. finance minister  Arun Jaitley He said small traders and businessmen who did not maintain proper accounts prior were presumed to have 8% earning as tax payment according to budget 2017-18. But now they will be presumed to have 6% earning as tax payment if they move towards digital payment.

It is a tax incentive to help in moving towards less cash economy. After Governments decision to demonetize Rs. 500 and Rs.1000 notes, GOI has taken several measures to promote digital payments. 

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