30% tax advantage for digital transactions: Jailtey
The government on Monday said small traders and businesses with a turnover of up to Rs 2 crore would pay less tax if they accept payments through banking and digital means.
Finance Minister Arun Jaitley on Tuesday said small traders and businesses will get a tax advantage of more than 30% for digital transactions.
The government on Monday said small traders and businesses with a turnover of up to Rs 2 crore would pay less tax if they accept payments through banking and digital means.
"There will be a significant tax benefit for small traders if you turn digital. It is a tax incentive to support digitisation of economy," Jaitley told the media.
"If we calculate, many traders will get a tax advantage of more than 30% for transactions in digital mode," he added.
On putting a ceiling of Rs 5,000 on deposit of old notes, Jaitley said: "Since the exemptions on using old notes have been lifted (in hospitals, railway stations and other places), there will be no question of getting old notes on a regular basis.
"Whoever has old currency must go and deposit it in one go. If somebody goes every day, it raises suspicion," he added.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
02:29 PM IST