The government on Monday announced more measures to make the economy less dependent on cash. Some key points:
—Demonetised high-value currency notes (Rs500 and Rs1,000) worth more than Rs5,000 can be deposited only once into a bank account until 30 December. Read more
—Small merchants with a turnover of up to Rs2 crore will have to pay less tax on financial transactions that have been carried out digitally. Read more
—Such entities will now pay a lower 6% of deemed profit in tax instead of the current 8% of deemed profit in respect of the amount of total turnover or gross receipts received through banking channels or digital means for fiscal year 2016-17.
—Such an assessee is not required to maintain the regular books of account and is also exempt from getting the books of account audited.
