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Business News/ Industry / New incentives to go cashless

New incentives to go cashless

The govt on Monday announced more measures to make the economy less dependent on cash

Photo: Hemant Mishra/MintPremium
Photo: Hemant Mishra/Mint

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.

ALSO READ | New note ban and cash withdrawal rules as of 19 December

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Updated: 20 Dec 2016, 05:09 AM IST
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