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

New incentives to go cashless

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

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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