Small businesses of less than Rs 2 cr to pay lesser tax if digital payment mode accepted: Arun Jaitley

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New Delhi | Updated: December 19, 2016 10:14 PM

Finance Minister (FM) Arun Jaitley have said small businesses, workshop owners with turnover of less than two crore if they accept payments via digital mode.

Finance Minister Arun Jaitley’ (Reuters)Finance Minister Arun Jaitley (Reuters)

Finance Minister (FM) Arun Jaitley have said small businesses, workshop owners with turnover of less than two crore if they accept payments via digital mode.

The FM also discussed with banks to find out ways of e-payments enabled on the Aadhar platform. The presumptive income of owners of small traders will not be considered as 8 percent and that those who will deal in cheques and other modes of digital transactions their income will be considered 2 percent less.

Between today and December 30, no businessman will be allowed to trade in old currency notes. The FM clearly said that no questions will be asked to those who will deposit Rs 5000 to the bank but if the same person comes everyday to deposit then it will raise suspicion.

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Jaitley appealed to the people to go and deposit old currency notes since there is no scope for earning any more of them as all exemptions are waived off.

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