Less Tax For Small Traders Who Accept Payments Through Digital Banking
Tuesday, December 20, 2016, 11:26 AM
Finance Minister Arun Jaitley, says small businesses with a turnover up to INR 2 Crores, will pay less tax, if they accept payments via digital mode. Small traders and businessmen, whose turnover is INR 2 crores or less, may not maintain any books of account. Their income is presumed to be 8% of turnover. It is presumed to be 6%, if they transact digitally.