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Relief To Small Businesses
Finance Minister Arun Jaitley has given great relief to small businesses. Cashless traded small businesses will pay 30 per cent less tax. They come under the business, whose annual turnover is Rs 2 crore. They will get tax benefit on cashless business. He said that an estimated 2 million in business profit will be 12 million. So now instead of 8 per cent to 6 per cent of their projected profit will be considered.
Earlier in the budget for 2016–17 was announced that the annual turnover of 2 million small businesses is that they will be treated as income of 8 per cent is. That would be considered taxable. But if the business will trade cashless 6 per cent on an annual turnover of 2 million will be treated as income. Now they will have to pay tax on this income.
Adequate measures to promote digital payment
He said that since the digital payment Notbandi substantial step has been taken for the promotion. Isatemal debit and credit cards has increased, while more people are using E-Wallet.
Cash with RBI
Finance Minist Notbandi Arun Jaitley said that we were prepared to take. There was a day when the banks did not have enough money. He said the central bank has sufficient cash. Soon the situation will normalize.
Axis Bank will take action in case
He said that after Notbandi involved in illegal activities by banks to take action against bank officials said. Finance Minister Arun Jaitley said the old notes, which he deposited in one bank, give someone every day, if there is doubt.
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