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Govt says less tax for small traders on digital transactions

The decision has been taken to achieve the govt's mission of moving towards a cashless economy

Press Trust of India  |  New Delhi 

In a bid to promote less cash economy, the government on Monday said small traders and businesses with a turnover of up to Rs 2 crore will pay less tax if they accept payments through banking and digital means. Under the existing Section 44AD of the Income-Tax Act, 1961, in the case of certain assesses (an individual, HUF or a partnership firm other than LLP) carrying on any business having a turnover of Rs 2 crore or less, the profit is deemed to be 8% of the total turnover for taxation. "...It has been decided to reduce the existing rate of deemed profit of 8% ...

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Govt says less tax for small traders on digital transactions

The decision has been taken to achieve the govt's mission of moving towards a cashless economy

The decision has been taken to achieve the govt's mission of moving towards a cashless economy In a bid to promote less cash economy, the government on Monday said small traders and businesses with a turnover of up to Rs 2 crore will pay less tax if they accept payments through banking and digital means. Under the existing Section 44AD of the Income-Tax Act, 1961, in the case of certain assesses (an individual, HUF or a partnership firm other than LLP) carrying on any business having a turnover of Rs 2 crore or less, the profit is deemed to be 8% of the total turnover for taxation. "...It has been decided to reduce the existing rate of deemed profit of 8% ... image
Business Standard
177 22

Govt says less tax for small traders on digital transactions

The decision has been taken to achieve the govt's mission of moving towards a cashless economy

In a bid to promote less cash economy, the government on Monday said small traders and businesses with a turnover of up to Rs 2 crore will pay less tax if they accept payments through banking and digital means. Under the existing Section 44AD of the Income-Tax Act, 1961, in the case of certain assesses (an individual, HUF or a partnership firm other than LLP) carrying on any business having a turnover of Rs 2 crore or less, the profit is deemed to be 8% of the total turnover for taxation. "...It has been decided to reduce the existing rate of deemed profit of 8% ...

image
Business Standard
177 22