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Cash Transactions above Rs 50,000 to be Taxed
By: Tupaki Desk | 25 Jan 2017 7:15 AM GMT
A week ahead of Union Budget, CMs Panel on Digital Payments headed by AP CM Chandrababu Naidu has made few recommendations to the Union Government for encouraging people to go cashless. Take a look at the recommendations...
i) Make Digital Transactions cheaper than Cash Transactions. Don't revy transaction charges on Cashless Payments. Cash Transactions above Rs 50,000 should be taxed to motivate people to prefer Digital Payments.
ii) Subsidy of Rs 1,000 to small merchants and non-income tax assesses for purchasing Smartphones.
iii) Tax Incentives for Micro ATMs & Biometric Machines
iv) 50% subsidy on Biometric Machines for encouraging Aadhaar-enabled Transactions
v) Subsidy Payments must be in Digital mode only
vi) Educational Institutions, Insurance Firms, Fertiliser & Petroleum Sectors should prefer Digital Payments.
vii) Tax Refund for people opting for Digital Payments
viii) Setting up Micro ATMs in 1.54 lakh Post Office across the Nation
ix) Co-operative Banks should switch to Digital mode of payments
i) Make Digital Transactions cheaper than Cash Transactions. Don't revy transaction charges on Cashless Payments. Cash Transactions above Rs 50,000 should be taxed to motivate people to prefer Digital Payments.
ii) Subsidy of Rs 1,000 to small merchants and non-income tax assesses for purchasing Smartphones.
iii) Tax Incentives for Micro ATMs & Biometric Machines
iv) 50% subsidy on Biometric Machines for encouraging Aadhaar-enabled Transactions
v) Subsidy Payments must be in Digital mode only
vi) Educational Institutions, Insurance Firms, Fertiliser & Petroleum Sectors should prefer Digital Payments.
vii) Tax Refund for people opting for Digital Payments
viii) Setting up Micro ATMs in 1.54 lakh Post Office across the Nation
ix) Co-operative Banks should switch to Digital mode of payments
