Telangana News

Finance Minister Arun Jaitley announced the latest changes in rules, regarding Income Tax and old currency deposit schemes.

In an attempt to encourage the cashless transactions, Jaitley announced that small traders and businesses with a turnover of up to Rs 2 crores, who do not maintain proper accounts, will be presumed to have earned 8% income or profit for tax purposes. But if they use digital modes of payments, their income will now be presumed to be 6% percent of the turnover instead of 8%.

He said, “Credit and debit card users and e-wallets usage have increased significantly post demonetization. E-transactions have increased and Aadhar based transactions have increased by almost 300 percent...We are aware that there have been problems with USSD and UPI as time goes by we will correct it”.

Urging the public, not to panic over the cash crisis, the Union Minister also said, “The government is fully prepared for demonetization. RBI has enough cash in reserve and it will have enough post December 30 and beyond”.

He further announced that, “We were fully prepared for demonetization. We will give information about the cash in circulation and the cash printed later. There has not been a single day when the RBI failed to disburse adequate cash to banks”.