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CHANDRU1849
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The Government on Monday proposed income tax benefits for people making payments through credit or debit cards and doing away with transaction charges on purchase of petrol, gas and rail tickets with plastic money.
In a draft paper for moving towards cashless economy and reduce tax avoidance, the Finance Ministry has also proposed to make it mandatory to settle high value transactions of more than Rs 1 lakh through electronic mode.
"Tax benefits in terms of income tax rebates to be considered to consumers for paying a certain proportion of their expenditure through electronic means," say draft proposals for facilitating electronic transactions on which the government has invited comments till June 29, on the government's online platform mygov.in.
At present there are about 56.4 crore debit cards and 11.25 lakh point of sale (PoS) terminals in the country.
In a draft paper for moving towards cashless economy and reduce tax avoidance, the Finance Ministry has also proposed to make it mandatory to settle high value transactions of more than Rs 1 lakh through electronic mode.
"Tax benefits in terms of income tax rebates to be considered to consumers for paying a certain proportion of their expenditure through electronic means," say draft proposals for facilitating electronic transactions on which the government has invited comments till June 29, on the government's online platform mygov.in.
At present there are about 56.4 crore debit cards and 11.25 lakh point of sale (PoS) terminals in the country.
