Tax benefits for using debit or credit cards to bring in transparency

Tax benefits for using debit or credit cards to bring in transparency

The finance ministry has issued draft proposals for facilitating electronic transactions that are aimed at bringing transparency in the economy and promoting cashless payments. 

The ministry said that the objective is to improve the ease of conducting transactions for individuals and cut costs of managing cash. The decision, once implemented, will also go a long way in reducing tax avoidance that is rampant because of cash payments. The government said that the by facilitating electronic transactions, it will be able to build a transactions history which will in turn help customers in getting loans easily and will help in financial inclusion. 

Source :DNA