https://www.taxtmi.com/news?id=17376 Proposes a statutory prohibition that no cash transaction above Rs. 3 lakh will be permitted via amendment to the Income-tax Act, coupled with incentives to promote electronic payments including reduced presumptive tax rates for non-cash turnover, caps on allowable cash expenditures and donations, duty exemptions for digital payment hardware, and institutional reforms such as creation of a Payments Regulatory Board and amendments to the Payment and Settlement Systems Act to scale and regulate digital payments. en-us Wed, 01 Feb 2017 14:09:33 +0530 Wed, 01 Feb 2017 14:09:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=17376 Proposes a statutory prohibition that no cash transaction above Rs. 3 lakh will be permitted via amendment to the Income-tax Act, coupled with incentives to promote electronic payments including reduced presumptive tax rates for non-cash turnover, caps on allowable cash expenditures and donations, duty exemptions for digital payment hardware, and institutional reforms such as creation of a Payments Regulatory Board and amendments to the Payment and Settlement Systems Act to scale and regulate digital payments. News - Wed, 01 Feb 2017 14:09:33 +0530 https://www.taxtmi.com/news?id=17376