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Govt Proposes Tax Benefits For Credit And Debit Card Payments

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  • Govt Proposes Tax Benefits For Credit And Debit Card Payments

    The central government came out with a raft of proposals to encourage electronic transactions, including income tax benefits for payments made through debit or credit cards, a move aimed at cracking down on black money. Transaction charges on card payments at petrol pumps, gas agencies and railway tickets could be done away with. The government may also make it mandatory for all transactions above Rs1 lakh to only be conducted electronically.The government also proposed appropriate changes in the regulatory structure, if required, to promote mobile-based payment systems.

  • #2
    Also, currently, banks have to report the aggregate of all the payments made by a credit cardholder as one transaction, if such an amount is Rs 2 lakh in a year. The ceiling could be raised to Rs 5 lakh or more.

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    • #3
      Finally, Good initiative.

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      • #4
        The ministry proposes rationalisation and reduction in merchant establishment charges and the interchange fee levied on such transactions.

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        • #5
          This a great innovation, need to understand it.

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          • #6
            The government is also considering a levy of a nominal cash-handling charge on transactions greater than a specified level.

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