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News INCOME TAX

  • Sep 07, 2019
  • Maharashtra farmers, traders wary of TDS on over Rs 1 crore cash withdrawals

    The Centre’s decision to impose 2% tax deduction at source (TDS) on cash withdrawal from banks in excess of `1 crore in a year has left farmers and traders in Maharashtra’s Agriculture Produce Market Committees (APMCs) worried over issues like possible delay in payments and adverse impact on liquidity and sentiment in mandis. Reacting to a notification that TDS will be levied by Central Board of Direct Taxes (CBDT) from September 1, Lasalgaon APMC chairman Jaydutta Holkar said farmers are worried that the move may give traders a lot of leeway to delay their payments. The 14-odd mandis in Nashik district have gone cashless from September 1.