Budget 2019: Tea industry seeks exemption of TDS on cash withdrawal

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Published: July 6, 2019 2:59:09 PM

Budget 2019-20: Indian Tea Association said that the imposition of two per cent TDS would compromise with the liquidity position of the tea estates. 

Budget 2019 India: It is urged that due recognition be given to the wages paid in kind to the workers by the management, ITA said.

Union Budget 2019 India: The tea industry, under the aegis of Indian Tea Association (ITA), has urged the Finance ministry for exemption from imposition of two per cent TDS on cash withdrawals exceeding Rs one crore from banks in a year as proposed in the budget for 2019-20. ITA in a statement said that there are inadequate banking facilities in the tea growing areas for which the workers are largely paid in cash. The tea body said that the imposition of two per cent TDS would compromise with the liquidity position of the tea estates.

Also read: Budget 2019: 10 key income tax proposals and their impact

ITA said that the Finance minister announced that the multiple labour laws would be streamlined in a set of four Labour Codes. The tea body said that the wages paid to the tea garden workers were both in cash and in kind.

Income Tax Calculator: Know post-Budget 2019 Income Tax out go here

“The Code on wages has proposed a national minimum wage. It is urged that due recognition be given to the wages paid in kind to the workers by the management”, it said.

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