Monday, Aug 03, 2020 | Last Update : 11:40 PM IST

132nd Day Of Lockdown

Maharashtra44122827680915576 Tamil Nadu2632221964834132 Andhra Pradesh166586828861474 Delhi1384821233174004 Karnataka134819577252496 Uttar Pradesh97362533571730 West Bengal75516527301678 Telangana6766048609551 Gujarat63684466892482 Bihar5956736637322 Rajasthan4495531216706 Assam4290532385105 Haryana3629729690433 Odisha3491321955236 Madhya Pradesh3353523550886 Kerala259121446383 Jammu and Kashmir2141613127396 Punjab1785311466423 Jharkhand121884513115 Chhatisgarh9608699158 Uttarakhand7593443786 Goa6530466853 Tripura5248346323 Puducherry3806230952 Manipur283117377 Himachal Pradesh2654150813 Arunachal Pradesh19359693 Nagaland19356484 Chandigarh111769819 Meghalaya8742645 Sikkim6582891 Mizoram4702580
  Business   Companies  17 Sep 2019  Govt exempts cash payments above Rs 1 cr via AMPC from 2 pc TDS

Govt exempts cash payments above Rs 1 cr via AMPC from 2 pc TDS

PTI
Published : Sep 17, 2019, 9:09 am IST
Updated : Sep 17, 2019, 9:09 am IST

Government had made the provision of levying 2 per cent TDS on cash withdrawals exceeding Rs 1 crore.

The provision is set to come into force from October 1.
 The provision is set to come into force from October 1.

New Delhi: In a relief to the farm sector, the government has decided not to levy 2 per cent tax deduction at source (TDS) on cash payments of over Rs 1 crore made through Agriculture Produce Market Committees (APMCs).

The government had made the provision of levying 2 per cent TDS on cash withdrawals exceeding Rs 1 crore in the Union Budget with an aim to discourage cash transactions and move towards a less-cash economy.

 

The provision is set to come into force from October 1.

"Addressing the concerns raised by Agriculture Produce Market Committees (APMCs), it has been decided not to levy the 2% TDS on cash payments above Rs 1 crore made through APMCs, in order to make immediate payments to farmers for their produce," Finance Minister Nirmala Sitharaman said in a tweet.

Meanwhile, in another tweet, the minister said an additional 15 per cent depreciation will be allowed on motor vehicles purchased between August 23, 2019, and March 31, 2020.

She had made this announcement on August 23 as part of measures to boost the economy.

"The move is expected to give a boost to the automobile sector by driving sales," she added.

 

The depreciation on cars purchased during the period will be 30 per cent as against the normal rate of 15 per cent.

While in the case of buses, lorries and taxis, the depreciation rate has been enhanced to 45 per cent from 30 per cent. Depreciation helps companies reduce tax liabilities.

Farm expert Vijay Sardana commented that the exemption to APMCs will benefit traders but not farmers.

Tags: cash payments, government, ampc, tds
Location: India, Delhi, New Delhi