GOVT EXEMPTS CASH PAYMENTS ABOVE RS 1 CRORE VIA APMC FROM 2% TDS

The government on Monday gave boost to liquidity in the farm sector ahead of the kharif harvesting season. It has decided not to levy the 2 per cent tax deducted at source (TDS) on cash payments above Rs 1 crore made through Agricultural Produce Market Committees (APMCs). The government also gave 15 percentage points additional depreciation rate to commercial vehicles, taking it to 45 per cent. These would be available for vehicles bought between August 23 and March 31 in the current financial year. Depreciation helps companies reduce tax liabilities.

“It has been decided not to levy 2 per cent TDS on cash payments above Rs 1 crore made through APMCs, in order to make immediate payments to farmers for their produce,” the finance ministry said in a tweet.

https://wap.business-standard.com/article/economy-policy/govt-exempts-cash-payments-above-rs-1-crore-via-apmc-from-2-tds-119091601671_1.html

 

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