Tea industry seeks exemption of TDS on cash withdrawal

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.

ITA said that the Finance minister announced that the multiple labour laws would be streamlined in a set of four Labour Codes.

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