Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
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Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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        LATEST NEWS UPDATES | A new mandi tax -Harish Damodaran    </title>
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-The Indian Express

A 2 per cent TDS on cash withdrawals beyond Rs 1 crore may hit the farm trade hard. 

One of the 2019-20 Union Budget&rsquo;s less-discussed proposals, having significant implications for agricultural trade, is the levy of a 2%..."/>
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-The Indian Express

A 2 per cent TDS on cash withdrawals beyond Rs 1 crore may hit the farm trade hard. 

One of the 2019-20 Union Budget&rsquo;s less-discussed proposals, having significant implications for agricultural trade, is the levy of a 2%..." />
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                            <div align="justify">-The Indian Express<br /><br /><em>A 2 per cent TDS on cash withdrawals beyond Rs 1 crore may hit the farm trade hard. <br /></em><br />One of the 2019-20 Union Budget&rsquo;s less-discussed proposals, having significant implications for agricultural trade, is the levy of a 2% TDS (tax deducted at source) on cash withdrawals exceeding Rs 1 crore in a year from any bank account.<br /><br />The levy &mdash; aimed at promoting &ldquo;digital payments&rdquo; and a &ldquo;less cash economy&rdquo;, to quote Finance Minister Nirmala Sitharaman &mdash; comes on top of two earlier measures in the 2017-18 budget.<br /><br />The first one, via an amendment to section 40A (3) of the Income Tax Act, discouraged cash payment above Rs 10,000 to any person in a single day, by not allowing it as deduction in the computation of income from profits and gains of business. However, this provision was explicitly stated as not applicable to payments made to producers for purchase of farm, horticulture, livestock, fish and forest produce.<br /><br />The second was the introduction of a new section 269ST, prohibiting any person from receiving Rs 2 lakh or more in cash in a single day. This section, read with the previously noted amendment, made it clear that nothing stopped farmers from being paid in cash for sale of produce valued at below Rs 2 lakh. Moreover, nor would the trader be disallowed any expenditure under section 40A (3) in respect of cash payment above Rs 10,000 made to farmers for purchase of their crop.<br /><br />Please <a href="https://indianexpress.com/article/india/cash-withdrawal-tds-farm-sector-trade-5834868/" title="https://indianexpress.com/article/india/cash-withdrawal-tds-farm-sector-trade-5834868/">click here</a> to read more. <br /><br /></div>                                                           
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    <br><a href="https://indianexpress.com/article/india/cash-withdrawal-tds-farm-sector-trade-5834868/" class="re" target="_blank">The Indian Express, 18 July, 2019, https://indianexpress.com/article/india/cash-withdrawal-tds-farm-sector-trade-5834868/</a><div class="clear"></div>
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A 2 per cent TDS on cash withdrawals beyond Rs 1 crore may hit the farm trade hard. 

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    <h1 class="cat-box-title">A new mandi tax -Harish Damodaran</h1>
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                            <div align="justify">-The Indian Express<br /><br /><em>A 2 per cent TDS on cash withdrawals beyond Rs 1 crore may hit the farm trade hard. <br /></em><br />One of the 2019-20 Union Budget&rsquo;s less-discussed proposals, having significant implications for agricultural trade, is the levy of a 2% TDS (tax deducted at source) on cash withdrawals exceeding Rs 1 crore in a year from any bank account.<br /><br />The levy &mdash; aimed at promoting &ldquo;digital payments&rdquo; and a &ldquo;less cash economy&rdquo;, to quote Finance Minister Nirmala Sitharaman &mdash; comes on top of two earlier measures in the 2017-18 budget.<br /><br />The first one, via an amendment to section 40A (3) of the Income Tax Act, discouraged cash payment above Rs 10,000 to any person in a single day, by not allowing it as deduction in the computation of income from profits and gains of business. However, this provision was explicitly stated as not applicable to payments made to producers for purchase of farm, horticulture, livestock, fish and forest produce.<br /><br />The second was the introduction of a new section 269ST, prohibiting any person from receiving Rs 2 lakh or more in cash in a single day. This section, read with the previously noted amendment, made it clear that nothing stopped farmers from being paid in cash for sale of produce valued at below Rs 2 lakh. Moreover, nor would the trader be disallowed any expenditure under section 40A (3) in respect of cash payment above Rs 10,000 made to farmers for purchase of their crop.<br /><br />Please <a href="https://indianexpress.com/article/india/cash-withdrawal-tds-farm-sector-trade-5834868/" title="https://indianexpress.com/article/india/cash-withdrawal-tds-farm-sector-trade-5834868/">click here</a> to read more. <br /><br /></div>                                                           
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    <br><a href="https://indianexpress.com/article/india/cash-withdrawal-tds-farm-sector-trade-5834868/" class="re" target="_blank">The Indian Express, 18 July, 2019, https://indianexpress.com/article/india/cash-withdrawal-tds-farm-sector-trade-5834868/</a><div class="clear"></div>
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A 2 per cent TDS on cash withdrawals beyond Rs 1 crore may hit the farm trade hard. 

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    <h1 class="cat-box-title">A new mandi tax -Harish Damodaran</h1>
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                            <div align="justify">-The Indian Express<br /><br /><em>A 2 per cent TDS on cash withdrawals beyond Rs 1 crore may hit the farm trade hard. <br /></em><br />One of the 2019-20 Union Budget&rsquo;s less-discussed proposals, having significant implications for agricultural trade, is the levy of a 2% TDS (tax deducted at source) on cash withdrawals exceeding Rs 1 crore in a year from any bank account.<br /><br />The levy &mdash; aimed at promoting &ldquo;digital payments&rdquo; and a &ldquo;less cash economy&rdquo;, to quote Finance Minister Nirmala Sitharaman &mdash; comes on top of two earlier measures in the 2017-18 budget.<br /><br />The first one, via an amendment to section 40A (3) of the Income Tax Act, discouraged cash payment above Rs 10,000 to any person in a single day, by not allowing it as deduction in the computation of income from profits and gains of business. However, this provision was explicitly stated as not applicable to payments made to producers for purchase of farm, horticulture, livestock, fish and forest produce.<br /><br />The second was the introduction of a new section 269ST, prohibiting any person from receiving Rs 2 lakh or more in cash in a single day. This section, read with the previously noted amendment, made it clear that nothing stopped farmers from being paid in cash for sale of produce valued at below Rs 2 lakh. Moreover, nor would the trader be disallowed any expenditure under section 40A (3) in respect of cash payment above Rs 10,000 made to farmers for purchase of their crop.<br /><br />Please <a href="https://indianexpress.com/article/india/cash-withdrawal-tds-farm-sector-trade-5834868/" title="https://indianexpress.com/article/india/cash-withdrawal-tds-farm-sector-trade-5834868/">click here</a> to read more. <br /><br /></div>                                                           
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    <br><a href="https://indianexpress.com/article/india/cash-withdrawal-tds-farm-sector-trade-5834868/" class="re" target="_blank">The Indian Express, 18 July, 2019, https://indianexpress.com/article/india/cash-withdrawal-tds-farm-sector-trade-5834868/</a><div class="clear"></div>
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Home हिन्दी

A new mandi tax -Harish Damodaran

Published on Jul 18, 2019   Modified on Jul 18, 2019

-The Indian Express A 2 per cent TDS on cash withdrawals beyond Rs 1 crore may hit the farm trade hard. One of the 2019-20 Union Budget’s less-discussed proposals, having significant implications for agricultural trade, is the levy of a 2% TDS (tax deducted at source) on cash withdrawals exceeding Rs 1 crore in a year from any bank account. The levy — aimed at promoting “digital payments” and a “less cash economy”, to quote Finance Minister Nirmala Sitharaman — comes on top of two earlier measures in the 2017-18 budget. The first one, via an amendment to section 40A (3) of the Income Tax Act, discouraged cash payment above Rs 10,000 to any person in a single day, by not allowing it as deduction in the computation of income from profits and gains of business. However, this provision was explicitly stated as not applicable to payments made to producers for purchase of farm, horticulture, livestock, fish and forest produce. The second was the introduction of a new section 269ST, prohibiting any person from receiving Rs 2 lakh or more in cash in a single day. This section, read with the previously noted amendment, made it clear that nothing stopped farmers from being paid in cash for sale of produce valued at below Rs 2 lakh. Moreover, nor would the trader be disallowed any expenditure under section 40A (3) in respect of cash payment above Rs 10,000 made to farmers for purchase of their crop. Please click here to read more.

The Indian Express, 18 July, 2019, https://indianexpress.com/article/india/cash-withdrawal-tds-farm-sector-trade-5834868/

Tagged with: Digital Payments Mandi Tax Income Tax Rules TDS

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