Business-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 percent 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 percent TDS would compromise with the liquidity position of the tea estates. ITA said that the Finance minister announced that the multiple labor 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. "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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