A considered view will be taken on these matters and some exemption could be provided to businesses, where large amounts of cash payments are inevitable,” said one of the officials. Khandelwal said traders do not otherwise need over Rs 1 crore cash annually. According to experts, sectors such as tea, mining, animal husbandry, dairy, poultry, and fish farming need exemption from the Rs 1 crore annual cash withdrawal limit. “Some business models, where large cash withdrawal is a necessity, are proposed to be exempted,” she said on July 5. It clarified that any cash withdrawal prior to September 1, 2019 will not be subjected to TDS since the calculation of the amount of cash withdrawal for the deduction shall be counted from April 1, 2019.

Source: Hindustan Times September 10, 2019 23:45 UTC