Exemption from TDS on cash withdrawals to commission agents/traders of Agriculture Produce Market Committee

Exemption from TDS on cash withdrawals u/s 194N to commission agents/traders of Agriculture Produce Market Committee (APMC)

Exemption from TDS on cash withdrawals to commission agents/traders of Agriculture Produce Market Committee 

MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)

Notification No. 70/2019

New Delhi, the 20th September, 2019

(INCOME-TAX)

S.O. 3427(E).—In exercise of the powers conferred by clause (v) of the proviso to section 194N of the Income-tax Act, 1961 (43 of 1961), the Central Government after consultation with the Reserve Bank of India, hereby specifies the commission agent or trader, operating under Agriculture Produce Market Committee (APMC), and registered under any Law relating to Agriculture Produce Market of the concerned State, who has intimated to the banking company or co-operative society or post office his account number through which he wishes to withdraw cash in excess of rupees one crore in the previous year along with his Permanent Account Number (PAN) and the details of the previous year and has certified to the banking company or co-operative society or post office that the withdrawal of cash from the account in excess of rupees one crore during the previous year is for the purpose of making payments to the farmers on account of purchase of agriculture produce and the banking company or co-operative society or post office has ensured that the PAN quoted is correct and the commission agent or trader is registered with the APMC, and for this purpose necessary evidences have been collected and placed on record.

2. The notification shall be deemed to have come into force with effect from the 1st day of September, 2019.

[F. No. 370142/12/2019-TPL (Part-1)]

SAURABH GUPTA, Under Secy. (Tax Policy & Legislation Division)

Explanatory Memorandum : It is certified that no person is being adversely affected by giving retrospective effect to this notification.

Download Notification Click Here >>

• Applicability of Guidance Note on Financial Statements of Non-Corporate Entities/LLPs
• Requirement of DIN referencing in Income Tax notices etc. and exceptions
• Applicability of deeming fiction u/s 50C when property purchased & sold within same year
• ICAI defers the effective date of Standard on Quality Management SQM1 and SQM2
• Addition based on letter of District Magistrate not recovered during search deleted

addition u/s 68 addition u/s 69A ca misconduct cash deposit in bank cbdt circular CBDT Instruction cbdt notification cbdt order cbdt press release cgst circular cgst notification cit revision 263 concealment penalty condonation of delay covid-19 custom circular demonetisation due date extension e-way bill faq GST circular GST Council Meeting gst faq gstn advisory GSTR-3B GST rates IBBI ibc income tax penalty itat ITAT Delhi mca circular MCA notification order u/s 119 penalty 271(1)(c) penalty u/s 271(1)(c) Press Release reasons recorded reopening 148 Reopening us 147 Search & Seizure sebi circular unexplained cash credits validity of notice u/s 148 Withdrawal of 2000 500 Bank Notes