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I-T freezes bank a/cs of TN agri societies
The New Indian Express
|September 10, 2024
THOUSANDS of farmers in delta districts, who are getting ready to prepare their fields for samba cultivation, are facing trouble in accessing crop loans and other funds as the income tax department has frozen the bank accounts of many Primary Agriculture Cooperative Credit Societies (PACCS) citing non-compliance with TDS (tax deducted at source) rules.
While 51 of 84 PACCS in Karur district are facing the issue, at least 10 PACCS in Tiruchy district have received the notice from the I-T department, sources said.
Since each society, on an average, has 3,000 members, thousands of farmers may have lost access to agricultural credit, sources added. Tamil Nadu has a total of 4,451 PACCS.
The main objective of these credit societies is to provide agricultural and non-agricultural loans to farmers who are enlisted as members.
Delta districts, which include Thanjavur and Tiruchy, have a total of 1,006 societies.
This story is from the September 10, 2024 edition of The New Indian Express.
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