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Wednesday, February 22, 2012 12:00:07 PM (IST)  

Mangalore: 750 Co-operative Societies to Observe Bundh on Feb 25

Pics: Spoorthi Ullal
Daijiworld Media Network - Mangalore (PS)
Mangalore, Feb 22: Opposing the proposed move of the centre to impose direct income tax on corporative societies, 750 co-operative society institutions in DK district will observe a bundh on Saturday February 25, informed Vinaykumar Soorinje, vice-president of SCDCC Bank, at a press conference held on Tuesday February 21.
“The contribution of co-operative societies to the country’s economy is noteworthy. Across the nation, in many villages, co-operative societies have been fulfilling the economic needs of the people. However, the new proposal to impose 33 percent of income tax on co-operative societies is unfortunate,” he said.

He added that to oppose the same, all 750 co-operative societies in DK district constituting as many as 1,000 employees and people involved in the movement will observe a ‘bundh’ and a protest meet will be held at Town Hall here on Saturday at 10 am. Experts in the co-operative movement will also participate.
Soorinje expressed the fear that if the proposed direct income tax code is practiced, the business of co-operative societies will be badly affected, small co-operative societies may have to be closed down, lacs of employees who are employed in co-operative societies will become unemployed, and the Indian economic system could tremble as co-operative societies are its backbone. This is a nation wide strike call initiated by Sahakar Bharathi.
M N Rajendra Kumar, president, SCDCC Bank, said that the income tax exemption to co-operative societies should be resumed as per the provision of Income Tax Act Sec 80 (P). “Even in developed countries, such tax is not levied on co-operative societies,” he pointed out and said that if such tax is levied here it would dampen the spirit of the co-operative societies.

“The government which decided to levy tax on co-operative societies does not keep any deposits at co-operative societies, but with commercial banks. On Saturday, it will be a protest irrespective of political parties here,” he said.

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Comments on this article
Naveen Kulshekar, Mangalore
Wednesday, February 22, 2012

This is really a blow to the co-op societies,There is lot of tax is collected from the citizen as,income tax,profession tax,vat tax,sales tax,toll naka tax,service tax,tax on gifts etc. Still government want revenue? If the co-op credit societies had to pay the income tax than there is no need of socities,let the employees of these societis get employment in government is a blck day for societis and they have to be closed down. Let all the people fight against it.

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