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.
Stay updated wherever you go with Daijiworld.com and Daijiworld 24X7 tv channel mobile apps.
CLICK HERE to download it for your device.
(available on Android and IOS)