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IT dept collects Rs 10 crore advance tax
November, 11th 2006

The Income Tax department has, for the first time, realised an advance tax of Rs 10 crore from the 16 cooperative banks of the State in September.

The collection comes after an amendment in the Section 80 P (4) of the Income Tax Act through which the exemption given to the cooperative banks was withdrawn in the last Union budget and they were brought under the ambit of Income Tax(IT).

Bank representatives, who were invited for an interaction by the IT department here today, were asked to deposit advance tax on time as per provisions of the law to avoid punitive action.  Tax would be calculated on the gross profit of the banks and the department expects to earn an additional Rs 1543 crore from the banks around the country.

Addressing senior officials of the cooperative banks, Lucknow chief income tax commissioner, Vinod Kumar explained the implications of removal of Sec 80 P (4) from the IT Act and its implications on the tax liabilities of the banks.In his address, Lucknow chief income tax commissioner-I, Anjani Kumar informed senior officers of the banks that insertion of new sub-section (4) in the 80 P exemption, given to the cooperative banks from paying tax, had been withdrawn making it mandatory for them to deposit advance tax.

IT officer range II, Harish Gidwani coordinated an interactive session held to educate the bank officials about the new provisions of the Act.

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