Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: cpt :: TDS :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: VAT RATES :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
News Headlines »
 Seven things you must do before 31st March
 Income Tax saving investments: Top 5 options available for high-income individuals
 How to use zero tax rule on long term capital gains on stocks
 GST Returns - Furnishing details of inward supplies
 5 ways to maximise you income tax return
 Income-tax (2nd Amendment) Rules, 2017
 Soon, Faster PAN, An App For Filing Tax Returns
 Changes in income tax return filing process
 New Income Tax Rates And Deductions Applicable From April 1, 2017
 Tax and transparencya
 No decision yet on imposing tax on cash transactions

Co-op banks pitch for I-T exemption
February, 21st 2007

Co-operative banks, which were brought under the income tax net last year, have sought tax exemption in the coming Budget. In a proposal, the banks have urged the finance ministry to exempt them from paying taxes till their financial health improves significantly. In Budget 2006-07, finance minister P Chidambaram announced that co-operative banks, like any other lending institutions, would be brought under the income tax net.

Representatives of co-operative banks also held a meeting here on Monday to discuss relevant issues related to the tax structure. The finance ministry said it was important to bring co-operative banks under the tax net as there was significant amount of unaccounted money that was lying with these banks.

That apart, the ministry was in favour of bringing all deposits in the saving accounts in co-operative banks under the annual information returns. The finance ministry is also keen to restructure co-operative banks along with the regional rural banks as they would be crucial for the Centre's much-hyped financial inclusion project. The Centre has already approved a Rs 15,000-crore package, as recommended by the Vaidyanathan Committee, for the restructuring of co-operative banks.

There is also a proposal to bring co-operative banks under the regulatory ambit of the Reserve Bank of India, in order to integrate them with the banking system.

The government, however, said that the co-operative banks would be given their due financial package for restructuring only after the respective states signed an MoU with the Centre. Currently, the co-operative banks come under the state government. But, so far, only a few states have signed the MoU with the Centre for availing financial assistance.

Sources pointed out that the Budget for 2007-08 might lay stress on the implementation of the Vaidyanathan Committee report.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Company Overview

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions