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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
News Headlines »
 First Writ Petition In The General Interest Of CA Members From Northern India
 How much tax are you liable to pay on long-term capital gains on property?
 How To Save Tax Deductions Despite New Law
 Companies (Appointment and Qualification of Directors) Sixth Amendment Rules, 2018.
 Easier tax refund regime for exporters in the works
 Income tax on your gold and real estate investments
 Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 117(1A) of the Central Goods and Service Tax Rules, 2017 in certain cases
 How RBI dealt with the crisis amid tensions with FinMin
 Pay tax on this PF account withdrawal Income tax return (ITR) filinga
 Seeks to make amendments (Ninth Amendment, 2018) to the CGST Rules, 2017.
 How govt is dealing with tax evasion, corporate fraud

PM to consider banks' I-T plea
February, 16th 2007

Prime minister Manmohan Singh has promised to consider the demand of some cooperative banks for removal of the 33% income tax on their profits, a measure that was imposed in current year's budget.

He gave this assurance to a delegation of representatives of nine cooperative banks from Karnataka led by CPI(M) MP Basudeb Acharia. The delegation brought to his notice that the tax exemption enjoyed by the cooperative banks was withdrawn in the current year's budget which they said hit hard at the foundations of the cooperative sector that catered mainly to the needs of the poor, middle and the salaried class and other marginalised sections.

The representatives of the small banks told Singh that it was wrong to equate the cooperative sector with the huge commercial banks that made profits in crores of rupees every year.

They said the rationale given by FM P Chidambaram that the tax on profits would bring about discipline in their audited and filing of tax returns would improve the standards of accountability and governance did not not hold any water because these banks already functioned under the strict RBI norms.

In the memorandum given to the PM, the cooperative bankers welcomed the income tax rebate given under Section 80C on five-year deposits but pleaded for extension of the facility to the cooperative banks.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Website Ranking Website Ranking Company Website Positioning Alexa Ranking Website Promotion Website top 10 ranking website top 10 promotion search engine result promotion Strategic Internet Marketing Website Optimization Website Ranking Factors

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