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: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: Central Excise rule to resale the machines to a new company :: form 3cd :: VAT RATES :: articles on VAT and GST in India :: due date for vat payment :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT
Direct Tax »
 Mumbai zone direct tax collection flat in H1 FY17
 CBDT issues final rules for taxing share buy back by companies
 CBDT issues final rules for taxing share-buyback
 The direct tax collections up to September, 2016 are at Rs. 3.27 lakh crore which is 8.95% more than the net collections for the corresponding period last year.
 IDS is tremendous success: CBDT chief Rani Singh Nair
 Submit monthly data of appeals disposed of: CBDT to officers
 Direct tax mop-up jumps 9 per cent in H1, indirect tax up 26 per cent
 Income tax department slams notice on five Mumbai-based exporters over offshore accounts
 Redress TDS mismatch grievance of taxpayers: CBDT
 Tax department changes rule for accommodating deductions for deferred spectrum payment
 Tax dept renotifies income computation, disclosure standards

Cooperative sector wary of DTC pitfalls on income tax
February, 19th 2013

With Union Budget 2013-14 is less than 10 days away, the sense of expectation among various stakeholders is on the rise. Whose expectations Union finance minister P Chidambaram meets or dashes, one can know only on D-Day. But watching developments in this regard closely is the cooperative sector in India - some six lakh of them across the country- on whether Chidambaram brings them under the ambit of the IT bracket.

Apprehension of the sector is that the budget will bring the cooperative sector under income tax net under the direct taxes code (DTC ) that is likely to be introduced in this budget. This move, the sector feels will directly eat into its profitability. The sector wants any such move to be in line with exemptions granted to it under section 80 P of the Income Tax Act as recommended by the standing committee on finance of the Lok Sabha.

Making a strong pitch in this regard are leaders of two major cooperative institutions in Dakshina Kannada district - known for its long standing dedication to principles of the cooperation movement - namely South Canara District Central Cooperative (SCDCC) Bank and The Central Arecanut and Cocoa Marketing and Processing Cooperative (Campco) Limited. They are unanimous in their views that bringing cooperative societies under IT bracket is retrograde.

Konkodi Padmanabha, president, Campco, said imposing income tax on cooperative societies including Campco, a multi-state cooperative, will sound the death knell for the sector. The primary agriculture credit cooperative societies and cooperative societies are the backbone of rural economy. "The standing committee on finance has clearly given its recommendations on the issue and this must be considered," he added.

Advocating the same course of action, MN Rajendra Kumar, president, SCDCC Bank says the exemption granted under above section should be seen as sacrosanct. "We have already represented the matter to Chidambaram through Oscar Fernandes and M Veerappa Moily," he said. Konkodi said a delegation of MPs will meet Union agriculture and commerce minister during the budget session to press for cause of the cooperative sector.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System development CMS development Content Management Solutions CMS Solutions Content Management Services CMS Services CMS Software

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