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
Direct Tax »
 Direct tax collection exceeds target in FY18
 Taking the 1st five steps to saving taxes Income Tax
 TDS on interest income: Want to avoid? Here’s how you can do this
 CBDT to modify advance ruling forms for transparency in cross-border deals
 New ITR forms for 2018-19 notified by CBDT
 Income Tax Return form: There are many changes you need to know
 Procedure For Registration And Submission Of Statement Of Financial Transactions (Sft) As Per Section 285ba Of Income-Tax Act, 1961 Read With Rule 114e Of Income-Tax Rules, 1962
 Income tax return forms for FY 2017-18 released
 10 benefits of filing ITR even if you are below taxable bracket
 How to file Income Tax Returns online in five simple steps
 Income tax returns (ITR) deadline over; how belated returns filing will impact you

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 2018 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