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: due date for vat payment :: form 3cd :: VAT Audit :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: ACCOUNTING STANDARDS :: VAT RATES :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt
 
 
Direct Tax »
 ICDS provisions to prevail over judicial precedents: CBDT
 CBDT forms committee to check absconding I-T dept officers
 Central Board of Direct Taxes asks taxman to make all out efforts to recover arrears
 CBDT to honour honest taxpayers
 Startups in the docks over marked down valuation tax as March 31 nears
 CBDT asks taxman to make all out efforts to recover arrears
 CBDT chief prods taxmen to buck up, meet recovery target
 CBDT to hold review meeting on PMGKY, tax collection on Mar 17
 Monitor tax collection to meet target by Mar 31: CBDT to taxman
 File prosecution cases against shell companies: CBDT to taxmen
 Threefold jump in prosecution against tax offenders

Move to impose direct taxes on cooperative sectors opposed
May, 12th 2011

The Sahakara Bharathi in the state has staunchly a opposed move by the Centre to impose direct taxes on the incomes earned by cooperative sector on par with similar levy on the corporate sector.

The Centre has adopted a proposal to this effect in the Union budget 2011-12 and will come into force with effect from April 1, 2012, when the Direct Tax Code mooted by it becomes a reality, said Purushottam Bhat, convener, credit cell (Sahakara Bharathi) said.

Purushottam told reporters here on Monday the cooperative societies are financial lifelines for rural and semi-urban areas of the country.

Bringing the cooperative sector under the ambit of direct tax code will stymie the flow of funds to the agriculture sector and inflict a body blow on the members of the societies, he said. Sahakara Bharathi will hold a protest in front of the offices of the deputy commissioners in the state on Thursday at 10.30 am.

As per the DTC proposal adopted in the Union budget, the cooperative sector will have to shell out 33% of their income in the form of taxes, he said, adding that this is on par with taxes that the corporate sector pays.

Cooperative institutions will lose their financial stability with this move, he said, while expressing apprehension over another proposal in the DTC which seeks to impose service charges on every financial transaction carried out by these institutions.

The corporate sector disburses its profit to shareholders in the form of dividend and bonus shares. However, cooperative institutions have to set aside a part of their profit towards reserves, he said, adding that it would be difficult for them to announce dividend for shareholders.

Proposal exempts primary agriculture credit cooperative societies and labour societies at taluk level from purview of DTC, he said, adding this should be extended to all cooperative institutions.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

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