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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: VAT Audit :: TDS :: list of goods taxed at 4% :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: VAT RATES :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: empanelment :: Central Excise rule to resale the machines to a new company :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
Direct Tax »
 In some instances, filing of income tax return may not be mandatory
 Best 5 Income Tax-Saving SIP plans in India: How To save taxes by Investing in SIPs under 80C
 Tax refund checks are finally in the mail
 Income Tax dues in advance can be paid at RBI or at authorised bank branches by March 2017
 Why you must be looking beyond tax planning
 I-T dept. to lauch app for paying tax
 CBDT to taxman: Step up TDS survey operations to boost collections
 Tax Officers Asked To File Self-Appraisal Report On E-Assessment
 CBDT to taxman: Step up TDS survey ops to boost collections
 Govt to issue exemption list on new tax for unlisted firms
 CBDT issues third round of certificates to tax payers

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