While the year 2012 is being celebrated as the United Nations
International Year of Cooperatives, all eyes among Indian co-operatives
are on Union Finance Minster, Pranab Mukherjee in anticipation of some
relief in the upcoming union budget for the year 2012-13.
The cooperative banks (UCBs) have demanded restoration of income tax deduction for all cooperative banks under section 80 (P) of the Income Tax Act.
The deduction under section 80 P was available to all cooperative banks up to and including assessment year of 2006-07, post which, the government imposed income tax on cooperative banks by introducing section 80(P)(4).
In a letter written to the Finance Minister on January 23, 2012, National Federation of Urban Cooperative Banks and Credit Societies Ltd (Nafcub) has demanded restoration of the income
The cooperative banks (UCBs) have demanded restoration of income tax deduction for all cooperative banks under section 80 (P) of the Income Tax Act.
The deduction under section 80 P was available to all cooperative banks up to and including assessment year of 2006-07, post which, the government imposed income tax on cooperative banks by introducing section 80(P)(4).
In a letter written to the Finance Minister on January 23, 2012, National Federation of Urban Cooperative Banks and Credit Societies Ltd (Nafcub) has demanded restoration of the income