Financial Daily from THE HINDU group of publications
Wednesday, May 24, 2006
Financial Daily from THE HINDU group of publications Wednesday, May 24, 2006 |
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Money & Banking
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Co-operatives Industry & Economy - Income Tax Co-op bank delegation meets Sonia Our Bureau
New Delhi , May 23 Pressure is mounting on the Government to roll back its Budget decision of bringing certain cooperative banks under the tax net. Budget 2006-07 had withdrawn the tax benefits that were available to certain cooperative banks under Section 80 P of the income tax law, thereby imposing tax on such entities. To explain the problem of cooperative banks arising from the withdrawal of benefits of Section 80P, the President of National Cooperative Union of India, Dr S.S. Sisodia, and the President of the National Federation of Urban Cooperative Banks and Credit Societies, Mr B. Vijay Kumar, met the All India Congress Committee President, Ms Sonia Gandhi, here on Tuesday. Also present on the occasion were Members of Parliament, Ms Alkaben Kshtriya and Mr P.J. Kurian. A release issued by the National Cooperative Union of India said that Ms Gandhi told the delegation that she was aware of the issue and assured the members that she would be taking it up with the Prime Minister and the Finance Minister and find a solution that would take care of the interest of the cooperative banks.
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