Credit Co-operative Societies to hold bundh against the direct taxation on Feb 25

7:15 AM, Wednesday, February 22nd, 2012
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Co-operative Societies BundhMangalore : The Credit Co-operative Societies will stage district wide bundh on Feb 25, Saturday against the direct taxation by central government, said Konkodi Padmanabha, president of CAMPCO.

Speaking at the press meet held at Campco office on Feb 21, Tuesday, he said that Credit Co-operative Societies will organize a district level protest programme on December 25 at Town Hall from 10.30 am to 1.30 pm, requesting the union government to keep co-operative societies out from direct tax code (DTC) of the section 80(P) of Income Tax Act-1961.

He also said that the programme will invite all the member of the Co-operative Societies and discuss on the direct transport problem in the country. As a part of protest, all the cooperative societies will remain closed and around 700-750 people will participate in the protest programme to be organized by Sahakara Bharathi. MP Nalin Kumar Kateel will inaugurate the programme and M N Rajendra Kumar, president of SCDCC Bank will preside over, he said.

M N Rajendra Kumar, president of SCDCC Bank said that the government is going to table fresh bill in this regard in the Parliament in April 2012. According to sources, if the bill is passed as it is, all co-operatives have to pay 33 per cent tax to the government from their profit. If the profit is paid in the form of tax to the government then what is the necessary to make the business, he added.

He said that the societies condemn such attempts discouraging the co-operative movement and if they not agree in this protest then they will further stage violent protest, he said.

Vinaykumar Surinje and Harish Achar were present at the press meet.

                                   

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