Mangalore : Sahakara Bharathi, Karnataka staged a protest in front of DC Office on May 12, Thursday in order to oppose the move by central governemnt to impose direct taxes on income earned by cooperative sector on par with similar levy on the corporate sector.
Addressing the protestors on the occasion, Purushottam Bhat, convener, credit cell, Sahakara Bharathi said that the central government has adopted the proposal in Union Budget 2011-12 and later it will be implemented from April 1, 2012.
He also said that the central government is trying to retarding the growth of the cooperative sector in the country with the effect. Hence they must take back the steps and realize that cooperative sector in India played an important role in protecting country from global recession.
Lakshmi Narayana Udupa, said that As per the DTC proposal, the cooperative sector will have give away around 33% of the income in the form of taxes.
The corporate sector spends its profit to shareholders in the form of dividend and bonus shares too, he added.
Later the protesters also submitted a memorandum to the Deputy Commissioner.
Thimmmappa Rai, DK, Durgaprasad, M A Prabhu, Prasanna K, Mahaveera Ariga, Balakrishna Nayak and Sanjeeva were among the protesters.

Bharathi Bhat Mahila Bank President Addressing the gathering

Dayananda Adyar President of poultry federation

Mahaveera Ariga secretary Shakara Bharathi