Even as the clamour for cooperatives to be exempted from Income Tax net falls to deaf ears, the Ministry of Finance is boasting of huge IT collection from UCBs and Cooperative credit societies.
According to the statement just issued by the Ministry of Finance, the income tax dept during the last fiscal initiated new projects for the collection and analysis of data from urban cooperative banks and cooperative credit societies.
The amounts in these categories are income of Rs. 4,442 crore in the case of urban cooperative banks and cooperative credit societies and Rs. 1,383 crore in the case of projects on banks, the statement says.
The statement has been released following Finance Minister Arun Jaitley’s meeting with officers of investigation wing of the tax dept. held recently in the capital.
It is the same Arun Jaitley whom from NCUI Chief Executive Dr Dinesh to NAFCUB President Mr Mukund Abhyankar met during pre-budget consultations and impressed upon the social nature of cooperative and requested a respite from income-tax.
