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Home Co-op News Snippets

10,000 co-ops get Income Tax notices across country

Amit Awana by Amit Awana
December 29, 2019
in Co-op News Snippets
0
When co-ops learn about filing return from IT dept
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New Indian Express reports IT Department has sent notices to scores of cooperative societies including PACSs to pay their tax dues in Karnataka.

The I-T Department has also disapproved of some cooperatives advancing loans to associate and nominated members apart from their regular members. Nearly 10,000 cooperatives have been served notices across the country.

Cooperative sources say many primary cooperatives are financially too small in size to pay such taxes.

Tags: Breakingcooperativeincome taxkarnatakaloansmemberspacs
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