Living up to his image of an extraordinary communicator, Prime Minister Narendra Modi has explained the features of the Budget in an impressive manner through a video message. In particular he explains the gains likely to accrue to the cooperative sector from the Budget presented by the Finance Minister.
Prime Minister’s video message on Budget explains
Schemes
? Plan to set up Massive Decentralized Storage capacity so that farmer can store their produce and realize remunerative price to sell at appropriate time.
?Govt will facilitate setting up of large number of Multipurpose cooperatives society, Primary Fishery society, Dairy cooperative societies in uncovered panchayats and villages in the next 5 years.
? Model Bye-laws for PACS are being formulated enabling them to become Multipurpose PACS
? National Cooperative Database is being prepared for country wide mapping.
? Computerization of 63000 PACS has been initiated at the cost of Rs. 2516 crores.
Income Tax Benefits
? New cooperatives commencing manufacturing till 31st March 2024 will get the benefits of low tax rates at 15% (as is the case for new manufacturing companies) (Section 115 BAB of IT Act).
? Higher limit of Rs 2 lakh per member for cash deposit to and loans in cash by PACS and Primary Cooperative Agricultural and Rural Developmet Bank (PCARDBs). (Section 269 SS and 269 T of IT Act )
? Higher limit of Rs 3 Crore for TDS on Cash withdrawal has been provided to Cooperative Societies. (Section 194 N of IT Act). C.Relief for Sugar Cooperative Mills ? For Sugar Cooperatives, the claims for payments made to sugar farmers prior to assessment year 2016-17 will be considered as ‘Expenditure’. This will provide a relief of approximately Rs 10000 Crores to the Sugar Cooperatives.
Watch the Video:
