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Manipur BJP submits memo to Jagat
Correspondent IMPHAL, OCT 3:
Published on 4 Oct. 2009 12:05 AM IST
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BJP, Manipur Pradesh has on Thursday submitted a memorandum to the Manipur Governor Gurbachan Jagat urging him to take up the issue of withdrawal of Income Tax from Cooperative Banks/Organisation, said the state unit of the BJP today. BJP is of the opinion that economic development of down-trodden society especially in rural areas which comprises of farmers and farm workers can take place through cooperatives and banking system, secretary L Basanta of the state BJP said. “Very recently nearly three years back after about 25 years of peace and normalcy in the cooperative sector the UPA led Union government imposed Income Tax on Cooperative Banks/Organization by introducing and passing the Finance Act, 2006 for cooperative banks,” he said. The imposition of income tax on this sector is amount to increase of burden and profit sank leading to unhealthy environment for them. As these banks are micro financers, even small percentage of income tax create such burden to them. Many cooperative banks are sinking even before the imposition of the income tax, he said quoting the memorandum submitted to the state governor. BJI wants to save and improve not only the situation of the needy society but also these banks from danger. They are suffering a lot without the imposition of the income tax. He added.

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