The Hindu : Karnataka / Bangalore News : Forum seeks tax exemption for urban cooperative banks

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Sunday, Jan 20, 2008
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Karnataka

Karnataka - Bangalore

Forum seeks tax exemption for urban cooperative banks

Staff Reporter

BANGALORE: The Forum of Urban Cooperative Banks has sought income tax exemption under Section 80-P for urban cooperative banks.

Addressing presspersons here, convenor of the forum C.V. Kumar said if banks paid 30 per cent of their profit as income tax, they would not be able to earn profit and pay dividends to shareholders. Nearly 2,800 cooperative banks in the country earned a profit of around Rs. 400 crore. In South India alone, there were 600 such banks.

He said, “We propose to collect one lakh signatures which will be incorporated in a memorandum to be submitted to Prime Minister Manmohan Singh.”

The forum will organise a seminar on “Opposing income tax on cooperative banks” on January 21 at St. Joseph’s Indian High School Auditorium on Vittal Mallya Road at 10 a.m. It will be inaugurated by Sitaram Yechuri, MP. A. Krishna-swamy, MP; B.K. Chandrashekar, Chairman of the Karnataka Legislative Council; and P.G.R. Sindhia, former Minister, will participate.

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