Government is sorting out the co-operative organizations on the basis of the income they generate, and is about to impose tax accordingly. Co-operatives have been asking the tax discount for a long time. Narayan Prasad Pidari - the deputy registrar of the co-operative division, said "from the next fiscal year, the co-operatives are being classified on account of their income, and low tax is imposed to low income generating companies". He added," Looking at the deposit collection, loan distribution and income, the classifications will be made by the government. Furthermore, the companies with minimal profit might enjoy the facility of total exemption or discount in tax. However, the companies with high profit would not get access to such benefits". More than 10000 co-operatives are in operation at the moment and 21% tax is levied on them.
Source:Jamb News Service
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Friday, June 6, 2008
Co-operatives to get facility in tax
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