M'lore/Udupi: Undivided DK Dist Sahakar Bharathi Opposes Direct Taxes on Co-op Societies

Pics: Savitha B R/Hemanath Padubidri
Daijiworld Media Network – Mangalore (PS/SB)

Mangalore/Udupi, May 12: The Direct Taxes Code Bill proposed by the union government has come in for severe criticism.

At a protest meet held in the twin coastal districts, Mangalore and Udupi, as part of statewide opposition against the proposal, members involved in co-operative societies have described the bill as 'salt on injury' as it is detrimental to the interests of the co-operative movement.

Addressing the protesters in Mangalore, advocate M Purushotham Bhat, convenor, Credit Cell Sahakara Bharathi alleged the union government of hatching a systematic conspiracy to stall the growth of the co-operative sector in the country. The new proposal of imposing direct tax of 33% weakens the earnings of co-operative societies. Deposit, loan allotment among other transactions of the co-operative societies will be badly hit, he said.

Thimmappa Rai, president, Sahakar Bharathi D K District, M M Prabhu, president, Sahakar Bharathi Mangalore City among others were present.

Protest in Udupi

In Udupi Raviraj Hegde, president of Sahakar Bharathi, Udupi district led the protest meet.

Addressing the protestors, he said that direct taxes on co-operative societies will hinder the sustainability of the co-operative banks. “We will not let this happen to co-operative societies,” he said.

Ashok Kumar Shetty, president, Sahakar Bharathi, Udupi district, Bola Sadashiva Shetty, member among others were present.

Detailed memorandums were submitted to union finance minister Pranab Mukherjee through respective DCs of the twin districts.