All cooperative banks in Gujarat to go on strike on 8 Dec

Ahmedabad, 5 December, 2011

All cooperative banks in Gujarat will go on one-day strike on 8th of December against Income Tax levied on the banks. This was announced by Chairman of the bank federation in Ahmedabad today.

It should be mentioned here that National Federation of Urban Cooperative Banks and Credit Societies (NAFCUB), an apex level promotional body of urban cooperative banks and credit societies in India, has time and again asked finance minister Pranab Mukherjee to restore deductions available under section 80 (P1) of the Indian income tax act while assessing the tax liabilities of its member banks and societies. Such an exemption in the income tax to urban cooperative banks and credit societies was allowed by the government till 2006. NAFCUB has also asked the government to include deposits with non-scheduled co-operative banks for eligibility under section 80 (C) of the income tax act.