Exempt cooperative societies from income tax: Raj minister

Ahead of the Budget, a Minister from Rajasthan has written to Union Finance Minister Arun Jaitley asking him to exempt cooperative societies from income tax.

Ajay Singh Kilak, MoS Cooperatives, said such a relaxation would strengthen the cooperative movement in the country, according to a statement here.

The minister said this would be in the interest of around 30,000 societies in the state and 5 lakh societies in the country.

Kilak in the letter to the Jaitley also said taxes cause an adverse impact on cooperative societies' financial condition.

A co-operative society is an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise.