Mizoram BJP submits memorandum to Prez

Aizawl | October 5 : Bharatiya Janata Party (BJP) wants to get withdrawn the Section 80 P (4) of Income Tax Act Exemption of Co-Operative Banks from Payment of Income Tax (IT) in Mizoram.

In this connection leaders of the Mizoram unit of BJP along with the party’s Northeast co-ordinator Jeena Potsangbam called upon Mizoram Governor Lt. Gen (Rtd) MM Lakhera at Raj Bhawan and submitted a memorandum to the president Pratibha Patil.

The BJP memorandum to the President of India mentioned that by imposing such a tax on co-operative organisations, the growth of reserves of the banks is stopped.

“Depriving the sector of the cover of Sec. 80 P of Income Tax Act 1961 is a measure likely to cause a huge damage to a sector which is admired as “peoples’ movement of this country,” it said.

The BJP memorandum also says that Section 80 (4) takes away almost one third of the pre-provisioning profit as tax impairs the strengthening process of co-operative banks endangering the sector and the depositors’ interest.

President of Mizoram unit of BJP Khawvelthanga, Co-ordinator i/c NE states BJP co-operative Cell, Jeena Postsangbam were V.L. Rai (Convener, Co-operative Cell BJP Mizoram Pradesh), Laltlanmawii (Member , co-operative cell), Kamla Guriung (Treasurer, Co-operative Cell), Vanlalhruaii (Secretary,Co-operative Cell), K.Lalchhanhima (General Secy. BJP Mizoram Pradesh) and C.Hmingthansanga (treasurer, BJP Mizoram Pradesh) are the signatories of the memorandum.