The fact that corporate and cooperative sector is treated equally is comforting. In today’s Budget, Matching Tax Rate is given while the Income from Dividend received by corporate and cooperative sector are also brought on par which is welcome measure. Earlier, after companies paid Dividend Distribution Tax (DDT), shareholders did not have to pay dividend tax, but shareholders receiving dividends from cooperatives had to pay it. Parity is brought in this process also. Similarly accepting the long-standing demand of increase in deposit insurance will be beneficial for banks as well as depositors.
CA Milind Kale,
Chairman, The Cosmos Co-operative Bank Ltd.