Quick Summary
The Government of India has taken various initiatives to provide the income tax relief to cooperative societies. Details are as under: 1. Reduction in surcharge on cooperative societies The surcharge on co-operative societies has been reduced from 12% to 7% on income of more than 1 crore and up
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FAQ :
The surcharge on co-operative societies has been reduced from 12% to 7% for incomes exceeding 1 crore and up to 10 crores.
Yes, the AMT rate for co-operative societies has been reduced from 18.5% to 15%, bringing it in line with the rate paid by companies.
A clarification has been issued stating that a dealership/distributorship contract itself may not constitute a single event or occasion for aggregating cash receipts under Section 269ST, providing relief to milk co-operatives making payments to members.
New co-operatives commencing manufacturing activities by 31st March 2024 will benefit from a lower tax rate of 15%, similar to new manufacturing companies.
Primary Agricultural Credit Societies (PACS) and Primary Co-operative Agricultural and Rural Development Banks (PCARDB) can now accept or provide loans/deposits in cash up to 2 lakh (including outstanding balance) from their members without penalty, an increase from the previous 20,000 limit.
The threshold limit for TDS on cash withdrawals for co-operative societies has been increased to 3 crore, up from 1 crore.
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