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 to 10 crores. This would help in enhancing the income of cooperative societies and their members who are mostly from rural and farming communities. 2. Reduced Alternate Minimum Tax rate for cooperati
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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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