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Rationalization of provisions of the Act to promote the growth of co-operative societies 1. Section 115JC of the Act, inter alia, provides for the alternate minimum tax (AMT) payable by co-operative societies, which is at the rate of 18.5%. However, vide the Taxation Laws (Amendment) Act, 2019, the Minimum Alternate Tax (MAT) rate for companies has been reduced to 15%. Therefore, in order to provide parity between co-operative societies and companies, it is proposed to modify sub-section (4)
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FAQ :
The Alternate Minimum Tax (AMT) rate for co-operative societies has been reduced to 15%.
Previously, the AMT rate for co-operative societies was 18.5%.
The reduction is to provide parity between co-operative societies and companies, whose Minimum Alternate Tax (MAT) rate was also reduced.
These amendments will take effect from 1st April 2023.
The new AMT rate will apply in relation to the assessment year 2023-24 and subsequent assessment years.
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