Concessional tax rate for new manufacturing co-operative societies: option to compute income-tax at a reduced rate subject to conditions. Section 115BAE permits new manufacturing co-operative societies to elect to compute income-tax at a fifteen percent concessional rate for assessment years commencing on or after 1 April 2024, subject to eligibility conditions (newly set up societies commencing manufacture within prescribed dates, no splitting/reconstruction, restrictions on previously used machinery), exclusion of certain activities, disallowance of specified deductions and incentives, restrictions on set off of related losses or depreciation, prescribed depreciation treatment, Assessing Officer adjustments for non arm's length arrangements, and an irrevocable option exercised by the prescribed filing date.
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Concessional tax rate for new manufacturing co-operative societies: option to compute income-tax at a reduced rate subject to conditions.
Section 115BAE permits new manufacturing co-operative societies to elect to compute income-tax at a fifteen percent concessional rate for assessment years commencing on or after 1 April 2024, subject to eligibility conditions (newly set up societies commencing manufacture within prescribed dates, no splitting/reconstruction, restrictions on previously used machinery), exclusion of certain activities, disallowance of specified deductions and incentives, restrictions on set off of related losses or depreciation, prescribed depreciation treatment, Assessing Officer adjustments for non arm's length arrangements, and an irrevocable option exercised by the prescribed filing date.
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