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of <h1>New Clause in Income Tax Bill Sets 22% Tax Rate for Certain Cooperatives with Specific Conditions</h1> Clause 203 of the Income Tax Bill, 2025, establishes a 22% tax rate for certain resident cooperative societies in India, subject to specific conditions. This option excludes deductions under Chapter VIII, except section 146, and certain sections specified in section 205(1)(a) to (g). Losses or depreciation from prior years attributable to these deductions cannot be offset. If a cooperative society fails to meet the conditions, the option becomes invalid for that and future years. The option must be exercised by the specified due date and, once chosen, cannot be withdrawn for any tax year. Special provisions apply to units in International Financial Services Centres.
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