Reduced tax rate for new manufacturing co-operative societies: optional regime applies subject to eligibility, irrevocable election, and computation rules. Clause 204 provides an optional tax regime for resident manufacturing co-operative societies with a reduced tax rate on manufacturing income, higher rates for non-manufacturing receipts and certain gains, and eligibility tied to registration and commencement dates and satisfaction of section 205(2). The election is made by the prescribed due date, is irrevocable, applies to future years, and lapses if conditions are not met. Income under the regime is computed disallowing specified deductions and set-offs and denying carryforward of losses or depreciation attributable to those disallowed items.