Optional tax regime for new manufacturing co-operative societies sets special rates, filing conditions, and continuing compliance rules. Income-tax is payable at optional special rates for a resident co-operative society engaged in manufacture or production, if it is newly set up and registered, commenced production within the specified period, computes income in the prescribed manner, and satisfies the conditions in section 205(2). The option must be exercised by the due date for the first return, applies to later years, cannot be withdrawn, and becomes invalid if the conditions are later breached.
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Provisions expressly mentioned in the judgment/order text.
Optional tax regime for new manufacturing co-operative societies sets special rates, filing conditions, and continuing compliance rules.
Income-tax is payable at optional special rates for a resident co-operative society engaged in manufacture or production, if it is newly set up and registered, commenced production within the specified period, computes income in the prescribed manner, and satisfies the conditions in section 205(2). The option must be exercised by the due date for the first return, applies to later years, cannot be withdrawn, and becomes invalid if the conditions are later breached.
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