Concessional tax regime for resident co-operative societies limits deductions, blocks loss set-off, and makes the option irrevocable. Resident co-operative societies may opt for a concessional income-tax regime at a flat rate of 22% if they comply with prescribed conditions and give up specified deductions. The regime bars certain Chapter VIII and other listed deductions, disallows set-off of carried-forward loss or depreciation arising from those deductions, and makes the option irrevocable once validly exercised within the prescribed time. A related relaxation is provided for IFSC units, and a limited deduction is available for dividend distribution to members.