Concessional tax regime for newly formed manufacturing co-operative societies, with strict eligibility, option, and deduction restrictions. Special concessional tax regimes are provided for newly formed resident co-operative societies engaged in manufacturing or production of articles or things. The text sets out the tax rates for manufacturing income, other income, short-term capital gains and deemed income, together with surcharge and cess, and requires registration after 1 April 2023, commencement of manufacturing on or before 31 March 2024, and exercise of the prescribed option within time. The regime also imposes conditions on formation, use of machinery, business activity, and denial of specified deductions, exemptions, losses and depreciation.