<h1>Government Proposes Tax Cuts for Co-ops, Extends Start-up Incentive Deadline, and Caps Long-term Capital Gains Surcharge.</h1> The government has proposed reducing the Alternate Minimum Tax for co-operative societies from 18.5% to 15% and the surcharge from 12% to 7% for incomes between Rs. 1 crore and Rs. 10 crore. The incorporation date for eligible start-ups to receive tax incentives has been extended to March 31, 2023. Newly incorporated manufacturing entities can now commence operations by March 31, 2024, under a 15% tax regime. Tax exemptions are proposed for certain incomes in the IFSC. A 15% cap on surcharges for long-term capital gains is introduced. Additionally, businesses must deduct tax on benefits exceeding Rs. 20,000 given to agents.