https://www.taxtmi.com/acts?id=41581 A resident manufacturing co-operative society meeting strict new setup and commencement conditions may elect a preferential tax regime for assessment years from 1 April 2024, provided it is newly formed, not a split or reconstruction, uses only unused machinery except as explained, and is engaged solely in manufacture/related research or distribution. Non manufacturing income and certain gains are taxed at higher special rates without deductions; many specified deductions and carryforwards are disallowed; depreciation must be claimed as prescribed; assessing officers can adjust profits where related arrangements inflate returns; the election is time bound, irrevocable, and lapses if conditions fail. en-us Thu, 06 Apr 2023 21:20:45 +0530 Wed, 18 Jun 2025 17:08:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=41581 A resident manufacturing co-operative society meeting strict new setup and commencement conditions may elect a preferential tax regime for assessment years from 1 April 2024, provided it is newly formed, not a split or reconstruction, uses only unused machinery except as explained, and is engaged solely in manufacture/related research or distribution. Non manufacturing income and certain gains are taxed at higher special rates without deductions; many specified deductions and carryforwards are disallowed; depreciation must be claimed as prescribed; assessing officers can adjust profits where related arrangements inflate returns; the election is time bound, irrevocable, and lapses if conditions fail. Act-Rules Income Tax Thu, 06 Apr 2023 21:20:45 +0530 https://www.taxtmi.com/acts?id=41581