https://www.taxtmi.com/acts?id=49201 Resident cooperative societies may elect a concessional tax regime by the prescribed return filing date; the election, once exercised, is irrevocable and applies to subsequent years. Income must be computed without specified deductions and without set off of prior losses or depreciation attributable to those deductions; failure to meet requirements in any year invalidates the option for that and subsequent years. Losses and depreciation so disallowed are treated as finally given effect. A Unit in an International Financial Services Centre may claim a specified deduction subject to that provision's conditions. en-us Fri, 14 Feb 2025 17:38:10 +0530 Fri, 14 Feb 2025 17:38:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=49201 Resident cooperative societies may elect a concessional tax regime by the prescribed return filing date; the election, once exercised, is irrevocable and applies to subsequent years. Income must be computed without specified deductions and without set off of prior losses or depreciation attributable to those deductions; failure to meet requirements in any year invalidates the option for that and subsequent years. Losses and depreciation so disallowed are treated as finally given effect. A Unit in an International Financial Services Centre may claim a specified deduction subject to that provision's conditions. Act-Rules Bills Fri, 14 Feb 2025 17:38:10 +0530 https://www.taxtmi.com/acts?id=49201