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        Bills

        Co-operative Societies [Computation of “advance tax” and charging of income-tax in special cases during the FY 2024-25 (Assessment Year 2025-26).]

        24 July, 2024

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        Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

        In the case of co-operative societies, the rates of income-tax have been

        specified in Paragraph B of Part III of the First Schedule to the Bill. These rates will continue to be the same as those specified for FY 2023-24. The amount of income tax shall be increased by a surcharge at the rate of 7% of such income-tax in case the total income of a co-operative society exceeds one crore rupees but does not exceed ten crore rupees. Surcharge at the rate of 12% of such income-tax shall continue to be levied in case of a co-operative society having a total income exceeding ten crore rupees.

        2. Marginal relief is provided in cases of surcharge.

        3. On satisfaction of certain conditions, a co-operative society resident in India shall have the option to pay tax at 22% as per the provisions of section 115BAD. Surcharge would be at 10% on such tax. Further, under section 115BAE of the Act, a manufacturing co-operative society set up on or after 1.4.2023, which commenced manufacturing or production on or before 31.3.2024 and does not avail of any specified incentive or deductions, may opt to pay tax at a concessional rate of 15% for assessment year 2024-25 onwards. Surcharge would be at 10% on such tax.

        [Clauses 2, 37 & the First Schedule]

         

        Full Text:

        Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

        Co-operative society tax regime: rates unchanged with tiered surcharge and optional concessional schemes under sections 115BAD and 115BAE. Co-operative society tax rates remain unchanged and are set in the First Schedule; tiered surcharge applies with marginal relief to address surcharge effects. A resident co-operative society meeting specified conditions may elect an optional lower tax regime with a prescribed surcharge. A manufacturing co-operative society formed and commenced production within specified dates, foregoing specified incentives and deductions, may opt for a concessional manufacturing tax rate for assessment years from the stated year, with a prescribed surcharge. These measures are provided in the cited clauses and the First Schedule.
                      Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                        Provisions expressly mentioned in the judgment/order text.

                            Co-operative society tax regime: rates unchanged with tiered surcharge and optional concessional schemes under sections 115BAD and 115BAE.

                            Co-operative society tax rates remain unchanged and are set in the First Schedule; tiered surcharge applies with marginal relief to address surcharge effects. A resident co-operative society meeting specified conditions may elect an optional lower tax regime with a prescribed surcharge. A manufacturing co-operative society formed and commenced production within specified dates, foregoing specified incentives and deductions, may opt for a concessional manufacturing tax rate for assessment years from the stated year, with a prescribed surcharge. These measures are provided in the cited clauses and the First Schedule.


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