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of <h1>Cooperative Societies Get Simplified 22% Tax Rate, Forgoing Deductions Under New Income Tax Bill Provision</h1> Clause 203 of the Income Tax Bill, 2025 introduces a concessional tax regime for resident cooperative societies in India. The provision offers a flat 22% tax rate, subject to foregoing specific deductions and incentives. Societies must exercise the option in the prescribed manner, which becomes irrevocable and applies to subsequent tax years. The regime aims to simplify tax compliance and align cooperative societies' taxation with other business entities, while preventing double benefits through strict computational mechanisms.
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