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Union Budget 2026-27 - Finance Bill, 2026
A ‘co-operative society’ is defined as a co-operative society registered under the Co- operative Societies Act, 1912, or under any other law in force in any State or Union territory for the registration of co-operative societies under the existing provisions of section 2(32) of the Act.
It is proposed to include the Co-operative societies which are registered under the “Multi-State Cooperative Societies Act, 2002,” within the definition of co-operative society under the Act.
This amendment is proposed to take effect from 1 st April, 2026 and will, accordingly, apply in relation to the tax year 2026-27 and subsequent years.
[Clause 27]
Full Text:
Inclusion of multi-state co-operative societies in the co-operative society definition for tax purposes from April 2026. Amendment expands the statutory definition of co-operative society to expressly include societies registered under the Multi-State Cooperative Societies Act, 2002, thereby bringing multi state registered cooperatives within the legal category subject to provisions applicable to co-operative societies under the Act. of Press 'Enter' after typing page number.
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