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<h1>Finance Bill 2019: Co-op societies face 12% surcharge on incomes over Rs. 1 crore, maintaining previous tax rates.</h1> The Finance Bill 2019 maintains the income tax rates for co-operative societies as outlined in the previous financial year, 2018-19. A surcharge of 12% is applied to co-operative societies with a total income exceeding one crore rupees. However, the combined income tax and surcharge for incomes over one crore rupees will not surpass the tax amount payable on exactly one crore rupees by more than the income amount exceeding one crore.