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of <h1>Finance Bill 2020: Co-operative Societies Can Opt for 22% Tax Rate, Exempt from MAT and AMT u/s 115BAA.</h1> The Finance Bill 2020 introduces incentives for resident co-operative societies, allowing them to opt for a 22% tax rate from the assessment year 2021-22 onwards, similar to provisions for domestic companies under section 115BAA. To qualify, co-operative societies must forgo certain deductions and set-offs, and meet specified conditions. The amendment also exempts these societies from Minimum Alternate Tax (MAT) and Alternate Minimum Tax (AMT) provisions. Once the concessional tax option is exercised, it applies to subsequent years and cannot be withdrawn. A 10% surcharge applies, effective from April 1, 2021, impacting assessment year 2021-22 onwards.
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