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of <h1>Finance Bill 2022 proposes reducing AMT for co-operative societies to 15% for tax parity with companies.</h1> The Finance Bill, 2022, proposes amendments to align the tax rates for co-operative societies with those for companies. Currently, co-operative societies are subject to an alternate minimum tax (AMT) rate of 18.5% under Section 115JC of the Act. To ensure parity, the proposed modification will reduce this rate to 15%, matching the Minimum Alternate Tax (MAT) rate for companies as amended by the Taxation Laws (Amendment) Act, 2019. These changes will be effective from April 1, 2023, applicable for the assessment year 2023-24 and beyond, with related amendments in the definition of 'alternate minimum tax' under Section 115JF.
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