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of <h1>Union Budget 2023-24: Co-operative Societies' Tax Rates Unchanged; Special Rates u/s 115BAD for New Entities.</h1> The Union Budget 2023-24 maintains the income tax rates for co-operative societies as specified in the previous fiscal year. A surcharge of 7% applies to societies with income between one crore and ten crore rupees, and 12% for income exceeding ten crore rupees, with marginal relief available. Co-operative societies meeting certain conditions can opt for a 22% tax rate under section 115BAD, with a 10% surcharge. New manufacturing co-operative societies established after April 1, 2023, can choose a 15% tax rate if they begin operations by March 31, 2024, with a 10% surcharge.
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