Co-Operatives to Pay Alternate Minimum Tax and Surcharge at Reduced Rate Of 15% And 7% Respectively

Co-Operatives to Pay AMT and Surcharge at Reduced Rate Of 15% And 7% Respectively

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Co-Operatives to Pay Alternate Minimum Tax and Surcharge at Reduced Rate Of 15% And 7% Respectively

The Government, in order to provide a level playing field between co-operative societies and companies proposes to reduce the Alternate Minimum Tax rate for co-operative societies to 15 per cent from the current 18.5 per cent announced the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman while presenting the Union Budget 2022-23 in the Parliament today.

She added that the Government also proposes to reduce the surcharge on co-operative societies to 7 per cent from 12 per cent at present for those having total income of more than Rs. 1 crore and up to Rs. 10 crore.

Co-Operatives to Pay Alternate Minimum Tax and Surcharge at Reduced Rate Of 15% And 7% Respectively

She said that this would help enhance the income of cooperative societies and its members who are mostly from rural and farming communities.

Under Section 2(19) of the Income Tax Act 1961, ‘cooperative society’ means a cooperative society registered under the Cooperative Societies Act, 1912 (2 of 1912), or under any other law for the time being in force in any State for the registration of the cooperative societies.

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