Business / Income Tax Department Alternate Minimum Tax for cooperative societies reduced

Income Tax Rate: The new year has started. Some new things are definitely going to happen in the new year. Along with this, the Union Budget is also going to be presented by the Central Government in the new year. Now after a few weeks, the budget 2023-24 for the country will be presented by the central government. However, in the meantime, the central government has also fulfilled many promises. The announcements made by the central government in the budget 2022-23 presented last year have also been fulfilled.

Income Tax

Now it has been told by the government that the promises made by him in the budget 2022-23 have been fulfilled. In this sequence, it has been told by the government that encouraging the vision of 'Self-reliant India', the alternative minimum tax for cooperatives has been reduced and it has been reduced to 15%. Apart from this, the surcharge has also been reduced. Surcharge has been reduced from 12% to 7%. Thousands of people have benefited from this.

union budget

Many people have benefited from the reforms made by the Income Tax Department for cooperative societies. Alternate minimum tax for cooperatives has been reduced to 15% to bring them at par with companies. On the other hand, the reform done through the Income Tax Department for cooperative societies also includes reducing the surcharge from 12% to 7% for cooperative societies with income above Rs 1 crore but less than Rs 10 crore.

income tax department

Along with this, section 80DD has been amended to allow deduction where annuity and lump sum amount is paid to disabled dependents during the lifetime of the parent/guardian. Along with this, giving clarification on surcharge/cess, it was told that surcharge/cess is not admissible as a deduction in the computation of taxable income. Accordingly, relevant forms have been notified for taxpayers to apply for recomputation of income of the previous year.