Clarification on Income Tax Reliefs provided to Cooperative Societies

The Central Government, in order to realize the vision of ‘Sahakar se Samriddhi’ has taken following steps to provide relief to the Cooperative Societies which includes reduction of tax on various activities and increasing the threshold for TDS on cash withdrawal by them:

1. Reduction in surcharge on cooperative societies
2. Reduced Alternate Minimum Tax rate for cooperatives
3. Concessional rate of tax for new manufacturing cooperative societies
4. Increasing threshold limit for co-operatives to withdraw cash without TDS
5. Relief to sugar cooperatives by providing deduction on account of the amount incurred for purchase of sugarcane.
6. Condonation of delay under clause (b) of sub-section (2) of section 119 of the Income Tax Act, 1961 (IT Act) for returns of Income claiming deductions u/s 80P of the Act for various assessment years from AY 2018-19 to AY 2022-23.