Normal ‘Tax Rates’ applicable to a ‘Co-operative Societies’(A.Y. 2019-2020 i.e. F.Y. 2018-2019)
Net Income Range
Rate of income Tax
Up to Rs. 10,000
Rs. 10,000 - Rs. 20,000
Above Rs. 20,000
Surcharge - Surcharge is 12% of income-tax if net income exceeds Rs.1 Crore. It is subject to marginal relief (in the case of a co-operative society having a net income of exceeding Rs.1 Crore, the amount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 1 Crore by more than the amount of income that exceeds Rs. 1 crore).
Education Cess (for Assessment Year 2018-19) - It is 2% of income-tax and surcharge.
Secondary and Higher Education Cess (for Assessment Year 2018-1 9) - It is 1% of income-tax and surcharge.
Health and Education Cess (for Assessment Year 2019-20) - It is 4% of income-tax and surcharge.
sAlternate Minimum Tax- Tax payable by firm cannot be less than 18.5% [+ SC + (EC + SHEC) or HECJ of “adjusted total income’ as per section 115JC.
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