Income-Tax Rates applicable for A.Y. 2018-19 and 2019-20 in case of ‘Co-Operative Societies’

Net Income Range

Rate of income Tax

Up to Rs. 10,000

Rs. 10,000 - Rs. 20,000

Above Rs. 20,000

10

20

30

 

Note :

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.

s          Alternate Minimum Tax- Tax payable by firm cannot be less than 18.5% [+ SC + (EC + SHEC) or HECJ of “adjusted total income’ as per section 11 5JC.

 

 

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