There is no threshold limit for taxability of income in case of a co-operative society.
The slab rate for AY 2020-21 is as under:
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).
Health and Education Cess - It is 4% of income-tax and surcharge. |
