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BLOG on Income Tax Management for - AY 2022-23 & 2023-24

Normal ‘Tax Rates’ applicable to a ‘Co-operative Societies’

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


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.


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