Exemption of Income Tax for Dairy Cooperative Society
- A primary cooperative society engaged in supplying milk to the Federal Cooperative Society is eligible to claim a deduction for its entire profit from this activity under Section 80P of the Income Tax Act, 1961.
- The surcharge on cooperative societies has been reduced from 12% to 7% for income exceeding Rs 1 crore and up to Rs 10 crores.
- The Alternate Minimum Tax (AMT) rate for cooperative societies has been reduced from 18.5% to 15%, aligning it with the rate for companies.
- The limit for cash repayments by Primary Agricultural Credit Societies (PACS) or Agricultural and Rural Development Banks (PCARDB) to their members ....
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