Provision to file an Updated Return on payment of additional tax. This has following benefits-
Will enable the assessee to declare income missed out earlier.
Can be filed within two years from the end of the relevant assessment year.
Reduced Tax paid by Cooperative Societies
Alternate Minimum Tax paid by cooperatives brought down from 18.5 per cent to 15 per cent to provide a level playing field between cooperative societies and companies.
Surcharge on cooperative societies reduced from 12 per cent to 7 per cent for those having total income of more than Rs 1 crore and up ....
