Ministry of Cooperation Announces Income Tax Surcharge Reduction for Cooperative Societies

The Ministry of Cooperation has announced a reduction in the surcharge on income tax for cooperative societies with incomes ranging from ₹1 Crore to ₹10 Crores. The surcharge has been lowered from 12% to 7% effective from the financial year 2022-23. This announcement was made by Union Minister for Home and Cooperation, Shri Amit Shah, through a written reply in the Rajya Sabha.

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