Income Tax Slabs/ Rates applicable for Co-operative Societies in respect of FY 2018-19 (AY 2019-20), as per Finance Act, 2018, are as under:
| Total Income (Rs.) | Income Tax Slab/ Rate |
| Upto 10,000 | 10% of Total Income |
| 10,001 to 20,000 | Rs. 1,000 plus 20% of Total Income |
| Above 20,000 | Rs. 3,000 plus 30% of Total Income |
Notes:
Income Tax Rates for Co-operative Societies in each slab, as mentioned above, are inclusive of income tax liability upto previous slab(s). To arrive at total income tax liability, Health & Education Cess and Surcharge are to be added/ applied, as under:
i) Health & Education Cesss @ 4% in all cases; and
ii) Surcharge @ 12% in cases where total income exceeds Rs. 1 crore, subject to provisions relating to marginal relief, if applicable.
Related Posts:
| Income Tax Slabs/ Rates: | Income Tax Cess, Surcharge & Rebate |
| Resident Individuals | Education Cess Rates |
| NRIs/ HUFs/ AOP/ BOI/ AJP | Surcharge Rates |
| Partnership Firms and LLPs | Marginal Relief from Surcharge |
| Domestic Companies | Rebate u/s 87A for Individuals |
| Foreign Companies | |
| Co-operative Societies | |
| Local Authorities |
What is the Due Date for filing of Income Tax Returns of C-operative Housing Societies under the Income Tax Act? Is it 31st July,2018 (Now Extended upto 31st August, 2018) or 30th September, 2018?
It’s 30th Sept 2018.