New Delhi, Feb 11: The government has reduced the surcharge on income tax for cooperative societies earning between ₹1 crore and ₹10 crore from 12 per cent to 7 per cent, with effect from the financial year 2022–23.
The information was provided by Union Minister for Home and Cooperation, Shri Amit Shah, in a written reply in the Rajya Sabha on Wednesday.
The reduction in surcharge is aimed at providing relief to cooperative societies within the specified income bracket. The revised rate has been applicable from FY 2022–23 onwards, the Minister informed the House.
