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Income tax rates

RAJ KUMAR (FINANCE MANAGER) (1393 Points)

30 March 2013

HELLO FRIENDS, CAN ANYBODY TELL ME WHAT IS INCOME TAX RATES FOR SOCIETY REGISTERED UNDER SOCIETIES ACT, 1860

I THINK IT IS SAME AS APPLICABLE FOR INDIVIDUALS BECAUSE INCOME TAX SLAB IS DIFFERNET FOR CO-OPERATIVE SOCIETY ONLY AND CO-OPERTIVE SOCIETY IS DIFFERNT FROM REGISTERED SOCIETY.

PLS. HELP ME.

THANKS.

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4 Replies

CA Kumar Mukesh (CA CMA FINAL and Advance Excel Trainer) (6881 Points)
Replied 30 March 2013

Dear Raj,

Slab rate applicable for Co-operative society are as under

=<10000 Tax Rate 10%

<=20000 Tax Rate 20%+1000

<20000Tax Rate 30%+3000

For proper meaning of Society may refer this attachment

Attached File : 304961 1157712 paper 2.pdf downloaded: 322 times

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RAJ KUMAR (FINANCE MANAGER) (1393 Points)
Replied 01 April 2013

IS CO-OPERATVE SOCIETY DIFFERENT FROM SOCIETY REGISTERED UNDER SOCIETY ACT 1860.

PLS. REPLY ME.

THANKS.

CA Kumar Mukesh (CA CMA FINAL and Advance Excel Trainer) (6881 Points)
Replied 01 April 2013

Have you read earlier attachement properly?

Meaning of Co-operative society under income tax, read as under:

"co-operative society" means a co-operative society registered under the Co-operative Societies Act, 1912 (2 of 1912), or under any other law for the time being in force in any State for the registration of co-operative societies ;

Its clearly state that "under any other law for the time being in force in any State for the registration of co-operative societies" therefore societies registered under different acts or states have same meaning under Income Tax.

RAJ KUMAR (FINANCE MANAGER) (1393 Points)
Replied 01 April 2013

BUT IN BHARAT DIRECT TAX READY RECKONER SAYS THAT INDIVIDUAL RATES ARE APPLICABLE TO SOCIETY REGISTERED UNDER SOCITIES REGISTERATION ACT 1860.

CO-OPERATIVE SOCIETIES IS DIFFERENT FROM NORMAL SOCIETY AND ABOVE ATTACHMENT OF YOURS STATE THAT CO-OPERATIVE SOCIETY IS REGISTERED UNDER ANY OTHER LAW IN FORCE.

PLS. HELP ME.

THANKS.