Budget 2022 Corporate Surcharge Reduced

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 to Rs 10 crores.

Source : PIB