Income Tax Slabs or Rates | Co-operative Societies | FY 2017-18 | AY 2018-19

Income Tax Slabs or Rates | Co-operative Societies | FY 2017-18 | AY 2018-19

Income Tax Slabs/ Rates applicable for Co-operative Societies in respect of FY 2017-18/ PY 2017-18 (AY 2018-19), as per Finance Act, 2017, 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, education cess and surcharge are to be applied, as under:

i) education cess/ secondary and higher education cess @ 3% 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.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Free NewsLetter

Please Signup for 

CA Club's Daily Updates via Email

Note: After submitting your email below, please check your inbox. You need to Open the email from Feedburner and click on the confirmation link to complete the process !!