Income Tax Slabs/ Rates for Co-operative Societies in respect of PY/ FY 2017-18 (AY 2018-19) as per Finance Act, 2017 (Budget 2017-18)
Income Tax Slabs/ Rates for Co-operative Societies, applicable during FY 2017-18/ PY 2017-18 (AY 2018-19), as per Budget 2017-18/ 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|
Income Tax Rates as mentioned in each slab are inclusive of tax liability upto previous slab(s), however applicable education cess of 3% and surcharge of 12% (if total income is above Rs. 1 crore) are to be added to arrive at total income tax liability.
Further, Marginal Relief in Surcharge on Income Tax can be claimed by Co-operative Societies whose total income has marginally exceeded Rs. 1 crore marginally, i.e. additional amount of income tax and surcharge payable due to income being above one crore shall not exceed such marginal income above one crore rupees.