Income Tax Return filing of Co-operative Society - GST Registration, GST cancellation, GST Return Filing

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Income Tax Return filing of Co-operative Society



Income Tax Return Co-Operative Society Online

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Income Tax Return filing of Co-operative Society
(Income Tax Return filing of Co-operative Society)

Meaning of Co-operative Society?


A co-operative society is a voluntary association of people having common needs who join hands for the achievement of common economic interest. A co-operative society aim is to serve the interest of the poorer sections of society. A co-operative society main objective is to provide support to the members. Nobody joins it to earn profit. People come forward as a group, pool their individual resources, utilize them in the best possible manner, and derive some common benefit out of it.

What is Income Tax Return filing process?

“All Indian taxation” will help you to file your Income Tax Return (ITR)

Income Tax Slab Rate for AY 2020-21 for Co-operative Society:

Net income range
Income-Tax rate
Up to Rs. 10,000
10%
Rs. 10,000- Rs. 20,000
20%
Above Rs. 20,000
30%



Plus

Surcharge: - 12% (If taxable income > ₹ 1 Crore)

Health and Education cess: - 4% of (Income Tax + Surcharge)

Marginal relief: - in the case of a co-operative society having a net income of exceeding Rs.1 Crore, the amount payable as income tax and surcharge shall not exceed the total amount payable

Income Tax Slab for AY 2021-22 for Co-operative Society

Old Regime 

Net income range
Income-Tax rate
Up to Rs. 10,000
10%
Rs. 10,000- Rs. 20,000
20%
Above Rs. 20,000
30%




Plus

Surcharge: - 12% (If taxable income > ₹ 1 Crore)

Health and Education cess: - 4% of (Income Tax + Surcharge)
Marginal relief: - in the case of a co-operative society having a net income of exceeding Rs.1 Crore, the amount payable as income tax and surcharge shall not exceed the total amount payable 

New Regime
Flat rate of 22% provided it forgoes specified deductions and exemptions and computes its income in accordance with the provisions of the new inserted section.

Plus:
Surcharge:- 10% of income tax. 
Health and Education cess: 4% of income tax plus surcharge.
 

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