Union Budget 2022: Finance Minister Nirmala Sitharaman on Tuesday proposed to reduce the Alternate Minimum Tax (AMT) for cooperative societies from current 18.5% to 15% at par with private companies.
She said the government has also proposed to reduce the surcharge on cooperative societies from the present 12% to 7% for those having total income of more than ₹1 crore up to ₹10 crore.
“To provide a level-playing field between cooperative societies and companies, I propose to reduce this rate (AMT) for the cooperative societies also to 15%,” the finance minister said while presenting the Budget 2022-23.
Currently, she said, the cooperative societies are required to pay AMT at the rate of 18.5%, while the companies paid at the rate of 15%.
The finance minister reduced the surcharge on cooperative societies from the present 12% to 7% and said the reduction in surcharge is for those having a total income of more than ₹1 crore to up to 10 crore.
“This will help in enhancing income of cooperative societies and its members who are mostly from the rural and from farming communities,” Sitharaman added.
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