Income Tax Slab for FY 2015-16 AY 2016-17 (Co-operative Societies)

B. Co-operative Societies

In the case of co-operative societies, the rates of income-tax have been specified in Paragraph B of Part III of the First Schedule to the Bill. These rates will continue to be the same as those specified for financial year 2014-15.

The amount of income-tax shall be increased by a surcharge at the rate of twelve percent of such income-tax in case of a co-operative society having a total income exceeding one crore rupees .

However, the total amount payable as income-tax and surcharge on total income exceeding one crore rupees shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

AMT : In the case of a non-corporate taxpayer to whom the provisions of Alternate Minimum Tax (AMT) applies, tax payable cannot be less than 18.5% (+SC+EC+SHEC) of “adjusted total income” computed as per section 115JC.

Income Tax Rate Chart In case of Co- Operative Societies for Financial year 2015-16

Particulars	Income Level
Taxable Income	Up to Rs. 10,000	Rs. 10,000      Rs.    to Rs. 20,000	Rs. 20,000        to Rs. 1 Crore	Above 1 Crore
F.Y. 2014-15	10.30%	20.60%	30.90%	33.99%
F.Y 2015-16	10.30%	20.60%	30.90%	34.608%