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TMI BlogTax on income of certain resident cooperative societiesX X X X Extracts X X X X X X X X Extracts X X X X ..... ] the income-tax payable in respect of the total income of a person, being a co-operative society resident in India, for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2021, shall, at the option of such person, be computed at the rate of twenty-two per cent., if the conditions contained in sub-section (2) are satisfied: Provided that where the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5 or section 35AD or section 35CCC or under any of the provisions of Chapter VI-A other than the provisions of section 80JJAA; (ii) without set off of any loss carried forward or depreciation from any earlier assessment year, if such loss or depreciation is attributable to any of the deductions referred to in clause (i); and (iii) by claiming the depreciation, if any, under section 32, other ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing on the 1st day of April, 2021. (4) In case of a person, having a Unit in the International Financial Services Centre, as referred to in sub-section (1A) of section 80LA, which has exercised option under sub-section (5), the conditions contained in sub-section (2) shall be modified to the extent that the deduction under the said section shall be available to such Unit subject to fulfilment o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ious year. ] ************* NOTES:- 1. Inserted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2021 2. Inserted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2024 - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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