The Ministry of Fisheries, Animal Husbandry and Dairying, exempted Income Tax for the Dairy Cooperative Society.

National

The Ministry of Fisheries, Animal Husbandry and Dairying, exempted Income Tax for the Dairy Cooperative Society. A primary cooperative society engaged in supplying of milk to the Federal Cooperative Society is eligible to claim deduction in respect of its entire profit relating to supply of milk to Unions society u/s 80P of the Income Tax Act, 1961. The surcharge on co-operative societies has been reduced from 12% to 7% on income of more than ₹1 crore and up to ₹10 crores. The rate of Alternate Minimum Tax for the cooperative societies have also been reduced from 18.5% to 15% for cooperative societies at par with companies. A higher limit of ₹ 3 crore for TDS on cash withdrawal has been provided for co- operative societies as against Rs 1 crore threshold for applicability of TDS u/s 194N for other recipients.


      The Government provide interest subvention to make short-term crop loans up to ₹3 lakh available to farmers at the interest rate of 7% per annum and in case of prompt repayment.

      Additional 3% interest subvention is given and effective rate of interest gets reduced to 4%.

      This information was given by the Union Minister of Fisheries, Animal Husbandry & Dairying, Shri Parshottam Rupala in a written reply in Lok Sabha.

 

     


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