In a series of tweets PIB has announced the fulfilment of budgetary promises made by the Union Finance Minister Ms Nirmala Sitharaman.
One of the tweets read “Income Tax Department brings reforms for Cooperatives! Surcharge for cooperative societies with total income exceeding Rs 1 crore but not exceeding Rs 10 crore reduced from 12% to 7%.”
It bears recall that earlier more tax was being collected from the cooperative societies than the companies, but in the last budget Prime Minister Narendra Modi has brought the cooperatives at par with the companies by reducing the surcharge of the cooperative society from 12% to 7% by and reducing the alternative tax from 18% to 15%.
Housing loan limit of Urban Cooperative Bank has also been increased by 3 times by RBI, loan limit on commercial property has also been increased and door step banking has also been allowed.
