TMI Blog15% concessional tax to promote new manufacturing co-operative societyX X X X Extracts X X X X X X X X Extracts X X X X ..... 2. However, the same provision has not been provided for new manufacturing co-operative societies. 2. Representation has been received for providing a level playing field between new manufacturing co-operative societies and new manufacturing companies by providing for the concessional tax regime of 15% to new manufacturing co-operative societies as well. 3. In view of the above, it is proposed to insert a new section 115BAE to the Act in which concessional tax regime is being provided for the new manufacturing cooperative societies as well. The conditions are materially similar to the conditions applicable to new manufacturing companies, which are as under:- i. notwithstanding anything contained in the Act but subject to the provis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... subsequent year. iv. the concessional rate shall not apply unless the option is exercised by the person in the prescribed manner on or before the due date specified under sub-section (1) of section 139 for furnishing the first of the returns of income for any previous year relevant to the assessment year commencing on or after 1st day of April, 2024 and such option once exercised shall apply to subsequent assessment years; v. the option so exercised cannot be withdrawn; vi. if the income of the assessee, includes any income, which has neither been derived from nor is incidental to manufacturing or production of an article or thing and in respect of which no specific rate of tax has been provided separately under this Chapter, such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is allowable under the Act shall be computed at the rate of twenty-two per cent; x. where the assessee fails to satisfy the specified conditions under the section in any previous year, the option shall become invalid in respect of the assessment year relevant to that previous year and subsequent assessment years and other provisions of the Act shall apply to the assessee as if the option had not been exercised for the assessment year relevant to that previous year and subsequent assessment years. 4. It is further proposed to provide that any machinery or plant which was used outside India by any other person shall not be regarded as machinery or plant previously used for any purpose, on fulfilment of certain specified conditions. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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