Normal Income tax rates for Financial Year 2017-18 applicable to a Co-operative societies
| Net income range | Rate of income-tax |
| Up to Rs. 10,000 | 10% |
| Rs. 10,000 – Rs. 20,000 | 20% |
| Above Rs. 20,000 | 30% |
Apart from tax at above rate, Education Cess is levied @ 2% of income-tax and Secondary and higher Education Cess is levied @ 1% of income-tax.
Surcharge : Surcharge is levied @ 12% on the amount of income-tax where net income exceeds Rs. 1 crore. In a case where surcharge is levied, EC of 2% and SHEC of 1% will be levied on the amount of income-tax plus surcharge.
However, marginal relief is available from surcharge in such a manner that in the case of a person having a net income exceeding Rs. 1 crore, the amount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore.
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. For provisions relating to AMT refer tutorial on “MAT/AMT” in tutorial section
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