Direct Taxes: Budget doesn't touch slabs, offers relief to co-ops, startups

FM reduces MAT for cooperative societies to 15% from 18.5%, bring them on par with companies; relief for state govt staff, differently-abled persons

On the direct tax front, there was nothing for the salaried classes in terms of revised tax slabs or deductions. However, Finance Minister Nirmala Sitharaman did likely endear herself to cooperative bodies.

The Finance Minister reduced the minimum alternate tax for cooperative societies to 15 per cent from 18.5 per cent. This move would bring the MAT for cooperatives in-line with companies

She also reduced the surcharge on co-operative societies from 12 per cent to 7 per cent for those having total income of between Rs 1-10 crore. “This would help in enhancing the income of cooperative societies and its