According to the Union Budget 2023-24, consider the following statements regarding Cooperation:

1. New co-operatives that commence manufacturing activities till 31.3.2024 shall get the benefit of a lower tax rate of 15 percent

2. Providing a higher limit of Rs 2 lakh per member for cash deposits to and loans in cash by Primary Agricultural Co-operative Societies (PACS) and Primary Co-operative Agriculture and Rural Development Banks (PCARDBs).

3. A higher limit of 3 crore for TDS on cash withdrawal is being provided to co-operative societies.

Which of the above statements is/are correct?

Solution

Cooperation is a value to be cherished. In realizing our Prime Minister’s goal of “Sahakar se Samriddhi”, and his resolve to “connect the spirit of cooperation with the spirit of Amrit Kaal”, in addition to the measures proposed in Part A, I have a slew of proposals for the co-operative sector. First, new co-operatives that commence manufacturing activities till 31.3.2024 shall get the benefit of a lower tax rate of 15 per cent, as is presently available to new manufacturing companies. Secondly, I propose to provide an opportunity to sugar co-operatives to claim payments made to sugarcane farmers for the period prior to assessment year 2016-17 as expenditure. This is expected to provide them with a relief of almost 10,000 crore.  Thirdly, I am providing a higher limit of 2 lakh per member for cash deposits to and loans in cash by Primary Agricultural Co-operative Societies (PACS) and Primary Co-operative Agriculture and Rural Development Banks (PCARDBs).    Similarly, a higher limit of  3 crore for TDS on cash withdrawal is being provided to co-operative societies.