As per the Indian Budget 2022 2023 quot Alternate Minimum Tax quot paid by quot Cooperative societie...........

Current GK (IBPS-CL) Indian Economy

As per the Indian Budget, 2022-2023, "Alternate Minimum Tax" paid by "Cooperative societies" are brought down to how much % from previous 18.5 %?

This questions was previously asked in

IBPS Clerk Main (8th Oct 2022)

View All IBPSCl Previous Year Papers

15%

14%

16%

12%

16.5%

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Explanation:

- The correct option is Option 1: 15%.

- In the Indian Budget for the fiscal year 2022-2023, the government reduced the Alternate Minimum Tax (AMT) rate for cooperative societies from 18.5% to 15%.

- The decision reflects the government's recognition of the important role cooperative societies play in the economy, especially in rural and semi-urban areas, supporting sectors like agriculture and finance.

- Other options (14%, 12%, 16%, and 16.5%) are incorrect as they do not match the announced reduction for cooperatives.