Reduction in surcharge on income tax for cooperative societies

• Surcharge on income tax for co-operative societies with income between ₹1 crore and ₹10 crore cut from 12% to 7%, effective FY 2022-23 (AY 2023-24).
• Part of a cluster of tax reliefs under the Finance Act, 2023 aligning cooperative society taxation closer to that of companies.
• Anchored in the Modi government's "Sahakar se Samriddhi" vision, executed through the newly created Ministry of Cooperation.
• UPSC relevance: intersection of fiscal policy (GS-III), cooperative federalism, and Part IXB / Article 43B of the Constitution.