Section 115BAD → Section 118
Tax on income of certain resident co-operative societies (22% Regime)
Quick Answer
Section 115BAD of the Income Tax Act, 1961 (Tax on income of certain resident co-operative societies (22% Regime)) corresponds to Section 118 of the Direct Tax Code 2025 (Income-tax Act, 2025), effective 1st April 2026. Status: Retained.
Sec 115BAD
Provision Summary
Parity provision allowing co-operative societies to opt for a flat 22% tax rate if they forego specified deductions.
Sec 118
Provision Summary
Retained. Brings co-operative societies on par with domestic companies under Section 115BAA.
Key Changes & Highlights
- Opt-in process simplified.
Frequently Asked Questions
What does Section 115BAD of the Income Tax Act 1961 deal with?
Section 115BAD (Tax on income of certain resident co-operative societies (22% Regime)) Parity provision allowing co-operative societies to opt for a flat 22% tax rate if they forego specified deductions.
What is the new section number for Section 115BAD under the Direct Tax Code 2025?
Section 115BAD of the ITA 1961 maps to Section 118 of the Direct Tax Code 2025 (Income-tax Act, 2025), effective from 1st April 2026.
What is the status of Section 115BAD under the new tax code?
Section 115BAD is marked as "Retained" with status "Active". Impact: Medium - Crucial for large state-level co-operative federations.
What are the key changes to Section 115BAD under DTC 2025?
Opt-in process simplified.
Disclaimer: This page is for educational and reference purposes only. Section mappings are based on publicly available drafts and circulars. Always consult a qualified Chartered Accountant before filing or making compliance decisions under the Direct Tax Code 2025.
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