Income tax rate for Local Authorities, in respect of FY 2018-19 (AY 2019-20), is 30%, subject to application/ addition of Health & Education Cess and Surcharge, as per Finance Act, 2018, as under:
i) Health & Education Cess @ 4% in all cases; and
ii) Surcharge @ 12% in cases where total income of the Local Authority exceeds Rs. 1 crore, subject to provisions relating to marginal relief, if applicable.
|Income Tax Slabs/ Rates:||Income Tax Cess, Surcharge & Rebate|
|Resident Individuals||Education Cess Rates|
|NRIs/ HUFs/ AOP/ BOI/ AJP||Surcharge Rates|
|Partnership Firms and LLPs||Marginal Relief from Surcharge|
|Domestic Companies||Rebate u/s 87A for Individuals|