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.
Related Posts:
| 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 |
| Foreign Companies | |
| Co-operative Societies | |
| Local Authorities |