Normal ‘Tax Rates’ applicable to ‘Local Authorities’(A.Y. 2019-2020 i.e. F.Y. 2018-2019)
Local Authorities are Taxable at the Rate of 30%.
Surcharge - Surcharge is 12% of income-tax if net income exceeds Rs. 1 crore. It is subject to marginal relief (in the case of a local authority having a net income of exceeding Rs. 1 crore, the amount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore).
Education Cess ( for Assessment Year 2018-19 ) - It is 2% of income-tax and surcharge.
Secondary and Higher Education Cess ( for Assessment Year 2018-19 ) - It is 1% of income-tax and surcharge.
Health and Education Cess ( for Assessment Year 2019-20 ) - It is 4% of income-tax and surcharge.
sAlternate Minimum Tax - Tax payable by firm cannot be less than 18.5% [+ SC + (EC + SHEC) or HEC] of “adjusted total income” as per section 115JC.
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