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).
Health and Education Cess - It is 4% of income-tax and surcharge.