BLOG on Income Tax Management for - AY 2022-23 & 2023-24

Normal ‘Tax Rates’ applicable to ‘Local Authorities’

Local Authorities are Taxable at the Rate of 30%.

Note :

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.

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