Income Tax Rates for Local Authorities

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.... Rate of income tax is 30% - On the whole of the total income AMT is 18.50% of Book Profit / Adjusted total income in cases where the local authority has claimed deductions u/s 80H to 80RRB (except 80P), 35AD, and 10AA. However, in respect of units of local authorities located in IFSC deriving income solely from convertible foreign exchange (CFE), AMT can be paid at the concessional rate of 9% (instead of 18.5%). (For more details on Alternate Minimum Tax (AMT), click here) Notes: Note 1: - Add Surcharge - 12% if income exceeds Rs. 1 Crores - with marginal relief. Note 2: - Add Health and Education Cess - 4% of Income Tax and sur....

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....with marginal relief. Note 2: - Add Health and Education Cess - 4% of the Income Tax and surcharge ==================== Rates For the Assessment Year 2023-24 Rate of income tax is 30%  AMT is 18.50% of Book Profit / Adjusted total income in cases where the local authority has claimed deductions u/s 80H to 80RRB (except 80P), 35AD, and 10AA. However, in respect of units of local authorities located in IFSC deriving income solely from convertible foreign exchange (CFE), AMT can be paid at the concessional rate of 9% (instead of 18.5%). (For more details on Alternate Minimum Tax (AMT), click here) Notes: Note 1: - Add Surcharge - 12% if income....

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....sted total income. For more details on Alternate Minimum Tax (AMT), click here Notes: Note 1: - Add Surcharge - 12% if income exceeds Rs. 1 Crores - with marginal relief. Note 2: - Add Health and Education Cess - 4% of Income Tax ==================== Rates For the Assessment Year 2019-2020 Rate of income tax is 30% AMT is 18.50% of Book Profit / Adjusted total income. (For more details on Alternate Minimum Tax (AMT), click here) Notes: Note 1: - Add Surcharge - 12% if income exceeds Rs. 1 Crores - with marginal relief. Note 2: - Add Health and Education Cess - 4% of Income Tax ================....

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....rnate Minimum Tax (AMT) Rate of income tax is 30% Notes: Note 1: - Add Surcharge - 10% if income exceeds Rs. 1 Crores - with marginal relief. Note 2: - Add Education Cess - E. Cess is 2% of Income Tax Note 3: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax ==================== Rates For the Assessment Year 2014-2015 Click here for Alternate Minimum Tax (AMT) Rate of income tax is 30% Notes: Note 1: - Add Surcharge - 10% if income exceeds Rs. 1 Crores - with marginal relief. Note 2: - Add Education Cess - E. Cess is 2% of Income Tax N....