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        Bills

        Local authorities [Computation of “advance tax” and charging of income-tax in special cases during the FY 2024-25 (Assessment Year 2025-26).]

        24 July, 2024

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        Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

        The rate of income-tax in the case of every local authority has been specified in Paragraph D of Part III of the First Schedule to the Bill. This rate will continue to be the same as that specified for the FY 2023-24. The amount of income-tax shall be increased by a surcharge at the rate of 12% of such income-tax in case of a local authority having a total income exceeding one crore rupees. However, the total amount payable as income-tax and surcharge on total income exceeding one crore rupees shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

        [Clauses 2, 37 & the First Schedule]

         

        Full Text:

        Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

        Local authority income-tax surcharge capped to limit additional tax burden above the applicable income threshold. The income-tax rate for local authorities for FY 2024-25 remains unchanged. A surcharge applies to income-tax where total income exceeds the statutory threshold, calculated as a percentage of income-tax. The combined income-tax and surcharge on income above the threshold is capped so that it does not exceed, by more than the excess income, the income-tax payable on income equal to the threshold.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Local authority income-tax surcharge capped to limit additional tax burden above the applicable income threshold.

                              The income-tax rate for local authorities for FY 2024-25 remains unchanged. A surcharge applies to income-tax where total income exceeds the statutory threshold, calculated as a percentage of income-tax. The combined income-tax and surcharge on income above the threshold is capped so that it does not exceed, by more than the excess income, the income-tax payable on income equal to the threshold.


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