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        Bills

        Local authorities - Rate of TDS during the FY 2025-26 (Assessment Year 2026-27).

        1 February, 2025

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        Union Budget 2025-26 (Full) + Finance Bill, 2025

        D. Local authorities

        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 2024-25. 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.

         

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        Union Budget 2025-26 (Full) + Finance Bill, 2025

        Surcharge on local authorities' income capped above the statutory threshold while base tax rates remain unchanged. The income-tax rate for local authorities set in Paragraph D of Part III of the First Schedule is unchanged for FY 2025-26; a surcharge applies where total income exceeds one crore rupees, but the aggregate tax and surcharge on income above that threshold is limited so it cannot exceed the tax on one crore rupees by more than the excess income amount.
                        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.

                              Surcharge on local authorities' income capped above the statutory threshold while base tax rates remain unchanged.

                              The income-tax rate for local authorities set in Paragraph D of Part III of the First Schedule is unchanged for FY 2025-26; a surcharge applies where total income exceeds one crore rupees, but the aggregate tax and surcharge on income above that threshold is limited so it cannot exceed the tax on one crore rupees by more than the excess income amount.


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