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of <h1>Income Tax Rates Unchanged for Local Authorities in 2025-26; 12% Surcharge for Income Over 1 Crore</h1> The Union Budget 2025-26 specifies that the income tax rate for local authorities will remain unchanged from the previous fiscal year, 2024-25. Additionally, a 12% surcharge will apply to local authorities with total income exceeding one crore rupees. However, the combined amount of income tax and surcharge on income over one crore rupees will not exceed the amount payable on exactly one crore rupees by more than the income exceeding that amount.
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