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 ... Summary
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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TaxTMI 
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