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SCHEDULE 01 - THE FIRST SCHEDULE (See section 2)
Rate of income-tax in case of every local authority. In such cases, the rate of tax will continue to be the same as that specified for the assessment year 2017-2018. The surcharge in cases of local authorities, having income above one crore rupees shall be levied at the rate of twelve per cent. Marginal relief will be provided.
Rate of income-tax for local authorities remains unchanged; surcharge applies and marginal relief available for high-income local authorities. Rate of income-tax for every local authority is preserved at the level specified for the prior assessment year. Surcharge is imposed on local authorities whose income exceeds the high-income threshold, levied at a specified percentage, and marginal relief is provided to mitigate abrupt liability increases near that threshold.
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