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of <h1>Income Tax for Local Authorities Unchanged for 2018-19; 12% Surcharge on Income Over Rs. 1 Crore with Marginal Relief.</h1> The Finance Bill, 2017 specifies that the income tax rate for local authorities for the assessment year 2018-19 will remain unchanged from the rate applied in 2017-18. Additionally, a surcharge of twelve percent will be imposed on local authorities with income exceeding one crore rupees. Marginal relief will be available to mitigate the impact of the surcharge.
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