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of <h1>Income Tax Rate Unchanged for Local Authorities; 12% Surcharge on Income Over Rs. 1 Crore, With Cap on Total Tax.</h1> The Finance Bill 2019-20 specifies that the income tax rate for local authorities remains unchanged from the previous financial year 2018-19. A surcharge of 12% applies to local authorities with a total income exceeding one crore rupees. However, the total tax and surcharge payable on income exceeding one crore rupees is capped, ensuring it does not surpass the tax on a one crore rupees income by more than the excess income amount.
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