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        Bills

        Rate of Tax for TDS / Advance Tax -  Local authorities

        5 July, 2019

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        Rate of Tax for TDS / Advance Tax -  Local authorities

        The rate of income-tax in the case of every local authority has been specified in Paragraph D of Part III of the First Schedule to the Bill. This rate continue to be the same as that specified for the financial year 2018-19. The amount of income-tax shall be increased by a surcharge at the rate of twelve per cent. of such income-tax in case of a local authority having a total income exceeding one crore rupees. However, the total amount payable as income-tax and surcharge on total income exceeding one crore rupees shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

         

         

         

        Surcharge on local authority income applies above a threshold, with a statutory cap limiting aggregate tax increase. The income-tax rate for local authorities is maintained at the prior year's level for purposes of TDS and advance tax; a statutory surcharge is levied where total income exceeds a prescribed threshold. A statutory cap limits the combined income-tax and surcharge so that the aggregate tax on income above the threshold does not exceed the income-tax payable as if income equalled the threshold by more than the excess income.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Surcharge on local authority income applies above a threshold, with a statutory cap limiting aggregate tax increase.

                              The income-tax rate for local authorities is maintained at the prior year's level for purposes of TDS and advance tax; a statutory surcharge is levied where total income exceeds a prescribed threshold. A statutory cap limits the combined income-tax and surcharge so that the aggregate tax on income above the threshold does not exceed the income-tax payable as if income equalled the threshold by more than the excess income.


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