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 ... Summary
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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TaxTMI 
TaxTMI 
