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        Local authorities - Rate of Income Tax

        1 February, 2023

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        Union Budget 2023-24 + FINANCE Bill, 2023

        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 will continue to be the same as that specified for the FY 2022-23. The amount of income-tax shall be increased by a surcharge at the rate of 12% 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.

         

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        Union Budget 2023-24 + FINANCE Bill, 2023

        Local authority income-tax rate retained, with a capped surcharge limiting additional liability above the income threshold. The Finance Bill maintains the existing specified income-tax rate for local authorities and imposes a surcharge on income-tax where total income exceeds a threshold; it caps the combined income-tax and surcharge liability so that the total payable on income above the threshold does not exceed the tax on the threshold amount 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.

                              Local authority income-tax rate retained, with a capped surcharge limiting additional liability above the income threshold.

                              The Finance Bill maintains the existing specified income-tax rate for local authorities and imposes a surcharge on income-tax where total income exceeds a threshold; it caps the combined income-tax and surcharge liability so that the total payable on income above the threshold does not exceed the tax on the threshold amount by more than the excess income.


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