The rate of income-tax in the case of every local authority is
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 financial year
2014-15 i.e. 30% of taxable income..
The amount of income-tax shall be increased by a surcharge at
the rate of twelve percent. 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.
AMT : In the case of a non-corporate taxpayer to
whom the provisions of Alternate Minimum Tax (AMT) applies, tax payable cannot
be less than 18.5% (+SC+EC+SHEC) of “adjusted total income” computed as per
section 115JC.
Income Tax Rate Chart
In case of Local authorities for Financial year 2015-16
|
Particulars
|
Income Level
|
||
|
Taxable Income
|
Upto 1 Crore
|
1 Crore to 10
Crore |
Above 10 Crore
|
|
F.Y. 2014-15
|
30.90%
|
33.99%
|
33.99%
|
|
F.Y 2015-16
|
30.90%
|
34.608%
|
34.608%
|
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