Income Tax Slab for local authority , FY 2019-20, (Assessment year 2020-21)

Income Tax Slab for local authority , FY 2019-20, (Assessment year 2020-21)

 

As per Indian Budget 2019-2020:

Customs Duty changes, Indian Union Budget,2019

Finance Bill 2019, Indian Union Budget 2019-20

Income tax rate slab, Indian Union Budget, 2019

 

Income Tax rate slab of 2019-2020 (Assessment year 2020-21) for local authority

 

Income Tax Slab for local authority for the financial year 2019-19 (AY 2020-21),   local authority IT tariff rate is given below:

 

Indian Union Budget, 2019 finance Minister Nirmala Sitharaman presented on 5th July,2019. No changes were announced in the income tax slabs or rates except for the increase in surcharge for those earning between Rs 2 crore to Rs 5 crore, who are not really ordinary people.

 

 

Every local authority,—

                                       Rate of income-tax

        On the whole of the total income

30 per cent

 

.

 


Surcharge on income-tax

The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of 

section 111A or section 112 or section 112A of the Income-tax Act, shall, in the case of every local authority, having a total

income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of twelve

per cent. of such income-tax:

 

Provided that in the case of every local authority mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income 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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