TMI BlogIncome Tax Rates for Local Authorities - A.Y. 2007-08 to A.Y. 2024-25X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome exceeds ₹ 1 Crores - with marginal relief. Note 2: - Add Health and Education Cess - 4% of Income Tax ==================== Rates For the Assessment Year 2023-24 Rate of income tax is 30% AMT is 18.50% of Book Profit / Adjusted total income in cases where the local authority has claimed deductions u/s 80H to 80RRB (except 80P), 35AD, and 10AA. However, in respect of units of local authorities located in IFSC deriving income solely from convertible foreign exchange (CFE), AMT can be paid at the concessional rate of 9% (instead of 18.5%). For more details on Alternate Minimum Tax (AMT) , click here Notes: Note 1: - Add Surcharge - 12% if income exceeds ₹ 1 Crores - with marginal r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s - with marginal relief. Note 2: - Add Health and Education Cess - 4% of Income Tax ==================== Rates For the Assessment Year 2019-2020 Rate of income tax is 30% AMT is 18.50% of Book Profit / Adjusted total income. For more details on Alternate Minimum Tax (AMT) , click here Notes: Note 1: - Add Surcharge - 12% if income exceeds ₹ 1 Crores - with marginal relief. Note 2: - Add Health and Education Cess - 4% of Income Tax ==================== Rates For the Assessment Year 2018-2019 Click here for Alternate Minimum Tax (AMT) Rate of income tax is 30% Notes: Note 1: - Add Surcharge - 12% if income exceeds ₹ 1 Crores - with marginal relief ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Income Tax Rates for Local Authorities Rates For the Assessment Year 2014-2015 Click here for Alternate Minimum Tax (AMT) Rate of income tax is 30% Notes: Note 1: - Add Surcharge - 10% if income exceeds ₹ 1 Crores - with marginal relief. Note 2: - Add Education Cess - E. Cess is 2% of Income Tax Note 3: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax ==================== Income Tax Rates for Local Authorities Rates For the Assessment Year 2013-2014 Click here for Alternate Minimum Tax (AMT) Rate of income tax is 30% Notes: Note 1: - Surcharge - Nil Note 2: - Add Education Cess - E. Cess is 2% of Income Tax Note 2: - Add Second ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rates For the Assessment Year 2008-2009 Rate of income tax is 30% Notes for the Assessment Year 2008-2009 Note 1: - Surcharge - Nil Note 2: - Add Education Cess - E. Cess is 2% of Income Tax (minus rebate u/s 88E ) Note 2: - Add Secondary and Higher Education Cess - SHE. Cess is 1% of Income Tax (minus rebate u/s 88E ) ==================== Rates For the Assessment Year 2007-2008 Rate of income tax is 30% Notes for the Assessment Year 2007-2008 Note 1: - Surcharge - Nil Note 2: - Add Education Cess - E. Cess is 2% of Income Tax (minus rebate u/s 88E ) - Manuals - Ready reckoner - Law and practice - Reference Guide - Quick Commentary Tax Management India - taxmanagementindia - tax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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