Local authorities - Rate of TDS during the FY 2025-26 (Assessment Year 2026-27).

Union Budget 2025-26 (Full) + Finance Bill, 2025

D. Local authorities

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 2024-25. 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.

Full Text:

Union Budget 2025-26 (Full) + Finance Bill, 2025

Dated: 1-2-2025