Returns and Forms Applicable for Local Authority for AY 2022-2023
Disclaimer: The content on this page is only to give an overview / general guidance and is not exhaustive. For complete details and guidelines, please refer Income Tax Act, Rules and Notifications. |
As per Section 2(31) Person for the purpose of Income Tax Act includes inter alia a Local Authority.
For the purpose of section 10(20) which provides for exemption of income of Local Authority subject to certain conditions, the expression Local Authority means—
(i) Panchayat as referred to in clause (d) of Article 243 of the Constitution; or
(ii) Municipality as referred to in clause (e) of Article 243P of the Constitution; or
(iii) Municipal Committee and District Board, legally entitled to, or entrusted by the Government with, the control or management of a municipal or local fund; or (iv) Cantonment Board as defined in Section 3 of the Cantonments Act, 1924 (2 of 1924);
1. ITR-5 | ||
---|---|---|
This form can be used by a person being a:
|
2. ITR-7 | ||||||
---|---|---|---|---|---|---|
Applicable for Persons including Companies who are required to furnish returns u/s 139 (4A) or Section 139 (4B) or Section 139 (4C) or Section 139 (4D)
|
Forms Applicable
1. Form 26AS - Annual Information Statement | ||||
---|---|---|---|---|
|
2. 3CA-3CD | ||||
---|---|---|---|---|
|
3. Form 3CB-3CD | ||||
---|---|---|---|---|
|
4. Form 16A – Certificate u/s 203 of the Income Tax Act, 1961 for TDS on Income other than Salary | ||||
---|---|---|---|---|
|
Tax Slabs for Local Authority for AY 2022-23
For the AY 2022-23, a Local Authority is taxable at 30%.
Surcharge, Marginal Relief and Health and Education cess
|
Exemption / Income not included in total income u/s 10(20):
The income of a Local Authority which is chargeable under the head Income from House Property, Capital Gains or Income from Other Sources or from a trade or business carried on by it which accrues or arises from the supply of a commodity or service (not being water or electricity) within its own jurisdictional area or from the supply of water or electricity within or outside its own jurisdictional area.
Investments / Payments / Incomes on which I can get Tax Benefit
Tax deductions specified under Chapter VI-A of the Income Tax Act
80G | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Deduction towards donations made to certain funds, charitable institutions, etc. Donation are eligible for deduction under the below categories:
Note: No deduction shall be allowed under this section in respect of donation made in cash exceeding ₹ 2000/-. |
8GGA | |||||
---|---|---|---|---|---|
Deduction towards donations made for Scientific Research or Rural Development. Donation are eligible for deduction under the below categories:
Note: No deduction shall be allowed under this section in respect of donation made in cash exceeding ₹ 2000/- or if gross total income includes income from Profit / Gains of Business / Profession. |
80IA | |||||
---|---|---|---|---|---|
Undertaking engaged in Developing, Maintaining and Operating any Infrastructure Facility(only Indian Company), Industrial Parks (any Undertaking), any Power Undertaking, Reconstruction or Revival of Power Generating Plants (Indian Company) shall be entitled to claim deduction (Subject to certain conditions). |
|
80IAB | |||||
---|---|---|---|---|---|
Deduction in respect of Profits and Gains by an Undertaking or an Enterprise engaged in development of Special Economic Zone (subject to certain conditions) |
|
80IB | |||||
---|---|---|---|---|---|
Deduction towards Profits and Gains from specified business. 100% of profit for 10 years from the AY in which it is approved by prescribed authority (if approved after 31st March 2000 but before 1st April 2007). The deduction under this section is available to an Assessee whose gross total income includes any Profits and Gains derived from the business of:
100% / 25% of profit for 5 / 10/7 years as per conditions specified for different types of undertakings from the AY in which it is approved by prescribed authority (if approved before 1st April 1999) |
80IBA | |||
---|---|---|---|
Profit and Gains derived from Developing and Building Housing Projects |
|
80IC | |||
---|---|---|---|
Deduction in respect of certain Undertakings in Himachal Pradesh, Sikkim, Uttaranchal and North-Eastern states (subject to certain conditions) |
|
80IE | |||
---|---|---|---|
Deduction to certain Undertakings set up in North- Eastern states (subject to certain conditions) |
|
80JJA | |||
---|---|---|---|
Deduction in respect of Profits and Gains from Business of Collecting and Processing of Biodegradable Waste (subject to certain conditions) |
|
80JJAA | |||
---|---|---|---|
Deduction in respect of Employment of New Workers / Employees, applicable to Assessee to whom Section 44AB applies (subject to certain conditions) |
|
80LA | |||
---|---|---|---|
Deduction for Income of Offshore Banking Units and International Financial Services Centre (subject to certain conditions) |
|