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The income tax department via its twitter handle and emails has been informing taxpayers about the important tax dates for the year 2020.
Income tax year india. Income tax law consists of the 1961 act income tax rules 1962 notifications and circulars issued by the central board of direct taxes. Income tax in india is governed by entry 82 of the union list of the seventh schedule to the constitution of india empowering the central government to tax non agricultural income. Under the income tax act 1961 the percentage of income payable as tax is based on the amount of income you ve earned during a year. Paying income tax is a duty of every indian citizen.
Income tax brackets in india for fy 2020 21 ay 2021 22 updated on november 15 2020 11028 views. Their income chargeable to tax in india without giving effect to exemption claimed upon sale of a capital asset exceeds basic exemption.
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