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Lower income is taxed at a lower slab rate including nil rate and higher income features a higher slab rate.
Different sections of income tax india. Deductions from income from house property. Also read allowances exemptions available to different categories of tax payers. Income tax in india detailed guide for salaried businessmen income tax slabs rates of india fy 2020 2021 rules sections e filling https www incometaxindia gov in.
The income tax cycle in india currently coincides with the start of the fiscal on 1st april of the year and ends on 31st march of the next calendar year. Salary perquisite and profits in lieu of salary defined. Omitted by the finance act 1988 w e f.
Annual value how determined. The income tax is the annual charge levied on the income viz. 15 tax will be levied on people earning between rs.
For each assessment year the rate of tax levied on different income levels as prescribed in the slab is defined in the union budget finance act. Income from house property. The income tax act contains a total of 23 chapters and 298 sections according to the official website of the income tax department of india.
1 4 1989 section 22. Under this section of income tax individuals can avail income tax exemptions on up to rs 1 50 000 if he or she has invested or deposited in any annuity plan with lic or another insurer. 7 5 lakhs and rs.
10 lakh to 12 5 lakhs and rs. Deductions include deduction against salaries against income from house properties against profits and gains of business or profession against capital gains and against income from other sources. For the current year an additional deduction of 1 50 lakh for interest on home loan is provided for the purchase of affordable houses of upto 45 lakh till march 2020.
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