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How to save tax to avail rebate ,u/s 87A?

Others 396 views 6 replies
I'm a Sr. Citizen, having a Taxable income of 593000, after exhausting STD. DEDUCTION, 80C, 80D, 80TTB. I'm not eligible for any other deduction, like 80E, 80G etc..
How much more can I save to bring down the Taxable income below 5L, in order to avail rebate u/s 87A, to save tax?
Replies (6)

Sir, I don't know what is your age? And what are the income you earned this financial year.

As per Income tax, Senior citizens above the age of 60 years and below the age of 80 can avail rebate u/s 87A.

If you are NRI or HUF you can't avail this rebate. 

Please let us know your issue exactly, I/we can give you a precise suggestions to you.

🙏 Thanks

Hello Mr. Saravanan, thanks for your immediate reply. I am a Sr. Citizen,Male, 72 years, Resdient, retired from Bank's service. My income comprises of Pension, interest from Bank deposits,  SB interests, Dividend income from Equity shares, and Mutual Fund. After exhausting all deductions, like Std. deduction, deductions u/s 80C,80D,& 80TTB my Taxable income works out to 593530. I can't claim any other deductions, as I don't have any. Of course, I can avail 100% u/s 80G PMNDF; instead of this contributions, any other tax saving instruments so that I am eligible for rebate u/s 87A? Or have I to pay tax only on entire taxable income of 593530?  

What is your gross before all deductions?

Hats off Sir,  I understood that you have tried all the way and done calculation. However, please go through. is it ELSS mutual fund? You will get tax deduction under 80C. And your 80G.

 

Gross Income               893530

Less Std Deduction        50000

              80C                 150000

              80D                   50000

              80TTB               50000

Net Taxable Income      593530 

Arrear to be given relief under sec 87A


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