U/s 87a
This query is : Resolved
05 May 2016
if net taxable income exceed Rs.500000 due to agriculture income. then beneficiary is eligible for rebate u/s. 87 A?
05 May 2016
Agricultural income is an 'Exempt Income'. It is applicable only for tax computation purpose.
Hence, it will not be included in 'Total Income'.
Hence, it will not be included in 'Total Income'.
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05 May 2016
Agree with John sir, if your taxable income is less than 5 lacs after extract agriculture income then you can claim rebate u/s 87A and agriculture income will remain in exempted income in your return.
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05 May 2016
Section 87A rebate will be given if your total income is upto Rs 500000. As per the definition of Income Tax Act, Total income does not include Agriculture income as it is an exempt income. So in the present case, Section 87A rebate will be given as the Total income is not exceeding Rs 500000.
Thanks
Nitin
Thanks
Nitin
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