Advance tax

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ujwal arora (Querist)
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27 March 2015 is rebate us 87A allowed while calculating advance income tax if estimated total income - 490000 further there was LTCG in august of rs 80000

CA. SHIVA SHANKARA R. SHETTY

CA. SHIVA SHANKARA R. SHETTY (Expert)
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27 March 2015 Rebate u/s. 87A is available if the total income is less than Rs. 5,00,000/-

While calculating Rs. 5 lacs, you can claim all the exemptions and deduction. The net taxable income, if it is 5 lacs or less, you can claim rebate u/s. 87A.

So, before claiming rebate u/s. 87A, you first compute your taxable income. After claiming the exemption and deduction, if it is 5lacs or less, then you can add rebate also.