09 September 2019
Any individual whose annual net income is not more than Rs.5 Lakh is eligible to claim tax rebate under Section 87a of the Income Tax Act, 1961. This means an individual can get a rebate on tax of up to Rs.2, 000. As we all know, the primary duty of the government is to safeguard its citizens. There are many helpful provisions in the Indian tax laws to reduce your tax liability. Section 87A of the Indian Income Tax Act is one such provision. Rebate under section 87A provides for a marginally lower payment of taxes to individuals earning an income below the specified limit. It is provided to reduce the tax burden of the lower income bracket.
CAclubindia
