Rebate u/s 87a
This query is : Open
21 March 2014
Hi,
I am working in an organization in which the rebate u/s 87A is being allowed only to individuals whose Total income does not exceed Rs 5 lacs. But here Total income is taken as Gross Income (before 80C deductions).
However, i looked the matter in the net and found that Total income is to be taken as Total Taxable Income (After 80C and other eligible deductions)and also in Income tax rules it is said Total Income (before deductions).
Please Clarify.
I am working in an organization in which the rebate u/s 87A is being allowed only to individuals whose Total income does not exceed Rs 5 lacs. But here Total income is taken as Gross Income (before 80C deductions).
However, i looked the matter in the net and found that Total income is to be taken as Total Taxable Income (After 80C and other eligible deductions)and also in Income tax rules it is said Total Income (before deductions).
Please Clarify.
21 March 2014
The following link will clarify ur query:-
http://www.incometaxindiapr.gov.in/incometaxindiacr/contents/forms2010/pamphets/Individual_HUF_2014_15.htm
http://www.incometaxindiapr.gov.in/incometaxindiacr/contents/forms2010/pamphets/Individual_HUF_2014_15.htm
21 March 2014
TOTAL INCOME (Gross Total Income - Deductions) is to be considered.
22 March 2014
Total Income is Gross Total Income after allowing deductions undef Chapter VIA.
Namely; Total Income = Taxable Income.
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