Rebate u/s 87a
This query is : Resolved
01 August 2014
Dear Sir,
As we know that the new income tax slab has increased with Rs 50000 so now it is 2.50 Lakhs but 87A deals with if gross taxable income is less than or equal to 5 Lakhs then the rebate of Rs 2000 is to be given to assessee. So 87A is applicable in FY 2014-15 or there is no rebate under it. Reason being if it applicable then indirectly assessee gets relief of Rs 70000/-.
Kindly suggest me so that I can calculate the TDS accordingly. I would be thankful to you.
As we know that the new income tax slab has increased with Rs 50000 so now it is 2.50 Lakhs but 87A deals with if gross taxable income is less than or equal to 5 Lakhs then the rebate of Rs 2000 is to be given to assessee. So 87A is applicable in FY 2014-15 or there is no rebate under it. Reason being if it applicable then indirectly assessee gets relief of Rs 70000/-.
Kindly suggest me so that I can calculate the TDS accordingly. I would be thankful to you.
Vishnu Saboo
(Expert)
01 August 2014
there is no contrary announcement about sec 87A rebate, therefore, if total income is less than 5 Lac, rebate is available.
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Rupesh Jain
(Expert)
01 August 2014
rebate is available to assesse u/s 87A
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