Sec 87a it act
This query is : Resolved
28 July 2014
Clarification regarding income tax rebate Rs.2000 u/s 87A for the F.Y.2014-15
28 July 2014
What clarification do you need? Please elaborate.
Some points are as under:
1. Available to an INDIVIDUAL only.
2. The individual should be RESIDENT in India.
3. The total income of the individual should NOT exceed Rs. 5 lakhs.
4. The deduction is of an amount equal to the tax on income or Rs. 2,000 whichever is less.
5. EC & SHEC are to be added to the tax arrived at AFTER deduction u/s 87A.
In case of any other clarification reply.
Some points are as under:
1. Available to an INDIVIDUAL only.
2. The individual should be RESIDENT in India.
3. The total income of the individual should NOT exceed Rs. 5 lakhs.
4. The deduction is of an amount equal to the tax on income or Rs. 2,000 whichever is less.
5. EC & SHEC are to be added to the tax arrived at AFTER deduction u/s 87A.
In case of any other clarification reply.
28 July 2014
Rebate u/s 87A is available for FY 2014-15 as well. This rebate has not been withdrawn.
28 July 2014
Rebate is continued, you can claim it if ur total income is less than 5lac.
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