87a rebate
Sridhar (Student CMA) (77 Points)
01 February 2014Sridhar (Student CMA) (77 Points)
01 February 2014
Saleem Abdul
(CA)
(397 Points)
Replied 01 February 2014
Hi Sridhar
As per Sec.87A An assessee, being an individual resident in India, whose total income does not exceed 500,000/-, shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deductions under this Chapter VIII) on his total income with which he is chargeable for any assessment year, of an amount equal to 100% of such income-tax or an amount of 2000/-, whichever is less.
As you mentioned 2000/- deduction from tax amount is allowed before allowing any deduction under chapter VIII
however this provision will be effective from AY 2014-15.
Sridhar
(Student CMA)
(77 Points)
Replied 03 February 2014
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)