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rebate 87A 12500 applicable from fy 20-21?

Hitler Parmar (23 Points)

25 July 2019

Rebate applicability of finance act 2019 for which fy?

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Ravi SADhiyan (Practice) (4510 Points)
Replied 25 July 2019

Words "twelve thousand and five hundred" shall be substituted for "two thousand and five hundred" by the Finance Act, 2019 (w.e.f. 1-4-2020).

Financial Year 2020-21

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Hitler Parmar (23 Points)
Replied 25 July 2019

All other websites e.g. Cleartax showing fy 1920

Ravi SADhiyan (Practice) (4510 Points)
Replied 25 July 2019

Originally posted by : Hitler Parmar
	All other websites e.g. Cleartax showing fy 1920

tha is wrong

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 25 July 2019

@ MT Hitler Parmar.,

Yes... Rebate applicable from FY 19-20. Read the year carefully in anywhere if it's FY or AY...

The said rebate effective from 1st April 20 it means AY...

Latest Income Tax Slabs and Rates proposed for Financial year 2019-20

As per interim budget 2019, Individual taxpayers having taxable annual income up to Rs.5 lakh will get full tax rebate u/s 87A and therefore will not be required to pay any income tax. However Income tax Slabs and Rates will remain unchanged for the FY2019-20.

Ravi SADhiyan (Practice) (4510 Points)
Replied 26 July 2019

Originally posted by : RAJA P M
	@ MT Hitler Parmar., Yes... Rebate applicable from FY 19-20. Read the year carefully in anywhere if it's FY or AY...The said rebate effective from 1st April 20 it means AY...Latest Income Tax Slabs and Rates proposed for Financial year 2019-20As per interim budget 2019, Individual taxpayers having taxable annual income up to Rs.5 lakh will get full tax rebate u/s 87A and therefore will not be required to pay any income tax. However Income tax Slabs and Rates will remain unchanged for the FY2019-20.

Sir

Effective from 01-04-2020

its read A.Y. instead of F.Y.