My taxable income is 650000 but after investment and other deduction it becomes 470000 . Total tax is 11000 excluding cess and higher sec. Will i be eligible for additional rs. 5000 rebate u/s 87A?
17 Replies
abhinav saxena
(CENTRAL TAX INSPECTOR)
(113 Points)
Replied 17 December 2017
what are the conditions for rebate u/s 87 A
Sunil Ahmad
(Student)
(1511 Points)
Replied 17 December 2017
Rebate upto 2500 whose resident individual taxable income /net total income is up to 350000.
Pardeep Garg
(CA-Final Student)
(801 Points)
Replied 17 December 2017
for A.Y.2018-2019:----
Individual assessee,
resident in India,&
taxable income after all deductions is upto ₹3,50,000.
Individual assessee,
resident in India,&
taxable income after all deductions is upto ₹3,50,000.
Pardeep Garg
(CA-Final Student)
(801 Points)
Replied 17 December 2017
hence in the instant case u r not eligible.
Pardeep Garg
(CA-Final Student)
(801 Points)
Replied 17 December 2017
But for A.Y. 2017-2018, if income of resident individual is upto 5,00,000 then he is eligible to deduction of Max. ₹5,000.
Hence in ur case for A.Y. 2017-2018 u r eligible for Max. 5000 deduction.
but for A.Y. 2018-2019 u r not,since income exceeds ₹3,50,000.
Hence in ur case for A.Y. 2017-2018 u r eligible for Max. 5000 deduction.
but for A.Y. 2018-2019 u r not,since income exceeds ₹3,50,000.
abhinav saxena
(CENTRAL TAX INSPECTOR)
(113 Points)
Replied 17 December 2017
yes i require the exact reply . thnx @ pradeep garg . For A.Y. 2017-18 i m eligible for 5000 rebate u/s 87A
abhinav saxena
(CENTRAL TAX INSPECTOR)
(113 Points)
Replied 17 December 2017
Please provide me the income tax slab table for both the F.Y. 2017-18 & 2018-19 either in ppt or pdf format
Pardeep Garg
(CA-Final Student)
(801 Points)
Replied 17 December 2017
Refer: https://finotax.com/income-tax/slabs-1718
Pardeep Garg
(CA-Final Student)
(801 Points)
Replied 18 December 2017
@ trilochan, for A.Y. 2018-2019:--
upto 2.5lac _ nil
(470000--250000)*5% _ 11,000
upto 2.5lac _ nil
(470000--250000)*5% _ 11,000
Trilochan mohapatra
(----)
(249 Points)
Replied 18 December 2017
ok...i thought it was AY 17-18.
In this case since ur income exceeds 350000 u r not entitled for rebate u/s 87A. If ur income would not have exceeded 350000 the rebate of 2500 or tax amount whichever is less shall be allowed.
In this case since ur income exceeds 350000 u r not entitled for rebate u/s 87A. If ur income would not have exceeded 350000 the rebate of 2500 or tax amount whichever is less shall be allowed.
Recent Topics
- How to refund a wrong transaction Phone Pe?
- Avoiding tax audit in case of intraday equity loss
- Form 3CEAB
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
Related Threads
CAclubindia
