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Rebate US 87A Rs.12500

08 August 2021

Dear Sir

In books of account Net Profit is Rs. 632000/- we have deposit Rs.150000/- in PPF account Taxable income is Rs.482000/- So can I eligible for rebate Us 87A Rs.12500/-

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5 Replies

prasanth (ipcc) (209 Points)
Replied 08 August 2021

If you residential individual, then only 87A rebate is applicable.

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Mahesh Shah (2308 Points)
Replied 08 August 2021

Rebate, if applicable, portal will auto calculate

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 08 August 2021

Yes you're eligible for rebate u/s 87A as total income is less than 5 lakhs

Naveen Kumar (629 Points)
Replied 08 August 2021

Sir,
I got reply from another expert. according to him you are not eligible for rebate 87A you have to pay Income tax.

prasanth (ipcc) (209 Points)
Replied 08 August 2021

Things to remember to avail rebate under section 87A
The rebate can be applied to the total tax before adding the health and education cess of 4%
Only resident individuals are eligible to avail rebate under this section.
Senior citizens above 60 years and below 80 years of age can avail rebate under section 87A
Super senior citizens above 80 years of age are not eligible to claim rebate under section 87A
The amount of rebate will be lower of limit specified under section 87A or total income tax payable (before cess)
Section 87A rebate is available under old as well as new tax regimes