Relief u/s 87a
altaf pasha (compliance officer) (47 Points)
30 June 2016
KINDLY LET ME KNOW THE LIMIT OF RS. 500000/- TOTAL INCOME WHAT IS TOTAL INCOME
2 Replies
Gayatri N
(student)
(138 Points)
Replied 30 June 2016
If income is less than Rs. 5,00,000 then rebate is provided U/s 87 A of Rs. 5,000 from FY 2016-17 earlier it was Rs. 2,000 Total INcome is after deductions whatever amount left on which deduct tax shoulb be lesser than Rs.5,00,000 in order to avail rebate.
CA. Karthik Reddy MNS
(Practicing Chartered Accountant)
(92 Points)
Replied 01 July 2016
Gayatri N is correct but it should be given to resident individual only.
Total income for 87A=Gross total income less deductions u/s 80C to 80U,If any.
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