If taxable income (Old slab ) is more than 5 Lacks ( say 7 Lacks )
In above case can , rebate u/s 87 A
avail
For Example
Tax payable 52500
Less rebate 12500
Net tax payable 40000
Pl.guide in above case rebate allowable.
No, rebate is not allowed in above case.
Net tax liability remains Rs. 52,500/- only.
CAclubindia
