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Tax rebate u/s 87A

Ashok Verma (9 Points)

26 March 2018

Is deduction up to 5000 available for AY 2018-19 also?

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178099 Points)
Replied 26 March 2018

In FY 2017-18, an individual can claim a maximum rebate of Rs. 2,500. (for Resident Indian, taxable income upto Rs.3.50 lakhs)

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sagar parakh (189 Points)
Replied 26 March 2018

As per sec 87A, assessee being an individual resident,whose total income does not exceed 3.5lacs shall be entitled for a deduction of 100% of income tax or amount of 2500 whichever is less.

HIMANSHU GARG (138 Points)
Replied 26 March 2018

2500 upto income of 350000

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 26 March 2018

It's not on Total income....
It's on Taxable Income...

After all deductions (Cha VI-A, 80C and it's related and Any other) the Taxable Income is above 3.5lakhs then we can't avail the Rebate u/s 87A...

If it's less than 3.5lakhs then we can avail the rebate Rs. 2,500....

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sagar parakh (189 Points)
Replied 26 March 2018

I meant to say taxable income only...since before deduction we have Gross total income and after deduction under chapter VI-A, we have Total taxable income.