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Tax rebate u/s 87A
Is deduction up to 5000 available for AY 2018-19 also?
Replies (8)
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)
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.
2500 upto income of 350000
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....
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....
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.
yes correct
which ITR FORM selcet for Civil Labour Contractor who paid TDS on bill????
He Can File ITR 4 (Presumptive Taxation Scheme) or ITR 4...
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