Tax Rebate u/s 87A

896 views 24 replies
What is the exact date effective for the announced rebate limit of Rs.12500? Is it from 1st April 2019 or 2020?
Replies (24)

For FY 2019-20, provided approved by new government !!

an Interim budget .... money bill.
does it require approval from next govt.
pls enlighten me.
Thank you very much for your prompt reply Mr.Rambhia sir.
The Vote on Account is only for three months before the new government presents a full-fledged budget in July.
In the absence of presentation of a Full Budget, the outgoing government seeks a vote on account from the Parliament for proposed expenditure to be incurred in the next few months till the new government takes over. There are no major announcements related to any new schemes or sops during a vote on account as the new government's stance could differ from that of the outgoing government.
Though some governments have used the Vote on Account to make big ticket announcements, it has not always worked for the ruling party in retaining power.
 
thank u very much sir
Agreed with Dhirajlal Sir. Still I want to clarify the issue in bit details for other of our friends;

The government presents an interim budget if it does not have time to present a full Budget or if the general elections may be in the near future. So usually, in an election year, the outgoing government presents an interim budget and the task of framing the full budget is left for the next government.

The Parliament, via interim Budget, passes a vote-on-account that permits the government to meet the expenses of the government until the new Parliament passes the Budget for the whole year. In case of election, the vote-on-account is usually for a 4-month period.

In an interim budget, the vote-on-account asks for Parliament’s approval for incurring expenditure for part of a financial year. The estimates are presented for the whole year, as is the case with the regular Budget. The new administration has the full right to change the estimates fully when the final Budget is presented. But this does not mean that the new government has to mandatorily change the policies/plans of Interim Budget. It may change or may adapt the policies of Interim Budget presented by old govt.
if new govt drastically changes the proposals then it will lose confidence of people and may draw bad results in upcoming elections in other parts.....
hope I am correct...
Is there any precedent in Indian history where an incoming government has drastically changed or dropped totally the proposals of an interim budget of an outgoing government?
Good Explaination Nitesh Sir.
TI-350000,
350000×5%=17500
17500-12500=5000
5000-2500(rebate)=2500
2500+3%(cess)=2575

Missed 2.50 lakhs basic slab exemption in above calculation; otherwise net tax liability would be zero.

Ti=350000,
350000-250000=100000
100000*5%=5000
5000-2500(rebate)=2500
2500 +3%=2750..is it ok? If not pls send correct one...
no wrong.
total income upto 5 lac no tax due to rebate.
u have to file incone tax return show total I come upto 5 lac after all deductions claim rebate and if any tds deducted will be refunded to u .
pls note ur income details must match with 26as. .....it can b more than 26 as but not less.
In short up to 5 lac total income if u file return then no tax liability.

If you are asking for AY 2018-19, its OK; with Rs. 1000 late fees.

But here discussion is for proposed tax liability of AY 2019-20.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register