Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

U/S 87A

30 May 2017

IS THE MAXIMUM ĹIMIT U/S 87A IS RS.5000/ FOR AY:2017-18 WHERE TOTAL INCOME LESS THEN RS. 500000 ?

Reply
Follow
Share

5 Replies

PRABIR PAUL (*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.) (1443 Points)
Replied 30 May 2017

Yes you are fully correct........

Upgrade to CAclubindia Pro. Subscribe Now!

CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 30 May 2017

rebate of Rs.5000 allowed if income is equal to or less than Rs.500000/-.

1 Like

CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 30 May 2017

rebate of Rs.5000 allowed if income is equal to or less than Rs.500000/-.

1 Like

Kumar Sushank (General Manager - Finance) (1040 Points)
Replied 30 May 2017

I think it will be apply on only Resident Individual.

1 Like

@VaibhavJ (Believe!! Live your dreams!) (33516 Points)
Replied 31 May 2017

The rebate for FY 2016-17 shall be available if you satisfy both these conditions:

1) You are a RESIDENT INDIVIDUAL.
2) Your Total Income Less Deductions (under Section 80) is equal to or less than Rs 5,00,000

If both the above conditions are satisfied, rebate of Rs 5,000 will be available under Section 87A. The rebate is limited to Rs 5,000. Which means if the total tax payable is lower than Rs 5,000, such lower amount of tax will be the rebate under section 87A.

This rebate is applied on total tax before adding Education Cess(3%).

This rebate is also available to Senior Citizens who are 60 years old but less than 80 years old.

Thanks!

@ VaibhavJ

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!