09 February 2014
The rebate is available on the net tax payable. . Let us discuss with the help of the example - 1. Total Income 450000 2. Agriculture Income 120000 3. Total Income for Rate purpose = 570000 4. Agriculture Income + 200000 (limit) = 320000 . 5. Net Tax = Tax on 3 - Tax on 4. . From 5. you have to deduct the rebate as Total Income is 450000 which is not exceeding Rs 500000. .
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