Exemption limit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2016 please reply this question

disclosed assets & liabilities taxable income more 50 lacs
on line return filing is mandatory if GTI more than 5 lakh
tax rebate of rs. 5000 if taxable income is up-to 5 lacs
is correct and specially wording of taxable income or gross taxable income.

CA CMA CS Ram Pavan Kumar Melam

CA CMA CS Ram Pavan Kumar Melam (Expert)
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30 July 2016 Deduction of rupees 2,000 is available for AY2016-17 if total income is less rupees five lakhs. Rupees five thousand deduction is wef AY2017-18.