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Rebate of rs.2,000/- under sec 87 a (Income Tax)

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This query is : Resolved


( Author )
21 October 2013

Hai,

The question is

Individuals have total income upto 5 lakhs....

(a) Is (5 lakhs) the Gross income?
or
(b) the taxable income?

kindly clarify.

Jeyaraj


Ganeshbabu K

( Expert )
21 October 2013

Ans.(b) taxable income

as per provision of income tax word used is total income
.
.
which is arrived after deducting all deductions under income tax act...
.
.
which is taxable income
.
.
so if your taxable income is less than 5 lakhs you can claim rebate of rs.2000 tax credit..
.
.


Ganeshbabu K

( Expert )
21 October 2013

kindly refer to my post in cci for more clarification in this section
.
.
refer to below link
.

http://www.caclubindia.com/forum/new-income-tax-rebate-rs-2000-sec-87a-241553.asp#.UmUE7PmnqWa


Jeyaraj Athisayam

( Author )
22 October 2013

Thanking you very much.

Kindly reply whenever a query is posted.

Jeyaraj


Ganeshbabu K

( Expert )
22 October 2013

Welcome, if i have seen a query where i can answer i will surely reply
.
.
thnks


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