slab rates

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binisha ravindran (Querist)
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11 May 2017 as per finance act 17, rebate u/s 87A is 2500 for individuals whose income doesnt exceeding 350000 . does that mean that for those people whose income is above 350000 but below 500000 can claim 5000 as rebate ?

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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11 May 2017 No its means amout reduced from 5000/- to 2500/- and also limit for claiming rebate reduced from Rs.500000/- to Rs.350000/-. You can claim rebate of Rs.2500/- only if Income is less than Rs.350000/-

binisha ravindran

binisha ravindran (Querist)
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11 May 2017 thank you ma'am.

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CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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11 May 2017 Pleasure is all mine.

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Guest

Guest (Expert)

12 May 2017 NO it will be wrong interpretation. it simply means that individual having income more than 3.5 lacs are not eligible for rebate.