Income tax rebate


HI, 

In addition an rebate of Rs 2000 will be available for income less than Rs 5 lakhs.

can anyone explain me with an exmaple.

 

Thank you

 
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first calculate tax liablity normally

 

then less rebate u/s 87 A(maximum upto 2000 or tax liablity whichever is lower)

 net tax payable =(taxliablity-rebate u/s 87A)

Suppose after all deduction u/s 8c to 80u income is Rs 300000

tax liablity Rs 10000

less :Rebate u/s 87 A (2000)

tax payable =8000

 

 
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