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Discussion > Income Tax > Circulars >

Section 87 a of income tax rules

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Accountant

[ Scorecard : 24]
Posted On 20 February 2014 at 14:56 Report Abuse

Section 87 A mentioned that the persons having "total income" not exceeding Rs. 500000/-. I doubt that the income should be considered before deducting deductions u/s 80C, but many experts are of the opinion that it will be deducted after deduction u/s 80C i.e. from "taxable income". I am confused by the words "Total Income" and "Taxable Income". Please someone help me and clarify by quoting rules etc..

 

Thanks


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Dipjyoti Majumdar
CA in service & CS. dipmaj@ rediffmail.com

[ Scorecard : 2942]
Posted On 20 February 2014 at 17:35

Yes, the 5 lakh figure is after giving effect to section 80 deductions like 80C, 80D, 80TTA etc.

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