Advance tax
This query is : Resolved
ujwal arora
(Querist)
27 March 2015
is rebate us 87A allowed while calculating advance income tax if
estimated total income - 490000
further there was LTCG in august of rs 80000
27 March 2015
Rebate u/s. 87A is available if the total income is less than Rs. 5,00,000/-
While calculating Rs. 5 lacs, you can claim all the exemptions and deduction. The net taxable income, if it is 5 lacs or less, you can claim rebate u/s. 87A.
So, before claiming rebate u/s. 87A, you first compute your taxable income. After claiming the exemption and deduction, if it is 5lacs or less, then you can add rebate also.
While calculating Rs. 5 lacs, you can claim all the exemptions and deduction. The net taxable income, if it is 5 lacs or less, you can claim rebate u/s. 87A.
So, before claiming rebate u/s. 87A, you first compute your taxable income. After claiming the exemption and deduction, if it is 5lacs or less, then you can add rebate also.
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