Employee tds deduction limit 2,50,000 or 2,70,000 ?
This query is : Resolved
29 January 2016
Employee is having a salary of 2,70,000 INR. He has no other income. I know basic exemption limit is 2,50,000. But, as per section 87A employee will be eligible for rebate of 2000 INR. on the extra 20,000. So, should I (employer) deduct TDS from his salary ?
29 January 2016
Employer has to deduct tax without considering 87A.
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29 January 2016
Section 87A which was inserted by the Finance Act, 2013 w.e.f. 01-04-2014 provides for income tax rebate up to Rs. 2000/- for assessees having Taxable Income not exceeding Rs. 5 lakhs. you can consider upto 270000/- if taxable income falls below 5 Lakhs.
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