Itr for ay 2014-15
This query is : Resolved
26 July 2014
hi,
If a person is in the job and his taxable income is below 5 Lacs and as per form 16 he has got the Tax credit of Rs 2000 u/s 87A.
Now while filing his ITR the person adds income from other sources and now finally total taxable income exceeds the limit of 5 Lacs.
Now while calculating the final tax, does he has to reverse the benefit of rs 2000 given to him by his employer in form 16 u/s 87 A.
rgds,
Shweta
If a person is in the job and his taxable income is below 5 Lacs and as per form 16 he has got the Tax credit of Rs 2000 u/s 87A.
Now while filing his ITR the person adds income from other sources and now finally total taxable income exceeds the limit of 5 Lacs.
Now while calculating the final tax, does he has to reverse the benefit of rs 2000 given to him by his employer in form 16 u/s 87 A.
rgds,
Shweta
26 July 2014
Yes. Rebate u/s 87A needs to be reversed and the balance tax amount required to be paid as Self Assessment Tax using ITNS 280.
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