Itr for ay 2014-15

This query is : Resolved

shweta (Querist)
Follow

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

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

CA Saurabh Jadhav

John Ravindran Moses

Shraddha Pangam

Deepak Nayak

Prakash Kaduluri

Subscribe Now

Itr for ay 2014-15

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

CA Final

Manager- Finance and Compliance

Accountant

Senior Executive

GST CONSULTANT