Rebate of rs.2,000/- under sec 87 a
This query is : Resolved
21 October 2013
Hai,
The question is
Individuals have total income upto 5 lakhs....
(a) Is (5 lakhs) the Gross income?
or
(b) the taxable income?
kindly clarify.
Jeyaraj
The question is
Individuals have total income upto 5 lakhs....
(a) Is (5 lakhs) the Gross income?
or
(b) the taxable income?
kindly clarify.
Jeyaraj
21 October 2013
Ans.(b) taxable income
as per provision of income tax word used is total income
.
.
which is arrived after deducting all deductions under income tax act...
.
.
which is taxable income
.
.
so if your taxable income is less than 5 lakhs you can claim rebate of rs.2000 tax credit..
.
.
as per provision of income tax word used is total income
.
.
which is arrived after deducting all deductions under income tax act...
.
.
which is taxable income
.
.
so if your taxable income is less than 5 lakhs you can claim rebate of rs.2000 tax credit..
.
.
21 October 2013
kindly refer to my post in cci for more clarification in this section
.
.
refer to below link
.
https://www.caclubindia.com/forum/new-income-tax-rebate-rs-2000-sec-87a-241553.asp#.UmUE7PmnqWa
.
.
refer to below link
.
https://www.caclubindia.com/forum/new-income-tax-rebate-rs-2000-sec-87a-241553.asp#.UmUE7PmnqWa
22 October 2013
Thanking you very much.
Kindly reply whenever a query is posted.
Jeyaraj
Kindly reply whenever a query is posted.
Jeyaraj
22 October 2013
Welcome, if i have seen a query where i can answer i will surely reply
.
.
thnks
.
.
thnks
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