Rebate of rs.2,000/- under sec 87 a

This query is : Resolved

Jeyaraj Athisayam (Querist)
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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

Ganeshbabu K

Ganeshbabu K (Expert)
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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..
.
.

Ganeshbabu K

Ganeshbabu K (Expert)
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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

Jeyaraj Athisayam

Jeyaraj Athisayam (Querist)
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22 October 2013 Thanking you very much.

Kindly reply whenever a query is posted.

Jeyaraj

Ganeshbabu K

Ganeshbabu K (Expert)
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22 October 2013 Welcome, if i have seen a query where i can answer i will surely reply
.
.
thnks

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