Rebate of rs.2000/- under section 87(a)
This query is : Resolved
R MEENAKSHI SUNDARAM
(Querist)
25 May 2014
Pl clarify whether we can rebate of Rs.2000/- can claim during the financial year 2014-15 AY 2015-16 if the total and taxable income is less than Rs.500000/=.My friends will be service for part of the year.They would like to get clarification.Thank u.With regards
Nikhil Kaushik
(Expert)
25 May 2014
yes it is available for FY 2015-16...
CA SUDIPTA SINHA
(Expert)
25 May 2014
Rebate under section 87A - A resident individual (whose net income does not exceed Rs. 5,00,000) can avail rebate under section 87A. It is deductible from income-tax before calculating education cess. The amount of rebate is 100 per cent of income-tax or Rs. 2,000, whichever is less.
This rebate is available in AY 2015-16 also. The rebate will be available if the net income does not exceed rs.5,00,000.
This rebate is available in AY 2015-16 also. The rebate will be available if the net income does not exceed rs.5,00,000.
CA SUDIPTA SINHA
(Expert)
25 May 2014
Rebate under section 87A - A resident individual (whose net income does not exceed Rs. 5,00,000) can avail rebate under section 87A. It is deductible from income-tax before calculating education cess. The amount of rebate is 100 per cent of income-tax or Rs. 2,000, whichever is less.
This rebate is available in AY 2015-16 also. The rebate will be available if the net income does not exceed rs.5,00,000.
This rebate is available in AY 2015-16 also. The rebate will be available if the net income does not exceed rs.5,00,000.
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