Rebate of rs 5000
This query is : Resolved
03 March 2016
As per the recent budget, persons whose total income not exceeding Rs 5 lacs will get a rebate of Rs 5000. My query is that their tax liability will be only Rs 2500 (being 250000*10%). Still will they get rebate of Rs 5000?
03 March 2016
No, because the phraseology used is such income tax or 5,000 whichever is less.
03 March 2016
least of the two, will be treated as rebate.
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