Rebate u/s 87a
This query is : Open
21 March 2014
Hi,
I am working in an organization in which the rebate u/s 87A is being allowed only to individuals whose Total income does not exceed Rs 5 lacs. But here Total income is taken as Gross Income (before 80C deductions).
However, i looked the matter in the net and found that Total income is to be taken as Total Taxable Income (After 80C and other eligible deductions)and also in Income tax rules it is said Total Income (before deductions).
Please Clarify.
I am working in an organization in which the rebate u/s 87A is being allowed only to individuals whose Total income does not exceed Rs 5 lacs. But here Total income is taken as Gross Income (before 80C deductions).
However, i looked the matter in the net and found that Total income is to be taken as Total Taxable Income (After 80C and other eligible deductions)and also in Income tax rules it is said Total Income (before deductions).
Please Clarify.
21 March 2014
The following link will clarify ur query:-
https://www.incometaxindiapr.gov.in/incometaxindiacr/contents/forms2010/pamphets/Individual_HUF_2014_15.htm
https://www.incometaxindiapr.gov.in/incometaxindiacr/contents/forms2010/pamphets/Individual_HUF_2014_15.htm
21 March 2014
TOTAL INCOME (Gross Total Income - Deductions) is to be considered.
22 March 2014
Total Income is Gross Total Income after allowing deductions undef Chapter VIA.
Namely; Total Income = Taxable Income.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Supply through E-commerce Operators
- TAN for Partnership
- Relief u/s Section 89
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- GST Rate applicable for 0% Food Items sold by an Industrial Caterer
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- Loan by Partnership Firm
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
