Rebate u/s 87a

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rejula (Querist)
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17 April 2014 after the calculation of LTCG and STCG I calculated total income .. the total income s (rs.297000-250000) *15% as per ay 2014-15 and added cess there s a addition of rs. 2000 as rebate under sec 87A. how s rebate calculated ?? pls guide me

CA Jitender Sharma

CA Jitender Sharma (Expert)
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17 April 2014 Total income xxxxxx
(income from all heads)
less
deductions u/c VI xxxxxx
total taxable income
(must be less than 5 lakh)
compute tax xxxx
less rebate (max 2000) xxxx
balance tax payable
add cess and shec
total tax liability

Rupesh Jain

Rupesh Jain (Expert)
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17 April 2014 yes replay is same as jitender sharma

this deduction available if you taxable income is below rs. 5,00,000/- otherwise this deduction not available.

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