Rebate u/s 87a
This query is : Resolved
26 June 2014
INDIVIDUAL ASSESSEE HAVING INCOME AS BELOVE
NTI : 146752
SPECIAL RATE INCOME 15%: 20912
NORMAL TAX: NIL
TAX ON SPECIAL RATE: 3371
CAN THE PERSON IS ELIGIBLE TO GET REBATE U/S 87A?
IF THE PERSON DOES NOT HAVE TAX LIABILITY IN NORMAL RATE!
NTI : 146752
SPECIAL RATE INCOME 15%: 20912
NORMAL TAX: NIL
TAX ON SPECIAL RATE: 3371
CAN THE PERSON IS ELIGIBLE TO GET REBATE U/S 87A?
IF THE PERSON DOES NOT HAVE TAX LIABILITY IN NORMAL RATE!
26 June 2014
Yes any assessee is eligible for rebate u/s 87A whose net taxable income is less than 5 lakh.In present case net tax payable would be Rs.1371(3371-2000)
Rupesh Jain
(Expert)
26 June 2014
yes assesse taxable income is below Rs. 500000/- the he can claim the deduction u/s 87A of Rs. 2000/-.
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