Rebate u/s 87a in form 16 format
This query is : Resolved
24 March 2015
Whether rebate u/s 87A has to be shown in Form 16 seperately. As the format of form 16 available on income tax site does not shown seperate rebate u/s 87A. Pls guide
24 March 2015
Please refer the below mentioned link
https://www.charteredclub.com/difference-bw-income-tax-rebate-vs-tax-deduction-vs-tax-exemption/
You can get conclusion with the above link already provided by CA Club. Rebate is different from Deductions and Exemptions, hence if the taxable limited to 5 lakhs we can apply this 87A section and can show separately in the form 16
https://www.charteredclub.com/difference-bw-income-tax-rebate-vs-tax-deduction-vs-tax-exemption/
You can get conclusion with the above link already provided by CA Club. Rebate is different from Deductions and Exemptions, hence if the taxable limited to 5 lakhs we can apply this 87A section and can show separately in the form 16
24 March 2015
if it is not separately, then no problem if tax payable show after the rebate u/s 87A.
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