Salary

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Querist : Anonymous

Querist : Anonymous (Querist)

06 September 2014 Is there any provision of tax exemption of rs 2000 on Salaly less than 500000

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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06 September 2014 You are talking about rebate of tax u/s 87A of Rs. 2000 which is available on income upto Rs. 5,00,000/-.

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Querist : Anonymous

Querist : Anonymous (Querist)

06 September 2014 What is the diffrence between rebate and exemption sir

Querist : Anonymous

Querist : Anonymous (Querist)

06 September 2014 What is the diffrence between rebate and exemption sir

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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06 September 2014 Rebate is in Tax Amount whereas exemption is from Total income.

Sec 87A is applicable from Fy 2013-14.

It says--

An assessee, being an individual resident in India, whose total income does not exceed five hundred thousand rupees, shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deductions under this Chapter) on his total income with which he is chargeable for any assessment year, of an amount equal to hundred per cent of such income-tax or an amount of two thousand rupees, whichever is less."

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