Section 872
This query is : Resolved
12 November 2013
How to calculate rebate U/s 87A??
Is rebate is available to the after Adding education cess??
RASAP
CA PARAS BAFNA
(Expert)
12 November 2013
Rebate is allowed from the Income-tax. On the balance remaining payable you have to add EC+S&HSEC.
.
Let the income of the assessee is 300000/-
.
Income Tax on it is Rs. 3000
.
Max. Rebate allowable Rs. 2000
.
Balance Tax payable 1000
.
EC+ S&HSEC=30
.
TOTAL TAX PAYABLE =1030.
.
.
Let the income of the assessee is 300000/-
.
Income Tax on it is Rs. 3000
.
Max. Rebate allowable Rs. 2000
.
Balance Tax payable 1000
.
EC+ S&HSEC=30
.
TOTAL TAX PAYABLE =1030.
.
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