Section 87a regarding
This query is : Resolved
15 July 2014
Dear experts
what is section 87A and what are its benefits to a assee and for which asst.year the rebate can
be entitled . please explain in a detail manner.
15 July 2014
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."
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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