Tax calculation of a.y.2014-15
This query is : Resolved
Arijit Biswas
(Querist)
16 January 2014
Dear Sir,
Can i deduction Rebate section 87A (Maximum Rs.2000) after calculation of Cess.
Regards,
Arijit Biswas
Can i deduction Rebate section 87A (Maximum Rs.2000) after calculation of Cess.
Regards,
Arijit Biswas
AVTAR SINGH
(Expert)
16 January 2014
Finance Act 2013 has provided relief in the form of rebate to individual taxpayers, resident in
India, who are in lower income bracket, i.e. having total income not exceeding Rs 5,00,000/-.
The amount of rebate is Rs 2000/- or the amount of tax payable, whichever is lower.
The cess would be charged after deducting the rebate.
India, who are in lower income bracket, i.e. having total income not exceeding Rs 5,00,000/-.
The amount of rebate is Rs 2000/- or the amount of tax payable, whichever is lower.
The cess would be charged after deducting the rebate.
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