Tax credit of rs.2000/- under section 87a of income tax act
This query is : Resolved
07 December 2013
The subject cited Sction was introduced in Finance Bill,2013 to provide tax credit of Rs.2000/- to those individual assessees having Net taxable Income upto Rs.5 lacs.
My queries are as under :
1. Whether Interest on Housing Loan,which claimed by employees as "Loss from House Property" can be deducted from gross salary income for the purpose of arriving at Net Taxable Income upto Rs.5 Lacs.?
2.Can DDO allow tax rebate of Rs.2000/- from TDS due for the F.Y.2013-14?
My queries are as under :
1. Whether Interest on Housing Loan,which claimed by employees as "Loss from House Property" can be deducted from gross salary income for the purpose of arriving at Net Taxable Income upto Rs.5 Lacs.?
2.Can DDO allow tax rebate of Rs.2000/- from TDS due for the F.Y.2013-14?
07 December 2013
1)Yes
2)Yes.
.
.
to know more on sec.87A refer
.
.
https://www.caclubindia.com/forum/new-income-tax-rebate-rs-2000-sec-87a-241553.asp#.UqLm1PQW11a
2)Yes.
.
.
to know more on sec.87A refer
.
.
https://www.caclubindia.com/forum/new-income-tax-rebate-rs-2000-sec-87a-241553.asp#.UqLm1PQW11a
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