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87a rebate
Dear frnds and experts,
Please clarify me abt Tax rebate of Rs.2000/-. To whom al it is applicable ?
Suppose a person whose taxable salary income after deductions u/s 10 and u/s 80 is Rs.4,92,000/- can I deduct Rs.2000 from the tax amount ?
Thanks in advance.
Replies (3)
Hi Sridhar
As per Sec.87A An assessee, being an individual resident in India, whose total income does not exceed 500,000/-, shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deductions under this Chapter VIII) on his total income with which he is chargeable for any assessment year, of an amount equal to 100% of such income-tax or an amount of 2000/-, whichever is less.
As you mentioned 2000/- deduction from tax amount is allowed before allowing any deduction under chapter VIII
however this provision will be effective from AY 2014-15.
Thank u sir.. Wen should v deduct the same before adding the 3% cess on tax or after adding the 3% cess on tax ?
Before adding the 3% cess on tax.
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