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87A Rebate
what is the rebate amount if one's Taxable income is below 500000?
Replies (3)
If net taxable income is below 5 lakhs then rebate u/s 87a is 100% or ₹12500 whichever is less.
Amount will be bellow 12,500/- and depends up on Taxable income .
An individual who is resident in India and whose total income does not exceed Rs. 5,00,000 is entitled to claim rebate under section 87A. Rebate under section 87A is available in the form of deduction from the tax liability. Rebate under section 87A will be lower of 100% of income-tax liability or Rs. 12,500. In other words, if the tax liability exceeds Rs. 12,500, rebate will be available to the extent of Rs. 12,500 only and no rebate will be available if the total income (i.e. taxable income) exceeds Rs. 5,00,000
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