87A Rebate
deepa gupta (20 Points)
11 September 2020deepa gupta (20 Points)
11 September 2020
jacinthamary
(accountant)
(848 Points)
Replied 11 September 2020
prasad Nilugal
(3909 Points)
Replied 11 September 2020
Rashmi Dalmia
(67 Points)
Replied 11 September 2020
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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