Deduction u/s 87A

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11 Points Posted on 10 December 2020
winning income is available for deduction of 87A. if net income is less than 500000
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On 10 December 2020 at 17:12 Report
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Quick Summary
This discussion clarifies that income from winnings is eligible for a deduction under Section 87A if your total taxable income is below ₹5 lakh. It provides an example calculation for an individual with salary and winnings, explaining how to determine tax liability. While a rebate is possible, a final determination on tax refund requires complete deduction details.

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Accountant
3662 Points Posted on 10 December 2020
Yes if you are individual taxpayer and your taxable income is below 5 lac
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On 10 December 2020 at 20:09
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Tax consultant
5895 Points Posted on 11 December 2020
Yes you can get rebate
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On 11 December 2020 at 01:51
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11 Points Posted on 11 December 2020
My salary income is 420000 and winning income gross is 50000 and tds on winning is 15000 then my tax liablity or tax refund????
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On 11 December 2020 at 13:45
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Tax consultant
5895 Points Posted on 11 December 2020

As I don't know your Deduction or your salary tds 

I calculated as per your given figure

Net income 470000 (420000 + 50000)

Incometax 11000 ( 8500+ 15000)  - 12500 

Cess  440 

Total tax liability 11440 ( 11000+440) 

I can't tell about refunds or not as your provided data are in completed

 

 

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On 11 December 2020 at 14:45
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Accountant
3662 Points Posted on 11 December 2020
No tax payable by you

No tax refund
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On 11 December 2020 at 23:09

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