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Deduction u/s 87A
winning income is available for deduction of 87A. if net income is less than 500000
Replies (5)
Quick Summary
Yes if you are individual taxpayer and your taxable income is below 5 lac
Yes you can get rebate
My salary income is 420000 and winning income gross is 50000 and tds on winning is 15000 then my tax liablity or tax refund????
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
No tax payable by you
No tax refund
No tax refund
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