banner_ad

Deduction u/s 87A

211 views 5 replies
User Avatar

11 Points Posted on 10 December 2020
winning income is available for deduction of 87A. if net income is less than 500000
Reply Share Follow
On 10 December 2020 at 17:12 Report
Replies (5)
User Avatar

Accountant
3662 Points Posted on 10 December 2020
Yes if you are individual taxpayer and your taxable income is below 5 lac
9 Reply
On 10 December 2020 at 20:09
User Avatar

Tax consultant
5895 Points Posted on 11 December 2020
Yes you can get rebate
57 Reply
On 11 December 2020 at 01:51
User Avatar

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????
Reply
On 11 December 2020 at 13:45
User Avatar

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

 

 

57 Reply
On 11 December 2020 at 14:45
User Avatar

Accountant
3662 Points Posted on 11 December 2020
No tax payable by you

No tax refund
9 Reply
On 11 December 2020 at 23:09


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Threads

More recent discussions | Post

Related Threads
Loading

Latest Job Openings

View all
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
ARTICLESHIP 14 May 2026
CA ARTICLE

PRAVEEN GARG & CO

Faridabad

CA Foundation

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
14 May 2026
Senior Associate

ABHISHEK SHANKAR AGARWAL & ASSOCIATES

Kolkata

CA

View Details
Company
12 May 2026
Accounts Executive

Nafa Group

Mumbai

B.Com

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details