HI,
In addition an rebate of Rs 2000 will be available for income less than Rs 5 lakhs.
can anyone explain me with an exmaple.
Thank you
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Income tax rebate
Replies (1)
first calculate tax liablity normally
then less rebate u/s 87 A(maximum upto 2000 or tax liablity whichever is lower)
net tax payable =(taxliablity-rebate u/s 87A)
Suppose after all deduction u/s 8c to 80u income is Rs 300000
tax liablity Rs 10000
less :Rebate u/s 87 A (2000)
tax payable =8000
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