From A.Y 2014-2015 In Case of Refund REBATE U/S 87A Applicable or not ?
Query????
Example :
Suppose for a.y 2014-2015 , if Net taxable income ( after all allowable expenditure & chapter VIA ) of a commission agent of LICI is Rs 2,55,250/=, then in that case, tax payable should be Rs 5525,then deduct 87A ( Rs 5525 - 2000 ) = 3525 , after that ( 3525+ 106 ) (3% of rs 3525 ) = Rs 3631, then ( 3631- 45255 ) = Rs 41624 as TAX REFUNDABLE .
( Note: Suppose as per 26AS total TDS for a.y Rs 45255 ).
My question :
Above mentioned example was correct or not ??
If yes, then pls clarify with valid reasons.
If No, then clarify with reasons .
Regards
CAclubindia
