Hi!
The newly inserted section 87A gives a tax credit of Rs.2000/- if the total income of the assessee is within the slab of Rs.2 Lacs to Rs.5 Lacs. This total income is to be considered after deductions under ch.VI-A ?
Kindly Help !
Thank You!
Nishtha Narielwala (Tax Consultant) (131 Points)
05 March 2013Hi!
The newly inserted section 87A gives a tax credit of Rs.2000/- if the total income of the assessee is within the slab of Rs.2 Lacs to Rs.5 Lacs. This total income is to be considered after deductions under ch.VI-A ?
Kindly Help !
Thank You!
Deepak Gupta
(CA Student)
(15922 Points)
Replied 05 March 2013
| Originally posted by : Nishtha Narielwala | ||
 |
Hi! The newly inserted section 87A gives a tax credit of Rs.2000/- if the total income of the assessee is within the slab of Rs.2 Lacs to Rs.5 Lacs. This total income is to be considered after deductions under ch.VI-A ? Kindly Help ! Thank You! |
 |
Yes, because the Total Income of an individual is arrived at after making deductions under Chapter VI-A from the Gross Total Income.
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