Income tax

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HOUSE WIFE
26 Points Posted on 07 February 2015

Respected Sir,

When calculate income tax, u/s 87(A) -Rs 2000/- tax rebate is eligible  less than the amount Rs 5,00,000/- which is Gross Total Income   OR  Total Taxable Income.Which of these both  income (amount Rs 5,00,000/-) should be taken for  availing u/s 87a.Please clarify sir.

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On 07 February 2015 at 13:51 Report
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CA Student
8353 Points Posted on 07 February 2015

u/s 87A, 'total income' means 'taxable income'.

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On 07 February 2015 at 16:58
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proprietor
288 Points Posted on 07 February 2015

total taxable income

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On 07 February 2015 at 17:00
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Chartered Accountant
1725 Points Posted on 07 February 2015
Hello,
The Total Income here means Income under all heads(Salary,Income from house property,Income from Business and profession, income from capital gain, Income from other sources) minus all deduction u/s 80C to U.
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On 07 February 2015 at 17:00
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Chartered Accountant
1725 Points Posted on 07 February 2015
  • Negative income from House property (like Interest on house loan for self occupied property) is also to be reduced /considered to get total income.
  • Deduction u/s 80C to 80U like 80C,80D,80DD,80DDB etc also to be deducted to get total income.
  • In simple words  Five lakh income limit is to be considered on amount on which Income tax is to be calculated.
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On 07 February 2015 at 17:02
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proprietor
288 Points Posted on 07 February 2015

total taxable income

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On 07 February 2015 at 17:11
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exe member
22 Points Posted on 08 February 2015
sec 87 a tax rebate on taxable income below 500000.00
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On 08 February 2015 at 05:12
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student
22 Points Posted on 08 February 2015
Total taxable income
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On 08 February 2015 at 09:57
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studying
22 Points Posted on 08 February 2015
Sec 87(A) applies only when TTI below ₹500000??
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On 08 February 2015 at 21:14
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Manager Accounts
177 Points Posted on 09 February 2015
Rebate 87A applicable if individual and HUF who have total income doesn't't exceed rupees 5 LAKHS eligible for rebate upto 2000
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On 09 February 2015 at 13:39

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