Income tax as per annual income

No your tax liability will be Nil

Under 87A if Your Net Taxable income is Less than 5 Lakh then You Will Get Rebate 12500

Hi Naveen ,

Your taxable income is 4.5L i.e (6L - 1.5L) ,which is less than 5L so you are eligible for rebate under sec 87A of Income Tax Act.

For your understanding as per Sec 87 A ,we have to consider only net taxable income only i.e after claiming the eligible deductions only you have check the limit of 5L.

I hope now it is more clear for you that you are eligible for the rebate of 12,500.

Thank you Ashok Sir,

Profit of a concern is not calculated in that manner.
you are wrong.

Its a sole prioprietor firm not a partner ship firm ,Mr.Sabhyasachi Mukherjee . I hope I explained it in correct manner ,if I am wrong then please correct me .

The query string has not mentioned whether it's a one man company. The way you have explained it's being done for an individual assesse. If you want to know still I may explain you .Pls send your mailiD. It's calculated from backside. For income tax act it's calculated in a different way. 1. It's difficult to explain now. Thank u.

You are eligible for rebate as your taxable total income is falling below 5 lakhs.