Asseesee is senior citizen (75 years). He have interest & pension incomes. His net income is ₹ 5,01,064. As per income tax rates (AY 2020-21) his tax liability is ₹ 10,620
Thats why he is not eligible to claim Rebate U/s 87A because his net income exceeded ₹ 5 lakhs.
Now my query is asseesee have any option to claim both rebate U/s 87A & tax payable on balance amount at 20% rate.
Please clarify my doubt.
No.
You can claim rebate u/s 87A of Income Tax Act, 1961 only if net income is not more than Rs. 5 lakhs.
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