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.
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Income tax rates for senior citizen
Replies (7)
Quick Summary
No.
You can claim rebate u/s 87A of Income Tax Act, 1961 only if net income is not more than Rs. 5 lakhs.
You can claim rebate u/s 87A of Income Tax Act, 1961 only if net income is not more than Rs. 5 lakhs.
Is it any alternative treatment to reduce tax in this case
5000 in preventive medical check up expenditure in 80D. Or expenses incurred on medical expenses in 80D
Did you deduct as per 80TTB
For claiming preventive health checkup any documents or evidence needed
Upto cash 5000 exempted
moreover I think in a year he might did his regular check up and have buy medicine so no problem if you claim that much amount in ITR more than that need evidence
moreover I think in a year he might did his regular check up and have buy medicine so no problem if you claim that much amount in ITR more than that need evidence
Income range per annumNew Slab for FY 2020-21, AY 2021-22Tax Rate FY 2019-20, AY 2020-21Upto ₹ 5 Lakh per annumNo TaxNo TaxAbove ₹ 5 Lakh to ₹ 7.50 Lakh10%20%Above ₹ 7.50 Lakh to ₹ 10 Lakh15%20%Above ₹ 10 Lakh to ₹ 12.50 Lakh20%30%
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