Is tax rebate Rs 2.5k for 3L or 3.5L -AY 2018-19

Tax queries 336 views 2 replies

jraju

Others

283 Points Joined March 2014

Hi, In some web pages the tax rebate is said to be eligible for persons getting 300000 as taxable income. Sjome web pages say, it is eligible upto 350000 taxable income, i.e after deduction from salary the deductions under 80c, But when i calculate thro the downloaded itr 1 from IT dept and also in the website calculator, zero income tax was shown in the calculate by system column.

Please say, if suppose, the taxable income is 340000 then will i have to pay the tax for 40000 at 2000 or nil tax

The clarification may also help others , so please answer with eg. The websites i browsed show like this

300000 taaxable income nil

310000 500 tec tec

Please give tax rebate for 2018 assessment year as well as 2019-20

Replies (2)

vishal

175 Points Joined April 2014

The basic exemption limit is 250000 other than senior citizen but he can get tax rebate of 2500 if his/her total income is up-to 350000

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

208912 Points Joined July 2016

Rebate of income-tax in case of certain individuals.

87A. An assessee, being an individual resident in India, whose total income does not exceed [three hundred fifty thousand] rupees, shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deductions under this Chapter) on his total income with which he is chargeable for any assessment year, of an amount equal to hundred per cent of such income-tax or an amount of [two thousand and five hundred] rupees, whichever is less.

So for senior citizen.... tax upto 3,50,000/- will not be taxable taking into account the rebate of (maximum) Rs. 2500/-

Similarly for individual assessee tax upto 3 lakhs becomes nill.......

For your example of 3.40 lakhs tax liability for assessee below 60 yrs. comes to........ Rs. 4,500/- before tax relief..... & Rs. 2,000/- taking relief into account.