Menu
Provision of rebate
is rebate u/s 87A is available for income from lottery tickets??
Replies (4)
Quick Summary
A resident individual having taxable income upto Rs 5,00,000 will get a tax rebate of Rs 12,500 or equal to the amount of tax payable (whichever is lower).
in this case if you win more than 10000 and taxed at 31.2%, if this is lower than 12,500 rebate, then
| Tax Payable | Rebate u/s 87A |
|---|---|
| Less than Rs. 12,500 | Equal to the tax amount payable |
| Exactly Rs. 12,500 | Rs. 12,500 |
| More than Rs. 12,500 | NIL |
Rebate will be available if income is less than 500000 rupees than a rebate u/s 87A will be given for 12500 rupees. It is applicable on lottery income also
Yes, applicable. The condition is that Total Income shall not be more than 5L.
Agreed
Recent Topics :
- GST PAYMENT REGARDING
- GST Consultation Required – June–Augus
- TDS Code for Salary Payment to Non-Resident Intern
- TDS on property
- Company data for software
- Car purchase to be eligible for ITC
- GST Refund on payment to builder
- TDS u/s 194Q on electricity supply by DHBVN etc.
- Subject: Can I Apply for Fresh GST Registration on
- Additional place in GST RC
Related Topics :
CAclubindia
