Rebate

Rebate is available from A.Y 2014-15 to a resident individual only. (R & OR or R but NOR) (Not available even for HUF) having net taxable income not exceeding Rs. 5 Lakhs.

Net taxable incoem shall be gross total income minus deductions u/s 80 C to 80 U

Rebate is allowed max. up to Rs. 2,000/- i.e person having tax payable before claiming rebate less than Rs. 2000 will not be required to pay any tax and person having tax payable higher than Rs. 2000 will be eligible for rebate of Rs 2000 if taxable income does not exceed rs. 5 lakhs.

Rebate is to be deducted before adding education cee