to claim rebate of Rs 5000/- for Ay 17-18 the total income shall not exceed Rs 5L.
Then such total income means GTI??
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Rebate u/s 87A
Replies (11)
NTI
Not GTI
Not GTI
No...
It's not GTI...
Applicable on Net Taxable Income only....
It's not GTI...
Applicable on Net Taxable Income only....
not GTI . it's NTI
If the taxable income is less than 5,00,000, then rebate of 5000 can be claimed.
This rebate is applicable only for resident individual.
Taxable income means, income derived after allowing all the exemptions and deductions.
Eg: Gross total Income is 600000, Deduction is 100000. Hence Your Net taxable Income is 500000 on which you have to pay Tax.
Tax Payable is 250000*10% = 25000 less Rebate u/s 87A 5000 = Net tax payable will be. 20000/-.
I hope your doubt is solved now.
total income means GTI - deduction u/s 80c to 80u
Its not GTI (Gross Total Income), its NTI (Net Taxable Income).
total income = net total income
net total income = gross total income - deductions under Sec 80c to sec 80u
net total income = gross total income - deductions under Sec 80c to sec 80u
Total income means Net total income which means (Gross Total Income - Deduction under Chapter VI A)
Net total income (GTI - deduction under chapter VI) which is also called taxable income.
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