to claim rebate of Rs 5000/- for Ay 17-18 the total income shall not exceed Rs 5L.
Then such total income means GTI??
NTI
Not GTI
Harshil Shah (Semi Qualified) (24 Points)
25 September 2017
RAJA P M
("Do the Right Thing...!!!")
(127069 Points)
Replied 25 September 2017
chamarthi venkatesh
(Student CA Articleship)
(848 Points)
Replied 25 September 2017
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.
chamarthi venkatesh
(Student CA Articleship)
(848 Points)
Replied 25 September 2017
Taxable income means, income derived after allowing all the exemptions and deductions.
Jatin Gada
(searching job)
(151 Points)
Replied 25 September 2017
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.
MOHD AFROZ
(STUDENT)
(1475 Points)
Replied 26 September 2017
Its not GTI (Gross Total Income), its NTI (Net Taxable Income).
Umakanth 07
(54 Points)
Replied 27 September 2017
tanushree mondal
(student)
(30 Points)
Replied 02 October 2017
Total income means Net total income which means (Gross Total Income - Deduction under Chapter VI A)
MOHD AFROZ
(STUDENT)
(1475 Points)
Replied 03 October 2017
Net total income (GTI - deduction under chapter VI) which is also called taxable income.
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