My taxable income is 650000 but after investment and other deduction it becomes 470000 . Total tax is 11000 excluding cess and higher sec. Will i be eligible for additional rs. 5000 rebate u/s 87A?
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Rebate u/s 87A
Replies (17)
No ur not eligible for rebate
what are the conditions for rebate u/s 87 A
Rebate upto 2500 whose resident individual taxable income /net total income is up to 350000.
for A.Y.2018-2019:----
Individual assessee,
resident in India,&
taxable income after all deductions is upto ₹3,50,000.
Individual assessee,
resident in India,&
taxable income after all deductions is upto ₹3,50,000.
hence in the instant case u r not eligible.
But for A.Y. 2017-2018, if income of resident individual is upto 5,00,000 then he is eligible to deduction of Max. ₹5,000.
Hence in ur case for A.Y. 2017-2018 u r eligible for Max. 5000 deduction.
but for A.Y. 2018-2019 u r not,since income exceeds ₹3,50,000.
Hence in ur case for A.Y. 2017-2018 u r eligible for Max. 5000 deduction.
but for A.Y. 2018-2019 u r not,since income exceeds ₹3,50,000.
yes i require the exact reply . thnx @ pradeep garg . For A.Y. 2017-18 i m eligible for 5000 rebate u/s 87A
Please provide me the income tax slab table for both the F.Y. 2017-18 & 2018-19 either in ppt or pdf format
Refer: https://finotax.com/income-tax/slabs-1718
thnks
welcome..ji..
how tax of 11000 comes on 470000 ?
@ trilochan, for A.Y. 2018-2019:--
upto 2.5lac _ nil
(470000--250000)*5% _ 11,000
upto 2.5lac _ nil
(470000--250000)*5% _ 11,000
ok...i thought it was AY 17-18.
In this case since ur income exceeds 350000 u r not entitled for rebate u/s 87A. If ur income would not have exceeded 350000 the rebate of 2500 or tax amount whichever is less shall be allowed.
In this case since ur income exceeds 350000 u r not entitled for rebate u/s 87A. If ur income would not have exceeded 350000 the rebate of 2500 or tax amount whichever is less shall be allowed.
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