Is Senior Citizen, above 60 years but below 80 years age, is eligible for rebate u/s 87A for FY 2019-20 ?
Kallol Sarkar (Accountant) (188 Points)
17 June 2020Is Senior Citizen, above 60 years but below 80 years age, is eligible for rebate u/s 87A for FY 2019-20 ?
Shivam RC
(Student)
(23683 Points)
Replied 17 June 2020
Sukumar Saha
(7 Points)
Replied 20 June 2020
Bhavin Shah
(Chartered Accountant)
(821 Points)
Replied 28 June 2020
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 30 June 2020
For senior citizens (aged 60 years or above but less than 80 years), income up to Rs 3 lakh is exempt from tax. Income from Rs 300,001 to Rs 5 lakh is taxed at 5 per cent, from Rs 500,001 to Rs 10 lakh at 20 per cent and above Rs 10 lakh at 30 per cent.
Rebate is applicable to those under a specific income: Individuals whose income does not exceed Rs. 3,50,000, are eligible to claim the rebate under section 87A. This rebate is limited to Rs. 2,500 and is applied before adding Education Cess, which is 3%.
Umesh Chandra Prasad
(Others)
(135 Points)
Replied 30 June 2020
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