Rebate under Sec 87A

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Under sec 87A a tax rebate of Rs.2500 was applicable for those whose income do not exceed 3,50,000. Since the income upto 5 Lakhs is not taxable now, is this section being modified?
Replies (10)

There is no relevance for section 87 A 

For A.y 2019 -2020 there is no change in the sec 87A ( ie. whose income does not exceed 3,50,000 will get rebate of 2,500)

But the budget 2019 speaks about Sec 87A (Individual taxpayers with annual income up to 5 lakh rupees to get full tax rebate) implies Sec 87A limit has been increase from 2,500 to 12,500 (Applicable for A.Y 2020-2021)

 

Hopes this clarifies your doubt.
 

 

IT IS FOR FY 2018-19

AND  BASIC TAX EXEMPTION IS RS 5,00,000 AS PER INTERIM BUDGET 

TAX SAVE ULTIMATE RS 12,500

Budget is not specifically said anything about Section 87 A  

RS. 12,500 is only tax saved portion from exempted income limit Rs. 5,00,000  ( No change in section 87 A from the latest budget)

is it applicable for f.y.2018-19 or f.y.2019-20?

19-20

& standard deduction for f.y.2018-19?

Standard deduction for F.Y 2018- 19 is 40,000

thank you

https://commonmoney.home.blog/2019/02/01/five-key-tax-changes-for-individuals/

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