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Rebate US 87A Rs.12500

Others 223 views 5 replies
Dear Sir

In books of account Net Profit is Rs. 632000/- we have deposit Rs.150000/- in PPF account Taxable income is Rs.482000/- So can I eligible for rebate Us 87A Rs.12500/-
Replies (5)
If you residential individual, then only 87A rebate is applicable.
Rebate, if applicable, portal will auto calculate
Yes you're eligible for rebate u/s 87A as total income is less than 5 lakhs
Sir,
I got reply from another expert. according to him you are not eligible for rebate 87A you have to pay Income tax.
Things to remember to avail rebate under section 87A
The rebate can be applied to the total tax before adding the health and education cess of 4%
Only resident individuals are eligible to avail rebate under this section.
Senior citizens above 60 years and below 80 years of age can avail rebate under section 87A
Super senior citizens above 80 years of age are not eligible to claim rebate under section 87A
The amount of rebate will be lower of limit specified under section 87A or total income tax payable (before cess)
Section 87A rebate is available under old as well as new tax regimes


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