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/-
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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