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/-
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Quick Summary
This discussion explores eligibility for the Indian Income Tax rebate under Section 87A, specifically for a net profit of Rs. 632,000 and a PPF deposit of Rs. 150,000, resulting in a taxable income of Rs. 482,000. The consensus is that resident individuals with a total income below Rs. 5 lakhs are generally eligible for this rebate, which is automatically calculated by the portal. However, it's important to note that the rebate applies only to the tax before cess and that senior citizens above 80 are not eligible.
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