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Sec 87a and 80ttb

vsraj (administration) (135 Points)

13 July 2019

This Qn is related to Sec 87A and 80TTB. For the Very Senior Citizen pertaining to the Assessment Year 2019-20 WHAT IS THE QUANTUM OF REBATE ALLOWED under the above sections ?

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4 Replies

Mujeeb rahuman (Audit assistant) (101 Points)
Replied 13 July 2019

we can claima tax rebate u/s.87 A when net taxable income below 350000 after all vi A deduction for all.
and
80ttb is only for senior citi., only
maximum 50000 in sb and u/s.194a interest

vsraj (administration) (135 Points)
Replied 14 July 2019

Mr..M.Rahuman, Thank you for the reply. Vaguely I remember that for the Financial year 2018-19 (Assessment Year (2019-20)

for the very senior citizen, 87A rebate has been raised to Rs.12500,when Sri. Piyush Goyal was submitting the Interim Budget. Can you please correct me if I am wrong.

Thank you.

CA. Umesh kumar (ca.umesh11@gmail.com) (1465 Points)
Replied 15 July 2019

12500 rebate applicable from fy 2019-20(assessment year 2020-21). piyush announced this in 2019 budget, all provision of 2019 finance act applicable from fy 2019-20

CA. Umesh kumar (ca.umesh11@gmail.com) (1465 Points)
Replied 15 July 2019

12500 rebate applicable from fy 2019-20(assessment year 2020-21). FM Piyush Goyal announced this in 2019 intrim budget, all provision of 2019 finance act applicable from fy 2019-20