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Slab rates

Others 382 views 4 replies
Is rebate of ₹5lacs is for the indiviuals whose annual income is less tha ₹6.5 lacs
Replies (4)

Yes, whose taxable income be upto 5 lakhs.

Rebate under 87A applies to only such persons whose total income is less than or equal to 5 lakhs ... (i.e., no tax liability arises up to 5 lakhs)

Moreover if total income exceeds 5lakhs then there is no concept if rebate under 87A

IF INCOME AFTER ALL DEDUCTIONS > 5L => NO REBATE!

If the income is say below Rs 5 lakhs (only income from other sources /all bank FD interest only )

& no claim for any deductions under 80C,  these Rebate we have to claim under certain heads or applied upfront deducted by the system


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