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Slab rates
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
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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