v k s supraja (intermediate) 01 February 2019
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
happyvalley blooms 02 February 2019
If some one has income of just 5 lakhs gross income (retired / no property income/no stocks/bonds etc - only income is FD interest) , the 5 lakh IT threshhold is automatic (like 2.5 lakhs now) or only with rebates which we have to claim under sub sections like 87C investments ?
Suryakant N Kotigiri (Asst. Manager Finance) 04 February 2019
You can claim tax rebate under this provision if you meet the following conditions:
Dhirajlal Rambhia (KVO Merau Kutchh) 04 February 2019
|Originally posted by : S ELAVARASI|
|Is its to Total income or Taxable income...?
If my total income (receipts) Rs 10 lakhs. After prepare p&l my taxable income Rs. 5 lakhs. then can i avail the benifit?
Net Taxable income after all deductions.... but only in case of individual/proprietorship firm ....
Vignesh Prabhu (Student) 05 February 2019
If your Net taxable income doesn't exceed Rs.5 lakhs, then you will be eligible for a rebate upto 100% of your tax payable under section 87A. However if your Net taxable income EXCEEDS Rs.5 lakhs then rate of income tax shall apply as before.