U/S 87A
Krishanu Chowdhury (154 Points)
30 May 2017
IS THE MAXIMUM ĹIMIT U/S 87A IS RS.5000/ FOR AY:2017-18 WHERE TOTAL INCOME LESS THEN RS. 500000 ?
5 Replies
PRABIR PAUL
(*****Accountant***** Never insult to a)
(1448 Points)
Replied 30 May 2017
Yes you are fully correct........
CA Rashmi Gandhi
(Chartered Accountant)
(86500 Points)
Replied 30 May 2017
rebate of Rs.5000 allowed if income is equal to or less than Rs.500000/-.
CA Rashmi Gandhi
(Chartered Accountant)
(86500 Points)
Replied 30 May 2017
rebate of Rs.5000 allowed if income is equal to or less than Rs.500000/-.
Kumar Sushank
(General Manager - Finance)
(1040 Points)
Replied 30 May 2017
I think it will be apply on only Resident Individual.
@VaibhavJ
(Believe!! Live your dreams!)
(33521 Points)
Replied 31 May 2017
The rebate for FY 2016-17 shall be available if you satisfy both these conditions:
1) You are a RESIDENT INDIVIDUAL.
2) Your Total Income Less Deductions (under Section 80) is equal to or less than Rs 5,00,000
If both the above conditions are satisfied, rebate of Rs 5,000 will be available under Section 87A. The rebate is limited to Rs 5,000. Which means if the total tax payable is lower than Rs 5,000, such lower amount of tax will be the rebate under section 87A.
This rebate is applied on total tax before adding Education Cess(3%).
This rebate is also available to Senior Citizens who are 60 years old but less than 80 years old.
Thanks!
@ VaibhavJ
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