Please explain section 87(A) and how we can gain using it?
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Want to know about section 87(a)
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As per the Central Finance Budget 2013, a new Income Tax Section has introduce under section 87A, where can get relief as well as Rebate Maximum Rs. 2,000/- who’s taxable income up to 5,00,000/-. For more clarification about this new section under clauses 19 & 20 of the Central Budget 2013 as given below:-
Clauses 19 & 20 of the Central Budget which have already passed by the Parliament, that
The new section 87A in the income tax Act relating to get the rebate of income tax in case of below given certain clauses :-
a) The section 87A seeks to provide that an tax payer being an individual , whose total Taxable Income does not exceed 5,00,000/-( After deduction of U/s 10,16,80C and under chapter VI A). It is must be great opportunity to tax relief for below tax payers.
b) This amendment will take effect from 1st April 2013 which effect for the Financial Year 2013-14 and Assessment Year 2014-15.
If you are a salaried person having salary less than 5 lakh than Rs.2,000 would be deducted from the tax payable amount. Source: Tax Credit under Section 87A
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