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INCOME TAX REBATE

Open uri20170510 32134 9p7be3?1494421783 asked

HW REBATE APPLICABLE IN INCOME TAX

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4 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Rebate U/S 87A -Applicable Only To Resident Individuals Condition:- TOTAL INCOME Must be below 5,00,000 Availability Of Rebate U/S 87A: -The Least Of the Following Is Rebate U/S 87A i) 100% of Tax there on (i.e Before Charging Edu.cess) ii) 2000/- Example: Suppose If an Resident Individual of below 60 years, has an TOTAL INCOME Of 270000,(i.e after deducting under Chapter VI-A) Reabte u/s 87A is Calculated as under:- Tax there on (1) =2000(270000-250000)*10% Less: Rebate u/s 87A (2) lower of a) or b)=2000 a) 100%2000

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Rebate benefit u/s 87A is available to Resident Individuals and not available to Non-Residents. Rebate benefit u/s 87A is available only if Total Income does not exceed 5 lakh rupees in a Financial Year. Rebate benefit u/s 87A is available to both male as well as female. Rebate benefit u/s 87A is not applicable to a super senior citizen, since he is already fully exempted up to Rs. 5 lakh. If the total tax payable by is less than Rs. 2000/-, rebate is restricted to total tax payable.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Dear Rashmi, Rebate U/S 87A -Applicable Only **To Resident Individuals** Condition:- **TOTAL INCOME** Must be below **5,00,000** Availability Of Rebate U/S 87A: -The Least Of the Following Is Rebate U/S 87A i) 100% of Tax there on (i.e Before Charging Edu.cess) ii) 2000/- Example: Suppose If an **Resident Individual** of below 60 years, has an **TOTAL INCOME** Of 270000,(i.e after deducting under Chapter VI-A) Reabte u/s 87A is Calculated as under:- Tax there on (1) =2000(270000-250000)*10% Less: Rebate u/s 87A (2) lower of a) or b)=2000 a) 100%2000 b) 2000 Tax Payable (1)-(2) =Nil Points to Be Noted: a) This Section is Applicable Only For Resident Individuals below 80 Years, because above 80years theirs Basic Exemption Limit is 500000. b) With the Effect OF Rebate U/S 87A , The assessee need not to Pay Tax if his **TOTAL INCOME** is 2700000( Though Exceeded **Basic Exemption Limit** of 250000)

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Rashmi please state your ques ????.....I thought u ask about max rebate then it is 25000after calcutaing gross taxable income and deducted all deduction u \s 80c to 80u ..we deduct this max limit and calculate tax on remaing taxable income

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