Section 87A Rebate for AY 2020-21. 100% rebate up to income of Rs. 5 lakhs
Interim Budget 2019-20 has proposed 100 Percent tax rebate under section 87A of the Income Tax Act 1961 up to total income of Rs. 5 lakhs.
Thus, after considering deduction available under section 80C, now income up to Rs. 6.50 lakhs will be out of tax net
Section 87A Rebate for AY 2020-21
The impact of the budget proposal on Section 87A Rebate and income tax to be paid by the taxpayers for AY 2020-21 would be as under:
| Total/Taxable Income (Rs.) | Income Tax | Rebate u/s 87A | Net Tax |
| Rs. 300000/- | 2500/- | 2500/- | Nil |
| Rs. 350000/- | 5000/- | 5000/- | Nil |
| Rs. 400000/- | 7500/- | 7500/- | Nil |
| Rs. 500000/- | 12500/- | 12500/- | Nil |
| Rs. 500100/- | 12520/- | Nil | 12520/- |
| Rs. 600000/- | 32500/- | Nil | 32500/- |
Budget 2019-20 – Tax Highlights Click Here >>
- Prima facie satisfaction u/s 148 can not be a non-existing or incorrect information
- Mutual Funds to value physical Gold and Silver by using the polled spot prices
- SC allows simultaneous CIRP proceedings against principal debtor & corporate guarantor
- Merely because sales were declared for only one month, same cannot be treated as bogus
- ITAT deleted addition as method of accounting had been accepted in earlier years
addition u/s 68 addition u/s 69A ca misconduct cash deposit in bank cbdt circular CBDT Instruction cbdt notification cbdt order cbdt press release cgst circular cgst notification cit revision 263 concealment penalty condonation of delay covid-19 custom circular demonetisation due date extension e-way bill faq GST circular GST Council Meeting gst faq gstn advisory GSTR-3B GST rates IBBI ibc income tax penalty itat ITAT Delhi mca circular MCA notification order u/s 119 penalty 271(1)(c) penalty u/s 271(1)(c) Press Release reasons recorded reopening 148 Reopening us 147 Search & Seizure sebi circular unexplained cash credits validity of notice u/s 148 Withdrawal of 2000 500 Bank Notes
