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 >>
- AO is under an obligation to assign reasons for rejecting explanation of the assessee
- CBIC issues SoP for clearance of imported goods through Foreign Post Offices
- Sale deed executed with full knowledge of only part consideration paid, not void – SC
- No fault in serving notice to last known address when PAN data was not updated – ITAT
- Investment by firm through capital introduced by partners cannot be treated as unexplained
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 icai announcement income tax penalty itat ITAT Delhi mca circular MCA notification 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
