Section 87A Rebate for AY 2020-21. 100% rebate up to income of Rs. 5 lakhs

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 >>

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