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 >>

read latest abcaus posts

Read by Tags abcaus posts

addition u/s 68 ca misconduct cash deposit in bank CBDT cbdt circular CBDT Instruction cbdt notification cbdt order cbdt press release cgst circular cgst notification cit revision 263 concealment penalty covid-19 custom circular demonetisation due date extension e-way bill faq GST circular GST Council Meeting gst faq gstr-1 GSTR-3B GST rates gst refund IBBI income tax prosecution 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 sebi circular sebi regulations transfer and postings unexplained cash credits validity of notice u/s 148 Withdrawal of 2000 500 Bank Notes

----------- Similar Posts: -----------

Leave a Reply