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/- |
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addition u/s 68 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 covid-19 custom circular demonetisation due date extension e-way bill faq GST circular GST Council Meeting gst faq gstn advisory gstr-1 GSTR-3B GST rates IBBI ibc icai announcement itat 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 sebi regulations transfer and postings unexplained cash credits validity of notice u/s 148 Withdrawal of 2000 500 Bank Notes
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