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:

Budget 2019-20 – Tax Highlights Click Here >>

• No separate compensation for loss of love and affection under MV Act – SC
• Trust accredited by National Open School eligible for registration u/s 12AB & u/s 80G
• Delay in furnishing Form 10B – Covid Period to be excluded as per decision of Supreme Court
• Section 271AAB does not grant any immunity from penalty in terms of section 273B
• Engagement of ‘Young Professional’ in the office of the PCCT Bihar & Jharkhand

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 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 Search & Seizure sebi circular unexplained cash credits validity of notice u/s 148 Withdrawal of 2000 500 Bank Notes