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 >>

• In absence of mala fide intention bank should not be treated as assessee in default
• Whether bank account was fraudulently open in the name of assessee is question of fact
• SBI Concurrent Auditor Empanelment of Chartered Accountant Firms 2024-25. Last date 18.05.2024
• Change in the constitution of Appellate Authority for CAs CSs and Cost Accountants
• Trade Tax refund withheld beyond stipulated period & adjusted from demand unjustified – SC

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