Rebate under section 87A for Assessment Year 2019-20 – No changes proposedÂ
No changes have been proposed by the Finance Bill 2018 in the rebate u/s 87A for AY 2019-20
100 percent Section 87A tax rebate up to income of Rs. 5 lakhs for AY 2020-21 Click Here >>
The rebate shall continue to be available to Indian resident individuals whose total income does not exceed Rs. 3,50,000/- . The quantum of the rebate is equal to Rs. 2500/- or the amount of tax payable whichever is less.
The Rebate available on various income groups would be as under:
| Total/Taxable Income (Rs.) | Income Tax | Rebate u/s 87A | Net Tax |
| Rs. 300000/- | 2500/- | 2500/- | Nil |
| Rs. 310000/- | 3000/- | 2500/- | 500/- |
| Rs. 320000/- | 3500/- | 2500/- | 1000/- |
| Rs. 330000/- | 4000/- | 2500/- | 1500/- |
| Rs. 340000/- | 4500/- | 2500/- | 2000/- |
| Rs. 350000/- | 5000/- | 2500/- | 2500/- |
| Rs. 400000/- | 7500/- | Nil | 7500/- |
| Rs. 500000/- | 12500/- | Nil | 12500/- |
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- AO took a reasonable stand that 25 kg written in WhatsApp chat was 25 lakh – ITAT
- Shareholders can’t be taxed for income from properties owned by the company – HC
- Jurisdictional error in reassessment approval can’t be shielded by the law of limitation
- ITAT ought to remanded whole matter of bogus purchases instead of profit determination
- Where proceedings u/s 153C barred by limitation, AO can’t invoke section 148 & 148A
