Rebate under section 87A for Assessment Year 2019-20-No changes proposed

Rebate under section  87A for Assessment Year 2019-20 – No changes proposed 

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:

• AO is under an obligation to assign reasons for rejecting explanation of the assessee
• CBIC issues SoP for clearance of imported goods through Foreign Post Offices
• Sale deed executed with full knowledge of only part consideration paid, not void – SC
• No fault in serving notice to last known address when PAN data was not updated – ITAT
• Investment by firm through capital introduced by partners cannot be treated as unexplained