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Rebate under section 87A for AY 2018-19
Rebate under section 87A for AY 2018-19 FY 2017-18 reduced to Rs. 2500/- as per Budget Proposals 2017-18.
The Union Budget 2017-18 was presented on 1st February, 2017. With a reduction of tax rate to 5% (in place of existing 10%), the Government has reduced the rebate u/s 87A to Rs. 2500/- for individuals having total income (taxable income) up to Rs. 3.5 lakhs.
The effect of reduced rebate 87A would be as under:
|Less: Rebate u/s 87A||5000/-||2500/-|
|Net Tax Payable||5000/-||2500/-|
The effect of reduction in Rebate on various income grous would be as under:
|Total Income (Rs.)||Income Tax||Rebate u/s 87A||Net Tax|