100 percent Section 87A tax rebate up to income of Rs. 5 lakhs for AY 2020-21 Click Here >>
87A Rebate given in earlier budgets is as under:
(a) Rebate u/s 87A FY 2018-19, AY 2019-20 Click Here >>
Rebate under section 87A for AY 2018-19 FY 2017-18 reduced to Rs. 2500/-.
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:
|
Taxable Income |
AY 2017-18 |
AY 2018-19 |
| Rs. 3,50,000/- | 10000/- | 5000/- |
| 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 |
| Rs. 300000/- | 2500/- | 2500/- | Nil |
| Rs. 350000/- | 5000/- | 2500/- | 2500/- |
| Rs. 400000/- | 7500/- | Nil | 7500/- |
| Rs. 500000/- | 12500/- | Nil | 12500/- |
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View Comments
for fy 2018-19
to get benfit of 87a after deduction under 80c
can we deduct standard duduction of 40000 on salary and then amount is less than 350000
should be considered.
thankyou inadvance
yes
Hi
Rebate under section 87A is provided by employer or I need to take benefit during filing of my tax return?
how many rebete in 87A FY 2019-20
wait till budget
MY TOTAL INCOME INCLUDING SALARY ARREAR IS RS 383484. WHERE ARREAR FOR AY 17-18 IS RS 41175 SO CAN I CLIAM REBATE U/S 87A OF RS 2500 BACAUSE MY TOTAL INCOME FOR AY 18-19 IS RS 342309 (383484-41175)
No you can not
business income = Rs A i.e.8% of turn over
Shares S.T..capital gain = Rs.B
Totally Taxable income = Rs.A + B
U / S 80CCE = Rs. C
Total Income = Rs.A + B - C
so hqw much tax i have to pay for A.Y. 2018 / 2019
Sir ,when computation of TDS on salary of individual ,which income is less than 3.5 lacs,we can considered rebate u/s 87 a or not??
yes you can
Sir,
Please help me Financial Year 2017-18 A.Y 2018-19 Excel Sheet in Farmula
Total yearly Income =A
Int. if any on H/Loan = B
Balance Income = A-B= C
Saving if any say =D
Tax payable Income = C-D = say E
Tax calculation =
a) Tax up to 2.5 lakh --------------------------Nil
b) remaining Rs.250001-5 lakhs @5%----- say F ( if ur income is less then 5 lakhs and ur
saving is 1.5 lakh) then ur tax is Zero after the benefits of rebate
under section 87a , if do not falls in any of the conditions u will have
to pay tax up to 12500 rupees.
c) 5lakhs one--10lakhs @20% --- ------------- G
g) add 1% and 2% other charges in the above F and G u will get ur req. Tax.
Your total income Rs. 450000/-
Tax liability Rs. 7500/-
E & S Cess Rs. 225/-
Total Tax Payable Rs. 7725/-
In order to give relief to small tax payer the rate was reduced from 10% to 5% and accordinly the relief under dev.87a was reduced to Rs.2500/- from Rs.5000/-
please convey the rebate of Interest on HBA for let out propery and self occupied property for the financial year 2017-2018 (A/Y 2018-2019) of computation Income tax liablity