Availability of Rebate under section 87A for FY 2015-16, 2014-15 AY 2016-17, 2015-16
Excel for
Chartered Accountants
Union Budget 2015-16 and 2014-15 have not altered the rebate available under section 87A for FY 2015-16, 2014-15 or AY 2016-17, 2015-16 meaning thereby that effectively there will be no income tax payable up to the total income of Rs.270000/- for those having total income not exceeding Rs. 5.00 lacs.
Read more about Rebate u/s 87A >>
What is Total Income >>
The following chart illustrates the rebate effect on income tax for AY 2016-17 or AY 2015-16
|
Total Income |
Income Tax |
Rebate 87A |
Net Tax |
Edu Cess |
SHE Cess |
Tax+cess Liability |
|
250000 |
- |
- |
- |
- |
- |
- |
|
260000 |
1000 |
1000 |
- |
- |
- |
- |
|
270000 |
2000 |
2000 |
- |
- |
- |
- |
|
280000 |
3000 |
2000 |
1000 |
20 |
10 |
1030 |
|
290000 |
4000 |
2000 |
2000 |
40 |
20 |
2060 |
|
300000 |
5000 |
2000 |
3000 |
60 |
30 |
3090 |
|
310000 |
6000 |
2000 |
4000 |
80 |
40 |
4120 |
|
320000 |
7000 |
2000 |
5000 |
100 |
50 |
5150 |
|
330000 |
8000 |
2000 |
6000 |
120 |
60 |
6180 |
|
340000 |
9000 |
2000 |
7000 |
140 |
70 |
7210 |
|
350000 |
10000 |
2000 |
8000 |
160 |
80 |
8240 |
|
360000 |
11000 |
2000 |
9000 |
180 |
90 |
9270 |
|
370000 |
12000 |
2000 |
10000 |
200 |
100 |
10300 |
|
380000 |
13000 |
2000 |
11000 |
220 |
110 |
11330 |
|
390000 |
14000 |
2000 |
12000 |
240 |
120 |
12360 |
|
400000 |
15000 |
2000 |
13000 |
260 |
130 |
13390 |
|
410000 |
16000 |
2000 |
14000 |
280 |
140 |
14420 |
|
420000 |
17000 |
2000 |
15000 |
300 |
150 |
15450 |
|
430000 |
18000 |
2000 |
16000 |
320 |
160 |
16480 |
|
440000 |
19000 |
2000 |
17000 |
340 |
170 |
17510 |
|
450000 |
20000 |
2000 |
18000 |
360 |
180 |
18540 |
|
460000 |
21000 |
2000 |
19000 |
380 |
190 |
19570 |
|
470000 |
22000 |
2000 |
20000 |
400 |
200 |
20600 |
|
480000 |
23000 |
2000 |
21000 |
420 |
210 |
21630 |
|
490000 |
24000 |
2000 |
22000 |
440 |
220 |
22660 |
|
500000 |
25000 |
2000 |
23000 |
460 |
230 |
23690 |
Income Tax Slabs for AY 2015-16 >>
