Rebate u/s 87A for AY 2018-19 (FY 2017-18) as per Budget 2017. With reduction in tax rate of 5% for the income group in Rs. 2.50 lakhs to rs. 3.00 lakhs, rebate u/s 87A for AY 2018-19 has been reduced to Rs. 2500/- for income up to Rs. 3.50 lakhs. Click Here to read more >>
Rebate u/s 87A for AY 2017-18 (FY 2016-17)
Union Budget 2016-17 was presented by the Finance Minister on 29-02-2016.
Section 87A of the Income Tax Act, 1961 was inserted by the Finance Act, 2013 w.e.f. 01-04-2014. The section provides for a income tax rebate up to Rs. 2000/- for assessees having Taxable Income not exceeding Rs. 5 lakhs.
In his direct tax proposals, the Finance Minister has proposed to increase the limit of rebate under section 87A for FY 2016-17 AY 2017-18 by Rs. 3000/- (from Rs. 2000/- to Rs. 5000/- )
Chart of 87A Rabate showing Tax incidence is as under: