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Poll: Weigh in on the tax-rebate check situation.Tax rates are established annually by each of the taxing bodies based upon their budgetary needs.The maximum standard rebate is 650, but supplemental rebates for certain qualifying homeowners can boost rebates to 975.TheRead more
Income tax rebate plan
Currently, under this section a resident individual with income up to honeywell wifi thermostat rebate or equal to Rs 5 lakh can get a rebate in tax equal to 100 per cent of the income tax payable or Rs 2000 whichever is less.
5,000 from this Tax payable provided his Total Income is less than.
An assessee, being an individual resident in India, whose total income does not exceed five hundred thousand rupees, shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deductions under this Chapter) on his total income with which.5,000 or the total tax payable (whichever is less).After deducting the Rebate, pay the tax after calculating the education cess, That's.On income above Rs 1 crore a surcharge of 12 of income tax is additionally levied on the income tax computed and then the 3 cess is further levied on the total of tax plus surcharge.Financial Year, amount of Rebate, applicable only if Income is less than 2016-17,.The following section 87A shall be inserted after section 87 by the Finance Act, 2013,.e.f.First Calculate the Total Taxable Income after making all Possible and eligible Deductions from your Income.Omitted by the Finance (No.Income Tax Rebate.
Add Education Cess, Higher and Secondary Education Cess 3 on.8,000 and Pay the Tax.
Rebate of income-tax in case of certain individuals.
( If the Total Taxable Income is Less than.5,00,000 then you are to eligible claim a Rebate of Rs.2000).
Salient Features of Income Tax Rebate under Section 87A.
Total Income should be less than.
More Details on Income Tax Act for 2013-14 Click Here.Clarifications on Sec 87A: This Sec 87A Rebate.2000 is applicable to Individuals Indian Male and Female Residents only.2 Lakh for Below 60 Years More Detailed particulars Click Here this Relief is applicable to all Individuals only if the Total Income is less than.5,00,000.(Recommended Read: How to compute Residential Status the total rebate allowed under section 87A would.Now, 10 Tax.1,00,000 (Rs.3,00,000 -.2,00,000) will.10,000.Other types of assesses like.Tax Rebate is also applicable to Senior Citizens upto.The Rebate.2000 under Sec 87A is inserted after the Sec 87 of the Income Tax Finance Act 2013 and is as follows: 87A.As per the, income Tax Financial Act 2013-14, the new Section 87A is introduced.e.f.The above points have been represented below showing the manner of computation.