Income Tax After Relief U S 87a

Your total income after deductions like under section 80c is equal to or less than rs 5 00 000 earlier it was rs 3 50 000.

Income tax after relief u s 87a. As per the amendments to section 87a if your annual taxable income is rs5 lakh or lower you can avail the tax rebate. I want to know whether rebate of rs 2000 will applicable for this year income tax computation 2013 14 my gross salary is 412000 and the taxable income is rs 112000 can i get tax benifit of rs 2000 u s 87a please clearify me. Revised tax rebate under sec 87a after budget 2019. Tax relief under section 89 1 on salary arrears.

And got relief under section 89 i. I have apportioned my arrears in respective financial year. Additionally the minimum tax rebate limit has been raised to rs12 500 from. The rebate is limited to rs 12 500 earlier it was rs 2 500.

2000 as my total income related to this financial year is less than 5 lac. Total income excluding arrears rs. You must be a resident individual. Any individual whose annual net income is not more than rs 5 lakh is eligible to claim tax rebate under section 87a of the income tax act 1961.

You are a resident individual. This section is added in income tax act 1961 for the benefit of common man. One of the budget tax proposals that has drawn everybody s attention is zero tax liability or no income tax for rs 5 lakhs taxable income as per the finance bill 2019 the threshold limit of tax rebate u s 87a has been revised to rs 12 500 for fy 2019 20. In budget 2013 14 taxpayers focus was on section 87a.

Am i eligible for tax rebate u s 87a of rs. Your total income after deductions under chapter vi a section 80c 80d 80e and so on is less than rs 3 5. Accordingly if your total income for financial year 2019 20 does not exceed 5 00 000 then you will be eligible to claim rebate in income tax u s 87a up to 12 500 at the time of filing your income tax return for assessment year 2020 21. Section 87a states that taxpayer with an income of less than 5 lakhs will be eligible to get a tax rebate of rs.

Let us see the features of sec 87a. Income tax rebate u s 87a is introduced in the 2013 financial bill which is further amended in the year 2017 and further amended in budget 2019. Eligibility to claim rebate u s 87a fy 2018 19 and fy 2017 18 if you are filing income tax returns for fy 2017 18 or fy 2018 19 the eligibility criteria to claim tax rebate under section 87a are as follows. My total income including arrears rs 572710.

Section 87a income tax rebate.