Join our community of SUBSCRIBERS and be part of the conversation.

To subscribe, simply enter your email address on our website or click the subscribe button below. Don't worry, we respect your privacy and won't spam your inbox. Your information is safe with us.

32,111FollowersFollow
32,214FollowersFollow
11,243FollowersFollow

News

Company:

Friday, April 4, 2025
Home Blog Page 16

ITAX Individual

Rebate 87A:

Available in A.Y.2014-15:

Rebate of Rs. 2000 for resident individuals having total Income up to Rs. 5 lakh. With a view to provide tax relief to the Individual who are in lower income bracket, a rebate is provided for u/s 87A newly inserted by FA 2013. But to avail benefits under this section these two conditions needs to be satisfied.

Condition:

Tax Payer must be a resident Individual (Ordinary resident)

His total income or net income or taxable income is Rs. 5 lakh or less

Amount of Rebate:

100% of Tax paid on total income or Rs. 2,000 whichever is less. This rebate is available on income tax i.e. before adding CESS.