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Rebate U/s Section 87A

Posted @ March 20, 2013, 1:24 am under (Income Tax Updates)

Rebate U/s Section 87A

A new Section 87A under Income Tax Act, 1961, has been inserted in the Budget 2013 as per this section a REBATE is available of up to Rs. 2000/- from the Income tax payable. This exemption is available for male, female and senior citizen however this exemption is not available to a super senior citizen (age 80 or above) as their total income up to Rs. 5 Lakhs is already fully exempt. It can be claimed from the FY 2013-14.

Conditions for claiming deduction:

  1. This REBATE is available only to an INDIVIDUAL tax payer, resident in INDIA.
  2. This deduction can be claimed, if total income after deducting all the deductions available under Chapter VI from the ‘Gross total’ income shall not exceed Rs.5 lacs.

 

 

 

 

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