Income Tax Credit/rebate.
The rebate would be the tax payable/liability subject to maximum 5000.
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This rebate shall be applicable from 1st April, 2014.e.Previous, discount hobby center next: How Does Monthly Tax Deduction (MTD/PCB) Work In Malaysia?Thus, the amount of rebate shall be 100 per cent of income-tax or 5000, whichever is less.Note: Anyone shall not use this article for commercial purposes, without my permission.5 Lakh is already fully exempted.For further clarification, kindly contact: Manoj Agarwal, FM-29, Basanti Colony, Rourkela 769012.Therefore, the increased amount of rebate shall take effect from 1st April, 2017 and will, accordingly, apply in relation to assessment year and subsequent years.
In other words, any resident individual having total income not exceeding 500000 shall get a tax relief upto 5000.e.
But in the Budget Speech, as"d above, the FM used the words I propose to provide a tax credit.
2,000/- to every person. .
As per section sweepstakes com reviews 87A of the Income Tax Act, 1961 as amended by the Finance Act, 2016, an assessee, being an individual resident in India, whose total income does not exceed five hundred thousand rupees, shall be eligible for rebate in income-tax equal to hundred.
So what is the point?NO, the basic exemption limit remains unchanged.Accordingly, they would not have got the benefit of section 87A as the exemption limit for them is already 3,00,000.But this may not be your final tax yet.Section 87A is a rebate under chapter viii and not a deduction chapter VIA.