List of Deductions Allowed in New Tax Regime in Section 115BAC of Income Tax Act There are certain Deductions Allowed in New Tax Regime in FY 2024-25 (AY 2025-26) and FY 2025-26 (AY 2026-27) Comparison of exemption/deductions available under the old tax regime and new tax regime of Section 115BAC Here’s the updated table incorporating… Read More »
Tax Rebate in ITR AY 2020-21 I Section 87A I लेना न भूलें I CA Satbir Singh
Section 87A Rebate for AY 2017-18 87A Rebate for AY 2017-18 : Rebate of Rs. 5,000 for resident individuals having total income up to Rs. 5 lakh [Section 87A] Purpose of 87A Rebate for AY 2017-18 (Financial Year 2016-17) With a view to providing tax relief to the individual taxpayers who are in lower income bracket, a rebate is… Read More »
Tax Rebate under section 87A of Income Tax Act Salient Features of Tax Rebate under section 87A of Income Tax Act Tax Rebate under section 87A of Income Tax Act is available to Individuals having total income is less than Rs 5 Lakh. Total Income Means =[Gross Total Income Less Deductions u/s ( e.g LIC PPF etc… Read More »
Finance Bill 2016 Rationalization of limit of rebate in income-tax allowable under Section 87A The existing provisions of section 87A of Income-tax Act, provide for a rebate of an amount equal to hundred per cent of such income-tax or an amount of two thousand rupees, whichever is less, from the amount of income-tax to an… Read More »
Rebate of income tax under section 87A of Income Tax Act 1961 Section 87A has been Inserted by the Finance Act, 2013 in Income Tax Act w.e.f. 1-4-2014 to allow rebate of Income Tax Rebate of income tax in case of certain individuals. An assessee, being an individual resident in India, whose total income does… Read More »