- CA Sandeep Kanoi
- | Income Tax - Articles
- 17 Jul 2018
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- 215 comments
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 Rs. 5000/- (Rs. 25,00 from A.y 2018-19), whichever is less, from the amount of income-tax to an individual resident in India whose total income does not exceed five hundred thousand rupees (3.5 lakhs wef A.y 2018-19) :-
A question which is coming in the mind of Taxpayers nowadays is do Rebate of income-tax under section 87A as available from FY 2013-14, also available for FY 2018-19, and subsequent years. One more question which comes to mind is amount of Rebate Available under section 87A, i.e is it Rs. 2000/- or Rs. 5000/- or Rs. 2,500/- for Financial Year 2018-19?
Relevant Articles-
We have made a Chart of Amount of Rebate U/s. 87A Available to individual resident in India whose total income does not exceed five hundred thousand rupees (3.5 lakhs wef A.y 2018-19) :-
REBATE AMOUNT UNDER SECTION 87A OF INCOME TAX ACT, 1961
| S. No. | Financial Year | Rebate Available |
| 1 | 2018-19 & Subsequent Years unless withdrawn | 2,500/- |
| 2 | 2017-18 | 2,500/- |
| 3 | 2016-17 | 5,000/- |
| 4 | 2015-16 | 2,000/- |
| 5 | 2014-15 | 2,000/- |
| 6 | 2013-14 | 2,000/- |
Finance Act 2013 has introduced the rebate U/s. 87A and in this section it has not restricted the exemption to any particular Financial or Assessment year and section been further amended by Finance Act 2017 to provide maximum deduction of Rs 2500 if the net income of resident individual does not exceeds Rs 3.5 Lacs.
In both the Act mentioned above Section 87A has not restricted the exemption to any particular Financial or Assessment year. So in our our view Rebate U/s. 87A is Available to Resident Individuals for A.Y. 2018-19/ A.Y 2019-20 , whose total income does not exceed 3.5 Lakh rupees in Financial Year 2017-18 & 2018-19 Further rebate u/s. 87A is also available for all the years succeeding to A.Y. 2019-20 on compliance of conditions unless specifically withdrawn.
Key Points
- Rebate under section 87A is available only to Resident individuals and not available to Non Residents.
- Rebate under section 87A available to both Male and Female assesses
- If the total tax payable by is less than Rs. 5000/- (Rs. 2,500/- from F.Y. 2017-18), rebate u/s. 87A is restricted to “total tax payable”.
- Rebate u/s. 87A is allowed before levy of Health and Education Cess & Surcharge.
- Rebate benefit is available to all category of Individuals but not to super senior citizen, since he is already fully exempted up to Rs. 5 lakh.
- Above amendment does not mean that basic Exemption Limit has been raised.
Extract of Section 87A is as follows :-
Rebate u/s. 87A of income-tax in case of certain individuals.
Rebate of income-tax in case of certain individuals.
87A. An assessee, being an individual resident in India, whose total income does not exceed [three hundred fifty thousand] rupees, shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deductions under this Chapter) on his total income with which he is chargeable for any assessment year, of an amount equal to hundred per cent of such income-tax or an amount of [two thousand and five hundred] rupees, whichever is less.
(Compiled by Taxguru Team- Republished with Amendments)
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Thanks brother. I seen it at income tax department site and asked to many welknown tax consultant sites but no one ready to understand it.
thanks once again for it fy 2018-19 ay2019-2020 clarification about 87A.
HI IF INCOME IS LESS THAN 350000/- AND RETURN OF INCOME IS FILED IN OCT FOR P.Y 17-18 WHETHER REBATE U/S 87 A CAN BE CLAIMED.
Hi,
Can I claim tax rebate under section 87a for AY 2017-18??
While filling ITR for last year i.e. 2017-18, tax rebate under section 87a shown as zero.
Section 87 a rebate on taxable income of RS.350000/- or on gross income ?
Rebate u/s 87A is on taxable income not on gross income pl
In case of PAN Not Available whether Rebate is applicable. since tds is deducted at 20%.
I am recieving arrears due to CPC 7 revised pension. My bank does TDS on the full amount which is spread over 3 conseqitive financial years 2015 – 16, 2016 – 17 & 2017 -18. How do I get relief for these years as otherwise including the total amount goes to 30% tax bracket which is loss to me. How do I get tax relief?
hi my gross income for f.y. 2017-18 is below Rs. 500000/- after deductions us 80c, whether i m eligible to get rebate of Rs. 5000/- us 87a
YES
hi, my gross income after deductions u.s. 80c is less than Rs. 500000/- whether i m eligible to get rebate of Rs. 5000/- u.s. 87a
i want to know that under section 87 A .what is the rebate in financial year 2016-17
total taxable income not above 500000 so u get rebate thats mean if u have gross income 649000 rebate 80c 150000 so u have eligible for 5000 87a rebate enjoy
Sir my income gross income is 518022 and after saving under Sec 80c and 80d education loan my taxable income is 292000 will I get rebate u/s 87a
Sir my income is 350000 gross.out of which 250000 should not be taxed as per guidelines of govt..for remaining 100000 I have the lic policy+sli policy+ NPS deduction total amount of all tbese policies is 70000. Now 100000-70000= 30000.for this 30000 how much tax I have to pay.. 87a
you are in the slab of 10% on 30000 it is 3000 is the tax less rebate is full of tax amount i.e 3000 hence tax liability is NIL
I am tax payer, my gross income 620000 and taxable income is 475000, kindly intimate whether benefits of 87 A are applicable or not
Section 87A of the Act clearly mentioned that Total Income should not exceed Rs. 5,00,000.
so, you can get 87A rebate.
Is the rebate of Rs.5000/- available for the financial year 2016-17 or 2017-18?
I I have gross income 678229 and have GPF contribution for Rs 150000 can I claim rebate under section 87A – See more at: https://taxguru.in/income-tax/availability-rebate-87a-fy-201415-ay-201516.html#sthash.NE1hsGlB.dpuf
I have gross income 678229 and have GPF contribution for Rs 150000 can I claim rebate under section 87A.
pls let me know …………. my gross annual salary is 478328 i have viA/80c of rs.150000 and what is my taxable income ? can i have tax credit of rs.2000 or 5000 for 87A ? –
I have gross income 629000 and total taxable income 457165 I have GPF contribution for Rs 150000 can I claim rebate under section 87A
My gross income is Rs 5,25,435 including Rs 90,700 from Interest of FD. My taxable income comes to Rs
3,75,435/ after deduction of Rs 1,50,000/-for savings U / S 80C. What amount of rebate U/S 87A is admissible to me?
I am senior citizen having Rs395000/- annual pension.Besides it I have no income.My investment is Rs50000/-.As per new budget eligibility under section 87
my total income is Rs 395000/- and investment under section 80 cc are Rs 50000/- How kkuch tax I would have to pay?
I am senior citizen.
a
Sir, my taxable income for the f. Y. 2016-17 is 6 .2 lakh, whether I am eligible fore rebate of 5000/- under section 87A ?
Rebate of Rs 5000 is allowed under section 87A if total income is less than Rs 500000. Kindly clarify that here the income means the gross income or income after deductions
Sir, income for the yr is 334000 and a senior citizen what will be a the taxable income pls reply
what is the income limit for rebate under
87 A
net take home salary/gross for the fin.year/taxable income after rebates
Sir, my taxable income for the f. Y. 2016-17 is below 5. 00
Lakh, whether I am eligible fore rebate of 5000/- under section 87A ? I am senior citizen.
Yes, you are eligible for rebate under 87A for rs 5000 or amount of TAX calculated,whichever is lower.
Rebate u/s 87A is available for assessee whose total income does not exceed Rs.500,000/-. rebate shall be availabe 5000/- or 100% of income tax whichever is lower.Hence you are eligible for 87A Rebate.
sir
My query is if what is the permissible maximum rebate U/S 87 -A for financial year 2016-17 . And what is the INCOME CEILING for 87-A .Is it gross income of Rs 500000 or net income of Rs.500000 after deduction U/S 80-c etc. Please do reply
its total income after all 80C deduction should be less than 5,00,000.
My total income for the current financial year is 3,70,000. How much tax I have to pay.
If you have no deposit under 80c, you have to pay tax rs.12360.
refer my earlier reply,,You are also eligible for rebate for rs 5000 under sec 87A and you have to pay net tax rs.7210.
Your Total Tax Liability shall be Rs.7360/-(370000-250000=120000*10%+edu.cess@3% 360/-=12360-5000(rebate 5000 or 100% of 12360/ whichever is lower) total tax liability=7360/-).
My gross annual salary is 515000, i have a via/80c of rs 150000 what is my taxeble income can i have tax credit of rs 2000/-OR 5000 for 87a pls mail.me
MY GROSS INCOME IS RS.503796/- AFTER DEDUCTION TOTAL INCOME IS RS.375200/- CAN I REBATE 5000/- UNDER SECTION 87(A)
Pl
s my gross annual salary is 515000, i have a via/80c of rs 150000 what is my taxeble income can i have tax credit of rs 2000/- for 87a pls mail.me vriamt@gmail.com
your taxable income will be rs.350000.and rebate under 87A be rs 2000 upto f.y.15-16 and rs 5000 for f.y.16-17
yes one can claim benefit u/s 87a of the Indian
Income Taxi
My taxable income is 588640 I invest 150000 under 80c rule and37000 under 80ccd1 what is income tax I have to paid?
Can we Claim 5000/- under section 87A for the Financial year 2016-17 as my Taxable income is below five hundred thousands
yes you can,rebate under 87A will be amount of tax or rs 5000 which ever is less.
A plot inherited by my mother was sold two months back and now with the amount we want to purchase a flat. Can I and my mother purchase the flat jointly? I want to keep her as second co-purchaser. Is it possible or there will be any tax implication?
Guide us so that the flat can be in my name directly without any tax implication to my mother due to sale of plot.
Looking forward to a speedy reply.
Hi,
i am doing business (partnership) and i filing income tax for my company every year and my business profit is below 5lakh…. for one partner…
while filling my individual income tax is applicable for rebate
can be deducted under 80C plus 5000 for 87A for fy 2016-17
Whats the status of your partnership firm ? Is it LLP, Proprietary firm having profit/loss share decided or what ?
Have you registered PAN Number for your business firm ?
Hello sir. actually there is difference in my 26AS form and FORM 16 on Gross income .. what should i have to rectify or crosscheck can u please explain it..
professional tax 2190 is deducted in TDS. is it refundable?
SIR AM A HUF CAN I CLIAM REBATE U/S 87A
sir can a huf cliam rebate as per IT?
Is 87 A available to HUF?
Hello, I am a salaried individual. I prepared and submitted my ITR for A.Y. 2016-17 online through my account. After putting in figures for salary and TDS deducted, total tax payable was Rs. 7590. I should have paid the tax first and then submitted the return by putting paid amount as self-assessed tax. However, by mistake, I submitted the return first and then paid the amount (but before e-verifying the return). After tax-payment through Challan 280, I e-verified the tax-return through my net banking. Now, the acknowledgement I have received still shows as ‘Tax Payable’ of Rs. 7590. I want to know if this would be considered as faulty return? If so, the remedy thereof.
Just update the amount and Re upload it(Corrected)-No problem
my income is 550000 with saving under 80C around 200000, how much tax I need to pay. weather 150000 can be deducted under 80C plus 5000 for 87A for fy 2016-17
If after allowing the deductions the taxable salary comes Rs. 700000/ is he is entitled for tax rebate under section 87A
IF HE HAD INCOME LESS THAN 500000 we can deduct 2000 as rebate
I I have gross income 600000 and have GPF contribution for Rs 150000 can I claim rebate under section 87A
Yes u r eligible to claim rebate u/s 87a.
600000-150000=450000 (net income)
450000-250000=200000(here 250000 is basic exemption limit)
tax on 200000*10%=20000-2000(rebate)=18000+e.cess also….
Yes.
Is the same available in case of belated return also?
YES.87A REBATE HAS NOTTHING TO DO WITH RETURN TIME LIMIT
Hello sir,
I want known that my taxable salary after deduction of chapter VIA is 254770.00
Now i confuse that TDS will b deductible on 4770 @ 10% or not.
Rebate 87A 2000/- after TDS or before…..??
4700-2000(87a)=2700
education cess & sec, hig. cess-3%=81
Total Tax Liability=2700+81=2781
254770-250000= 4,770
4700*10% = 470
Tax = Rs 470 , Since less than 2000, No tds… (87A 2000 rebate is on tax..and not on taxable income.)
254770-250000=4770
tax on 4770 i.e. 4770 *10.3%=491
as it is less than 2000. No TDS. Whole amount is given as rebate u/s. 87A
Good Article.. OK.. I understood how 87A is calculated and other stuffs..
I have a serious question here-
How does this refund reaches me? Does employer need to add a section in Form 16 and provide me the LESS or Should I have to mention when filing my returns ( and get it as refund)? . So far, in my tax statement, I dont see this deduction even though I am eligible for 87A and as far I remember, I have never seen this section in Form 16 issued by my employer so far..
TIA..
U need to claim the refund yourself while filing the return.
And hurry up…
31st July is approaching.
Hi,
I work in a private sector. 25year Male. After all the detection, my total income is 260000. I know there is no tax if the total income is less that 2.5L. So am I applicable to 87C and will I get the Rebeat or I have to pay Rs.1000 as tax.
Got a confusion after reading the following in the Key points
If the total tax payable by is less than Rs. 2000/-, rebate is restricted to “total tax payable”.
If
the total tax payable by is less than Rs. 2000/-, rebate is restricted
to “total tax payable”. – See more at:
https://taxguru.in/income-tax/availability-rebate-87a-fy-201415-ay-201516.html#sthash.lM0iIORH.dpuf
No u don’t have to pay any tax as ur tax payable is less than rebate
Dear John
You are eligible for 87A rebate of Rs. 2,000/- since your taxable income is less than Rs. 500,000/-.
Regards
CA Shashank Gupta
shashankcagupta@gmail.com
My total income including arrears Rs.572710. Total income excluding arrears Rs. 460910. I have apportioned my arrears in respective financial year. And got relief under section 89(i) . Am i eligible for tax rebate u/s 87A of Rs. 2000/ as my total income related to this financial year is less than 5 lac.
No you are not eligible for rebate u/s 87a, bcoz such rebate is calculated before giving effect of relief u/s 89, i.e., ceiling limit for 87a includes income + arrears which in your case exceeds ₹5 lacs.
dear sir/mam
i am a state govt. employee comes under CPS. if i include CPS contribution of Rs. 39,500/- from employer to my income, my gross income becomes Rs.5,03,833/-. after the deductions under 80 c , 80-D, 80- TTA and 80-CCD(1B) my taxable income becomes 3,25820 may i avail the deduction of Rs.2000/- u/s 87 A. and what amount of tax i have to pay for FY 2015-16.
no you cant eligible to deduct Rs.2000/-, because you total income exceeds Rs.5 lakhs
yes you can avail deduction u/s 87A as this section use word “Total income” not the word ” Gross total income”.
yes you can avail exemption as your totaltaxable income after deduction is less than 500000
Hi,
Under which condition rebate of 2K is given…? is it for below 5 Lac income…?
suppose I am exceeding 10% slab by not providing document while employer taxation & I submit document while filing & come under 10% slab..in this case is govt will refund amount with rebate…?
My total salary and other income( FD Interest) comes Rs.5,20,000/- after all deductions 80c, 80d my total income comes Rs.3,00,000/- . My taxable income is Rs.50,000/( Rs.3lakhs- Rs.2.5 lakhs). Can I deducte Rs.2,000/- under section 87 a
yes, total tax paid = 5000 and your total income comes < 5L. you can avail the rebate 2000.
If the total tax paid = 1000, then is this Rebeat applicable.. In Key points it is mentioned as If the total tax payable by is less than Rs. 2000/-, rebate is restricted to “total tax payable”.
Does it mean I have to pay tax of Rs.1000 ?
NO
You can not get the rebate of sec.87A because that assesse whose gross income is upto 500000 P.A execpt agriculture income . only that person person can get the rebate
Is section 87A applicable for financial year 2015-16 AY 2016-17 ????
YES,SIR.
sir,
My gross income is 700000 and taxable income 509000, can i use debate 2000 under 87a???
Sir, my taxable income for the f. Y. 2016-17 is 6.2
Lakh, whether I am eligible fore rebate of 5000/- under section 87A
Is section 87 A applicable for financial year 2015-16?
Yes , it is applicable
HOW CAN TO CALCULATE THE INCOME TAX
My total salary is 504315/-
total ded are 122940/-
Remaining 381374 is my net income
How much i have to save without tax deduction and tax payment
Elabrat the deductions
ncome Tax Slab AY 2015-16
Income Slabs Tax Rates
Less than Rs. 2,50,000 NIL
2,50,000 to 5,00,000 10% of the amount that exceeds 2,50,000
5,00,000 to 10,00,000 25,000 + 20% of the amount that exceeds 5,00,000
More than 10,00,000 1,25,000 + 30% of the amount that exceeds 10,00,000
My total income excluding agricultural income 350000/-, & agricultural income 250000/-. Can i get benifite u/s 87a..
If my non agricultural income 510000/-, can i get same benifit..??
As per Sec 87A The Total Income should be below or equal to Indian Rs. 500000 and As Your Total Income in First Case is exact Indian Rs. 500000 you will get benefit of Sec 87A but in Next Case where your income exceeds Rs. 500000 you will not get benefit of Sec 87A.
Thanks
87a applicable for HUF
my taxable income is Rs/-2262170. how much amount of rebate can be deducted from my taxable income?
No Rebate us 87A
i am also confusing about us 87a.if i will get tax rebate of rs 2000 then this amount should be refundable but in cpc letter it is not showing.
Example: if your tax on total income is = 50,000.
rebate u/s 87A= 2,000
total tax due= 48,000
Education cess-3%= 1,440
Tax payable= 49,440
SWARUP KOLKATA
MY TOTAL INCOME (salary +FD Interest)=343404 , Lic 5243/- & PPF -50000/- , HOW much tax i have to pay for A.Y 2015-2016
I assume you are men and no other PF or VPF deduction in your salary. Based on my assumption you will be paying rupees 1870.5
Rebt.of Rs 2000 U/S 87A ke unergat milne wali Rebt. me ITR me show nahi ker Rahi hai
i pay 4000rs/month as HOME RENT.But i get 2697rs/month as HRA. I work as a govt.employee. How much amount i wl get as tax benefit in a financial year?
Yes, Rebate u/s. 87A is available whose income does not exceed Rs. 5,00,000.
good information provide
sec.87A deduction applicable for assessment year 2015-16 ?
Yes Bhavana, these Sections are applicable for 2015-16 aslo
87A deduction applicable for Assessment year 2015-16 ?
dear sir,
i harish parmar working in private ltd company in vasai,my company provied bus serives from station to company and back but from my home to station & back ,i spend my money,can i get tax banfit u/s 10(14) 800 RS /month transport allowance and Children’s education allowance 100 Rs/month u/s 10(14) and school tuition fee u/s 80c both can i get tax banift both but my company accounted say you can’t get transport allowance & Children’s education allowance.
can i get both allowance
thanking your
harish parmar
Dear Sir,
Can i get deduction of 87A of Rs.2000/- after the end of 31/03/2015 for AY. 2014-15.
Plz suggest me..
Dear Tax Guru,
I have confusion in my mind. Some says if you file your incometax online 1 time then from 2nd year onwords you have to file your ITR online compulsorily. You can’t file your ITR manual from second year. So please confirm whether is there any clause from Income Tax department that one can go online can’t go offline from second year.
No, it is not a requirement that one we go for online thenafter never goes for offline.
I am retired person. My pension is Rs. 519318 and Fixed deposit interest and interest o SB A/C is Rs.8971. Thus total income is 698225. I have invested in PPF Rs. 150000. Thus My taxable income is 54225. Please advise/guide whether Can I get benefit of 87A of IT Act
Dear Sir,
I will be attaining 60 years as on 05/02/2016 (DOB 05/02/1956)
Should I submit Form 15G or Form 15H at the Bank where I have deposits ?
Thanks in advance
Mr.Mayank: Your info is inadequate. How old is the the PF account? How much you have put in the current year? You may also refer to the taxation of PF withdrawl link.
I have received PF amount of RS 150000 as I had quit my job and asked the employer to refund in my account.
But they have deducted 38000 tax from PF amount,
Upon filing the return , do I need to show this 150000 as income ? and can I claim that 38000 as return ?
Mr.A.K.Sinha: Your tax liability is nil.
if my gross salary 260000 then how much tax I have to pay considering 87 A
Ajoy Kumar, you have to pay nothing as per 87 A,
Mr.Kantharaju: The limit of Rs.1,50,000 is u/s 80-C.
I need clarification of Exemption of Rs.150000/- for the FY 2014-2015 its rebate only under chapter VIII OR its include exemption Under section 10 & 17, VI-A
Mr.Sandeep: If the taxable income is less than 5 lakhs, you get a rebate of upto Rs.2000 from the tax due. 2) Non-Resident means who is staying outside country for than 180 days of the financial year. 3) This section is nothing to do with HRA.
What is exactly the Rebate section 87A.
i have seen this comment from this, Rebate is available only to Resident individuals and not available to Non Residents. – what it mean exactly the resident and non resident. HRA submission?
Mr.Keerthi: Taxable income is important and not gross income. So deduction is allowed when the gross is more than 5 lakhs and taxable is less than 5 lakhs.
Mr.Amit: Employer cannot be blamed for the complexity in tax laws. It is their responsibility to ensure complete tax complince. Coming to the point the employer can straight away give you tne benefit of Rs.2000 tax; alternatively you can get the refund from IT dept.
I have received an amount of Rs.5,60,000.00 for surrender of my HDFC life policies, Reliance life insurance & Kotak mahindra life insurance these policies are market based. Surrender was made after 5 years completion of policies. under which section exemption will claim. surrender is made during the FY 2014-15. Please reply to my above mail ID.
rebate u/s 87 A depends on the total income or the Gross total income after deductions.?
Recently when i computed tds for a client for the A.Y 15-16 using a reliable software.. it allowed 87A rebate, though the salary is more than Rs.5,00,000/- on the logic that the gross total income after deductions is less than Rs.500,000/-
now im completely confused..
please clarify
Finance (No. 2) Bill, 2o14 is still a Bill and has not been made into Finance Act. Taxburu should choose the terminology carefully. – See more at: https://taxguru.in/income-tax/availability-rebate-87a-fy-201415-ay-201516.html#sthash.EPJ9szIy.dpuf
My total income is 2,70,000 . I don’t have any investment . Employer is asking me to submit investment for 20000 otherwise they will deduct the tax . I need to ask as per the Sec 87A , this 2000 Rs . , Will I get refund from Income Tax OR is it employer responsibility to give me this benefit If I gives declaration of taxable income less than 5 Lac to my employer .
Pls suggest.
My gross income is Rs3.68 Lacs. My employer has refused to give exemption of Rs.2000/- under 87-A. 87-A excemption is not there in I.T Retn forms. How to claim this amount. Please guide me. G.Venkataraman
sec 87a for those only whose income is upto 5,00,000 only
PENSION RECEIVED TO AN ARMED FORCED WHO IS RETIRED WILL GET EXEMPTION U/S -10(23AA)
Mr.Sengu: Gratuity has nothing to do with secion 87-A
THE PAYMENT OF GRATUITY (AMENDMENT) BILL, 2012
STATEMENT OF OBJECTS AND REASONS
The sub-section (2) of Section 4 of the Payment of Gratuity Act, 1972 providesfor payment of gratuity to the employees at the rate of fifteen days’ wages based on the rate of wages last drawn for every completed year of service. In today’s world of high prices and inflation, the gratuity of fifteen days wages for every completed year is too meager. At such a small rate, a person cannot get enough amount for post retirement settlement. It should therefore be atleast at the rate of thirty days’ salary for every completed year of service.
When it will pass?
Mr.Nihar: Depends on how long it ran. If it had run for 7 years not taxable. Provide full data (sudacgwb@yahoo.com).
I have received 1000000/- as surrender value of ULIP policies. Are these taxable? Shall I have to show these as earnings?
REBATE U/S.87A APPLICABELE TO A. Y. 15-16
Shravan Kumar: You will get the benefit automatically as the taxable income will be less than Rs.5,00,000/=.
Mr. Parmeshwar: To compute the actual capital gain of your proposed transaction you have to have cost of inflation index: it was 223 in 1992-93 and 1024 in 2014-15. The capital gain will be Rs.12 lakhs approx. You can invest in a special deposit in bank with a limited interest rate and lock in period, after which you can use it. Alternatively you can invest in a property and get tax exemption. Till the time of purchase you have to keep the money in capital gain account.
Mr.Satish: The rebate u/s87-A is automatically gets entered once the taxable income in less than 5,00,000/=. In ITR-2 online application form. Refer: Part B-TTI sl. no. 2. There is no need to claim it.
D/r Sir,
My Gross Income is 545979. Professional Tax is 1800. Under 80c 112142 & Hoam Loan interest is 110510. plz calculate the income tax. should rebate under 87A applicable in my case or not?
Shravan
Thanks for your reply.
“You should know weather you have paid after rebate of Rs.2000/- u/s 87-A or without it.”
with out it.
1)2000 rebate under 87-A will applicable by default or we will get it once we submited Tax Returns?
I had purchased one room kitchen in 1992 for Rs 1,22,700/-. Now I am to finalise one deal to sold this one R K for Rs 17,70, 000/-. What will be my tax liability?
Mr.Deepkumar & Satish: Taxable income and not gross income. Mr.Satish: You should know weather you have paid after rebate of Rs.2000/- u/s 87-A or without it. Your data is inadequate.
Hi Sir,
This is very nice article.
I just require small clarification on the below point.
“If the total tax payable by is less than Rs. 2000/-, rebate is restricted to “total tax payable”. ”
My salary is 4 Laksh per anum.
After exemting HRA and Medical bill.
I paid 1500 tax to government.
Will i get rebate of 1500 back under sec 87 A?
Thanks
Satish.
Please clarify whether rebate of Rs. 2000/- is exempted under section 87 A of the Income Tax is allowed to persons whose gross income is up to Rs. 5.00 lakh or taxable income is Rs. 5.00 lakh
Mr.Himanshu and DNGupta: Both are eligible for exemption u/s 87-A. Calculate the tax for taxable income (gross minus deduction u/s 80-C upto 1.5 lakhs) and deduct Rs.2000 and get the tax due.
Dear sir, my total income is Rs. 560000. My savings u/s80c is Rs.150000.should I get relief u/s 87A.with regards – Himanshu
Please calculate my income tax.Gross salary is 586060 andNSC 130000.
Chandrashekar S: This site is giving all the info. However you can visit google.co.in and put your quiery.
MR. Sahay: You will get the rebate but the way you have calculated is not very correct. There is no standard deduction. That is a part of taxable income, and the tax rate is zero. When the taxable income is less than Rs.5,00,000 and from Rs.2,50,000, you will get this deduction upto Rs.2000 income tax. You have to compute the tax and show the deduction upo Rs.2000/-.
please send information about tax rebate 2000/ for 2014-15
I am working in patna Municipal Corporation(Govt. of Bihar). I will get salary in Financial year 2014-15 Rs. gross amount 610426/- after deduction of HRA 54944/-, transport allowance deduction 4800/-,standard tax deduction 250000/-and deduction of u/s 80c Rs 150000/- taxable amount is 150682/-.
I want to Know about I will get Rs. 2000/- less u/s 87A.
MR.Bhaskar Tripathi: Rs.10,40,000/= is above Rs.4,99,999/- and you cannot claim rebate u/s 87-A.
In FY 2014-15 my total taxable income is 10,40,000 can i avail
Rebate U/s. 87A ?
Mr.Those accounts created automatically from transferring the funds from SB plus Account are essentially FDs and interest is fully taxable.
Saving plus account ke interest par TDS kata gaya hai. Sir,kya agrn aur returns form me ise dikhana jaruri hai? Main inter college me lecturer hun & meri annual income583000hai
Mr GejaJe, Rs.4,65,000 is less than Rs.5 lakhs. Compute the tax and claim the rebate u/s 87-A.
pls let me know ………….
my gross annual salary is 530000, i have viA/80c of rs.150000 and 80D rs 8500.
what is my taxable income ?
can i have tax credit of rs.2000 for 87A ?
pls.mail me ….sankarnath das. sndasrgt@gmail.com
– See more at: https://taxguru.in/income-tax/availability-rebate-87a-fy-201415-ay-201516.html#sthash.KwsMDL83.dpuf My taxfble is
Amount Rs 465000
Mr.Roopesh Thakkar: YES. You have to calculate the tax and then show the rebate upto Rs.2000/- if your (1) taxable income is between 2.5 lakhs and less than 5.00 lakhs and (ii) tax computed is less than 25,000.
Is this section 87/A apply for this financial year????
Mr Mahesh: Resident means Indian National staying in India. Individual is tax payer on behalf of himself.
Sir,What is meant by resident individual? Can u plz explain?
Shrimali, Chandrashekar, et.at. : You must read the post dated: 27/12/2014 10.35 rather than expecting email/phone call. The link is also given.
I want to know that the rebate under section 87/A Rs.2000/- is applicable or not for financial year 2014-15 . please inform me on email or my mobile no.9352586696.
yours faithfully
G.S.SHRIMALI
MOB.NO.9352586696
Sir,
I want to know that the rebate under section 87/A Rs.2000/- is applicable or not for 2015-2016 assesment year or not. Please inform me on email or my mobile No.9989334959.
Yours faithfully
-L. CHANDRA SEKHAR,
9989334959
sekharlokechandra@gmail.com
pls let me know ………….
my gross annual salary is 530000, i have viA/80c of rs.150000 and 80D rs 8500.
what is my taxable income ?
can i have tax credit of rs.2000 for 87A ?
pls.mail me ….sankarnath das. sndasrgt@gmail.com
87A deduction applicable for Assessment year 2015-16 ?
sir,
YES
87A deduction applicable for Assessment year 2015-16 ?
Sir,
I want to know that the rebate under section 87/A Rs.2000/- is applicable or not for 2015-2016 assesment year 2015-16 or not. Please inform me on email or my mobile No.9448695073
Yours faithfully
yes
is this rebate also for 2014-15,
The Rule is applicable for 2014-15 F.Y which corresponds to 2015-16 Assessment Year also. – See more at: https://taxguru.in/income-tax/availability-rebate-87a-fy-201415-ay-201516.html#comments
You may also see posting of 12/3/2014 4.23PM
rebate u/s 87 a is still available or not for ay 2015-16 ? akchadhadel@yahoo.in
Suppose my Gross taxable income is Rs. 250000/-, deductions u/s 80C is Rs. 20000/- and agriculture income is Rs. 350000/-. Whether I’m can claim rebate of Rs. 2000/- u/s 87A (Year AY 2014-15)
Sir,
I want to know that the rebate under section 87/A Rs.2000/- is applicable for 2015-2016 assessment year or not. My total income is below 5lac. Please inform me on email or my mobile No.9431356021
Yours faithfully
Sir,
I want to know that the rebate under section 87/A Rs.2000/- is applicable for 2015-2016 assessment year or not. my income is below 5lac. Please inform me on email or my mobile No.9431356021
Yours faithfully
Sir,
I want to know that the rebate under section 87/A Rs.2000/- is applicable for 2015-2016 assessment year or not. Please inform me on email or my mobile No.9503963232
Yours faithfully
ajay bandgar
Sir,
I want to know that the rebate under section 87/A Rs.2000/- is applicable or not for 2015-2016 assesment year or not. Please inform me on email or my mobile No.9723056719.
Yours faithfully
bhushan agrawal
Sir,
I want to know that the rebate under section 87/A Rs.2000/- is applicable or not for 2015-2016 assesment year or not. Please inform me on email or my mobile No.9723056719.
Yours faithfully
BHUSHAN J AGRAWAL
Mr.Derick, Rebate in the income tax and not on income or taxable income!
sir,
Please inform whether 87 a is apply in a/y 2014-2015
Hi all,
I read someone’s comment saying this rebate is calculated on the total income,. well this is wrong. Rebate is calculated on the Net taxable income. I mean to say (gross income-80 deductions) and this is applicable for 15-16 aswell.
plz advise me whether tax credit is applicable during fy 2014-15 or not.
Please inform that whether section 87A is applicable for the assessment year 2015-16 or not…
Mr Prashanth: Rebate in the income tax and not on income!
At what level the rebate of Rs.2000 to be deducted ? from the total taxable income amount of from the income tax arrived at ?
The Rule is applicable for 2014-15 F.Y which corresponds to 2015-16 Assessment Year also.
MISTAKE IN F Y 2014-14
It help me for solve my quries….
Sir,
I want to know that the rebate under section 87/A Rs.2000/- is applicable or not for 2015-2016 assesment year or not. Please inform me on email or my mobile No.9723056719.
Yours faithfully
Ganesh GAwade, ESI Scheme, Panaji Goa.
Yes
Sir,
87A deduction applicable for Assessment year 2015-16 ?
pls advise us
Mr.Ponmariappan,
5 lakh limit for the section under reference is TAXABLE income after deductions/exemptions.
Dear Ramkumar,
Please understand the rebate U/s 87 A says the Total Income does not exceed Rs.5 lakhs not Total Tax income( without any deduction under section 80’s)
Hope you understand!!
Rs.2000 income tax for an income of Rs.20,000. (For Income upto 5.00 lakhs.)
ITS RS 2,000 OR 20,000 U/S 87 A …. PLEASE CLARIFY
Mr.Ramkumar: the answer is yes. if you are doing online filing, software will ensure you get proper rebate. Taxable income is after all deductions.
Sir,
my total income 5.25 lac,but i paid 65,000 for LIC,so my goss income is 4,60,000. so can get the income tax rebate Rs 2000 ( under section 87A). please reply.
Dear All,
Income Tax Dept. has released Income Tax Calculator for the F.Y.2014-15 in their official website. As per this, the Rebate of income-tax under section 87A is available for F.Y. 2014-15.
Is there a way for your employer, who does the TDS, to know that you dont have any other income? He should not assume your income wont exceed 5L. It is his discretion after obtaining an undertaking from you that your other income and including that it will be less than 5.00lakhs, to allow the deduction of income tax upto Rs.2000.
my texable income is 502000(saving:60000).if i add 5000 for ITR,then we will get rebate of 87A(TO LESS 5000)
No the bank can not deduct tds presuming dat the tax payer is having other income. His Power to tds is restricted only to the extent of salary income unless the tax payer notifies other income
Sir,
if a employee having total salary rs 420000 in fy 2014-15 having saving of rs 150000 in ppf. what will be duty of employer ded the tds from salary, he will ded rs 2000 or not( releife under section 87A )
CA Raghunathan:
Your advise is very opt. But it is TaxGuru and not Taxburu!
Finance (No. 2) Bill, 2o14 is still a Bill and has not been made into Finance Act. Taxburu should choose the terminology carefully.
GOOD AFTERNOON FRIENDS.IN BUDGET F.Y 2014-15 SECTION 87A DID NOT AMEMNDED BY FINANCE MINISTER. THEREFORE IF RESIDENT INDIVIDUAL WHOSE TOTAL INCOME LESS THAN 500000 THEN SUCH INDIVIDUAL WILL BE BENFIT OF 2000 IN TAXATION OF SECTION 87A IN F.Y 2014-15
FY 2014-15, that is current fiscal.
So in our view Rebate U/s. 87A is Available to Resident Individuals , whose total income does not exceed 5 Lakh rupees in even for Financial Year 2014-14 and for Subsequent Years.
In the above statement, FY 2013-14 OR 2014-15?
I do agree with the above opinion and as a result of this, an individual can show his income upto INR. 2,70,000 without paying any taxes. Similarly a senior citizen can show an income of INR. 3,20,000 without paying any taxes.
I too believe benefit of Sec.87A is available in Asst. Yr 2015-16 and thereafter.
Genuinely it should not be but it is not clear as per announcement of budger 2014-15. But as per tax claculation software from govt. it is considered so upto 270000/- the tax will be nil. (in slab of taxable income less than or eaqual to 5 lac.
This will prove the FM right in telling the salaried class that his increasing the limit from 2.0 lakh to 2.5 lakh will result in saving of Rs.5000/-. Else it would have been Rs.3000/= (of course in case of those whose taxable income is upto Rs.5.00 lakhs.