REBATE OF RS 2000 FOR INDIVIDUALS HAVING TOTAL INCOME UPTO RS 5 LAKH [SECTION 87A]
Finance Act 2013 has provided relief in the form of rebate to individual taxpayers, resident in India, who are in lower income bracket, i. e. having total income not exceeding Rs 5,00,000/-. The amount of rebate is Rs 2000/- or the amount of tax payable, whichever is lower. The Provision is applicable for A.Y. 2014-15 of F.Y. 2013-14.
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under section 87A tax relief up of 2000/- of taxable income up to 5 lakhs, is it applicable in A.Y-2015-16 of F.Y-14-15 ?
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if the amount of tax payable is 2500..then will Rs. 500/- be paid as taxable amount?
Strange that FA dint provide marginal relief to assesses having marginally above rs.5 lac. Assessee having income of rs. 501000 has to pay rax rs. 2200 for additional income of rs. 1000 only