SECTION 87A

Decoding Section 87A: Rebate Provision Under Income Tax Act

Income Tax - In order to provide relief and lessen the burden on small taxpayers, the Government had announced the tax rebate scheme by introducing Section 87A in the Income Tax Act. Introduction of Section 87A Section 87A was introduced in Income Tax Act through the Finance Act, 2003. As per the Income Tax Act, any individual being […]...

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Computation of Income Tax – FAQs & Examples

Income Tax - Q.1 Under how many heads the income of a taxpayer is classified? ​​​Ans: S​ection 14​ of the Income-tax Act has classified the income of a taxpayer under five different heads of income, viz.:...

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Suggestions on taxation of capital gains

Income Tax - In this article I wish to give some suggestions to the Finance Minister to make the taxation of capital gain more rational by removing some anomalies. Here are my suggestions. Rebate available under Section 87 A for capital gains Section 87 A allows a resident Individual a tax rebate tax upto Rs. 12,500/- if his […]...

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Rebate allowable under Section 87A of Income Tax Act

Income Tax - It is proposed to amend section 87A so as to reduce the maximum amount of rebate available under this section from existing Rs. 5000 to Rs. 2500. It is also proposed to provide that this rebate shall be available to only resident individuals whose total income does not exceed Rs. 3,50,000....

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Section 87A of Income Tax Act

Income Tax - As we know that the amended section 87A of Income Tax Act 1961, applicable for the FY 2019-2020 provides COMPLETE tax rebate to those having income less than 5 lacs. It raises concerns for those having income around 5 lacs. The worst hit are those having income just above the prescribed limit, say, 5,01,000 because […]...

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No Tax Benefit to those having Taxable Income Exceeding 5 Lakh

Income Tax - Individual taxpayers having taxable annual income up to Rs.5 lakhs will not be required to pay any income tax. The Finance Minister said that persons having gross income up to Rs. 6.50 lakhs are not required to pay any income tax if they make investments in provident funds, specified savings and insurance etc. Additional deductions [&hell...

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CBDT issues notification for amendment of Form No. 15H

Notification No. 41/2019 – Income Tax [G.S.R. 375(E),] - (22/05/2019) - In the Income-tax Rules, 1962, in Appendix II, in Form No. 15H in Part II, in note 10, the following proviso shall be inserted, namely: Provided that such person shall accept the declaration in a case where income of the assessee, who is eligible for rebate of income-tax under section 87A, is higher...

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Recent Posts in "SECTION 87A"

Decoding Section 87A: Rebate Provision Under Income Tax Act

In order to provide relief and lessen the burden on small taxpayers, the Government had announced the tax rebate scheme by introducing Section 87A in the Income Tax Act. Introduction of Section 87A Section 87A was introduced in Income Tax Act through the Finance Act, 2003. As per the Income Tax Act, any individual being […]...

Read More
Posted Under: Income Tax |

Computation of Income Tax – FAQs & Examples

Q.1 Under how many heads the income of a taxpayer is classified? ​​​Ans: S​ection 14​ of the Income-tax Act has classified the income of a taxpayer under five different heads of income, viz.:...

Read More

Suggestions on taxation of capital gains

In this article I wish to give some suggestions to the Finance Minister to make the taxation of capital gain more rational by removing some anomalies. Here are my suggestions. Rebate available under Section 87 A for capital gains Section 87 A allows a resident Individual a tax rebate tax upto Rs. 12,500/- if his […]...

Read More
Posted Under: Income Tax |

Rebate allowable under Section 87A of Income Tax Act

It is proposed to amend section 87A so as to reduce the maximum amount of rebate available under this section from existing Rs. 5000 to Rs. 2500. It is also proposed to provide that this rebate shall be available to only resident individuals whose total income does not exceed Rs. 3,50,000....

Read More
Posted Under: Income Tax | ,

Section 87A of Income Tax Act

As we know that the amended section 87A of Income Tax Act 1961, applicable for the FY 2019-2020 provides COMPLETE tax rebate to those having income less than 5 lacs. It raises concerns for those having income around 5 lacs. The worst hit are those having income just above the prescribed limit, say, 5,01,000 because […]...

Read More
Posted Under: Income Tax |

6 Most FAQs on Return on Income

Article explains Eligibility for claiming rebate u/s 87A, ITR form​ applicable for LIC agent, How to file return of income, Can total deductions exceeds the Gross Total Income (GTI), Need to file Income Tax Return when all taxes been paid in advance and  What to do  when TDS has  been deposited under wrong PAN. 1. […]...

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Posted Under: Income Tax |

Section 87A Rebate – Income Tax Act – Detailed Analysis

As we all aware that, section 87A is considered as one of the most important section. Since the rebate is very important to reduce the tax Burdon of assessee. But in industry there is always a confusion or doubt faced by professionals on availing the rebate. Hence today I am coverig this topic with in […]...

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Posted Under: Income Tax |

Tax Rebate of Rs. 12,500 for Taxpayer having income upto Rs. 5 Lakh

Every Resident individuals with Total Income upto 5,00,000 is eligible for Rebate of Rs 12500. With a view to provide tax relief to the individual tax payers who are in lower income bracket, Government has increase the limit of rebate under section 87A of Income Tax Act, 1961. Since the rebate is very important to […]...

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Income Tax Rates for AY 2020-21 (FY 2019-20)

In this Article we update you about the Income tax slab rates applicable to different types of taxpayers such as Individual, HUF, Partnership Firms, AOP/BOI, Co-operative Society, Local authorities, Domestic as well as Foreign Companies, etc for assessment year 2020-21 i.e. financial year 2019-20. Articles compiles Income Tax Rate Chart f...

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Budget 2020: Analysis of Changes in income tax rates for Individuals & HUF

Article analyses Proposed Changes in income tax rates for Individuals & HUF (Section 115BAC) proposed by Budget 2020-21 which will be applicable from Financial Year 2020-21...

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Posted Under: Income Tax |

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