SECTION 87A

6 Most FAQs on Return on Income

Income Tax - 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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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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Section 87A Rebate – Income Tax Act – Detailed Analysis

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

Income Tax - 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)

Income Tax - 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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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"

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. […]...

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
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 […]...

Read More
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 […]...

Read More
Posted Under: Income Tax |

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 |

Rebate U/s. 87A of the Income Tax Act, 1961

Section that Section 87A is applicable to Individuals who is resident in India. Total Income shall mean Total Income from various Sources less deductions under Chapter VIA which should be less than or equal to 3,50,000/- Rebate under section 87A is applied on total tax before adding Education Cess and Secondary Higher Education Cess / Hea...

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Posted Under: Income Tax |

Income ​​​​​​​Tax Relief required for Middle Class Group

In Budget 2019, Honorable Finance Minister announced that ‘Those having taxable income of up to Rs 5 lakh will not have to pay any tax for FY 2019-20’. An individual who is resident in India and whose taxable income does not exceed Rs. 5,00,000 is entitled to claim rebate under section 87A. Rebate is available in […]...

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Posted Under: Income Tax |

Expectation of middle class & salaried people from Union Budget 2019

It is expected that FM will announce a number of big decisions considering the focus of Interim budget on small taxpayers. The Government could throw several surprises to please the biggest drivers of economy which are middle class citizens and salaries class taxpayers. Their expectations from Full Budget 2019 are elaborated in follo...

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Posted Under: Income Tax |

General Exemptions & Deductions for Salaried employees

General Exemptions & Deductions available for salaried employees for FY 2018-19 i.e. AY 2019-20 includes House Rent Allowance, Interest on Home Loan, Standard Deduction and Chapter VI-A deductions which includes- Section 80C, Section 80CCC – Pension Funds, Section 80CCD – National Pension Scheme (NPS), Section 80CCE, Section 80D ...

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Posted Under: Income Tax |

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