100 Percent Section 87A Rebate up to income of Rs. 5 lakhs for AY 2020-21
Accordingly, considering 80C deduction profits as much as Rs. 6.50 lakhs can be out of the tax net
The impact of the finances suggestion on section 87A Rebate and earnings tax to be paid by using the taxpayers for AY 2020-21 would be as under:
Total/Taxable Income (Rs.)
|
Income Tax
|
Rebate u/s 87A
|
Net Tax
|
Rs. 300000/-
|
2500/-
|
2500/-
|
Nil
|
Rs. 350000/-
|
5000/-
|
5000/-
|
Nil
|
Rs. 400000/-
|
7500/-
|
7500/-
|
Nil
|
Rs. 500000/-
|
12500/-
|
12500/-
|
Nil
|
Rs. 500100/-
|
12520/-
|
Nil
|
12520/-
|
Rs. 600000/-
|
32500/-
|
Nil
|
32500/-
|
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