Exemption under section 87A | With Automatic Income Tax Form 16 Part A and B and Part B which can prepare at a time 50 Employees for F.Y.2021-22
Exemption under section 87A. What is an exemption as well as deduction under Section 87A and who
are eligible for it? A person who is a resident of
5.00.000 is entitled to claim an exemption under section 87A after deduction.
The exemption under section 87A is available as a tax liability deduction. Exemption under Section 87A 100% Income Tax. if the tax liability exceeds Rs. 5,000, the discount will not be available.
However, in the case of a taxpayer being a resident of
What is a deduction U/s 87A?
Exemption. U/s 87A Conditions:
Must be a resident natural person and,
A resident individual with a total income of Rs. 5.00 lakh will benefit from a relaxation of Rs. 12,500 is limited to the amount of tax due by him.
The exemption under section 87A is not available to any other evaluator.
This exemption is available before the tuition fee is charged.
Section 87A provides income tax exemption for resident individuals whose total income does not exceed Rs 5.00,000. The exemption amount is Rs 12,500 or 100% income tax whichever is less. It is deductible from income tax before calculating the Cess for health and education. [Amendment of the Finance Law (No. 2), 2019]
Calculation exemption under section 87A in the following cases:
In order to provide tax relief to individual taxpayers, who are in the 5% tax bracket, Section 87A provides for exemption from the tax payable by a valuer,
(1) The exemption is equal to the amount of income tax payable on the total income for any valuation year or the amount of Rs.12,500, whichever is less.
(2) If the total income of up to Rs. 5.00.000 he has not required to pay any tax. In fact, the exemption will be tax payable or Rs 12,500, whichever is less.
(3) In addition, the aggregate amount of the exemption under section 87A must not exceed the amount of income tax (calculated prior to allowing such exemption) on the total income of the appraiser to whom it is charged for any year of valuation.
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