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Showing posts with label Tax Rebate Under Section 87A for F.Y.2018-19. Show all posts
Showing posts with label Tax Rebate Under Section 87A for F.Y.2018-19. Show all posts

Tuesday 15 January 2019

1. Eligibility to Claim Rebate Under Section 87A FY 2018-19 (AY 2019-20)

You can claim tax rebate under this provision if you meet the following conditions:
  1. You must be a RESIDENT INDIVIDUAL; and
  2. Your Total Income, fewer Deductions, (under Section 80) is equal to or less than Rs 3.5 lakhs.
  3. The rebate is limited to Rs 2,500. This means that if the total tax payable is lower than Rs 2,500, then that amount will be the rebate under section 87A. This rebate is applied to the total tax before adding the Education Cess (4%).
Following are a few examples of the 87A rebate allowed to Resident Individuals including Senior Citizens: