The maximum amount of tax rebate U/s 87A for F.Y.2016-17?
The amount of tax rebate u/s 87A is restricted to the maximum of Rs.5,000 (increased in Finance Bill 2016). In case the computed tax payable is less than Rs.5,000, say Rs.3,500 the tax rebate shall be limited to that lower amount i.e. Rs.3,500 in our case.
What is the income category taxpayer can enjoy tax rebate?
Only Individual Assesses earning net income up to Rs.5 lakhs are eligible to enjoy tax rebate u/s 87A.
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