Download the Excel Based All in One TDS on Salary for Non-Govt employees (Which can prepare Tax Computed Sheet + HRA Exemption Calculation + Form 16 Part B + Part A&B) for the Financial Year 2014-15 & Assessment Year 2015-16
As per the Central Finance Budget 2014, The great news about the Income Tax Payers as well as the most of the salaried persons that the Income Tax Rebate Rs. 2000/- can get the tax payers who’s taxable Income not more than 5 Lakhs, It has been announced in Budget 2013 for Assessment Year 2014-15 worth Rs. 2000/-. This rebate can be availed under section 87A, and this section is also continue for the Financial Year 2014-15 and Assessment Year 2015-16 also. For more clarity it is necessary to read clauses 19 and 20 of the bill as given below :-
Clauses 19 and 20 of the Bill seek to amend section 87 and insert a new section 87A in the Income-tax Act relating to rebate of income-tax in case of certain individuals.
The proposed new section 87A seeks to provide that an assessee, being an individual resident in India, whose total income does not exceed five hundred thousand rupees, shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deductions under Chapter VIII of the Income-tax Act) on his total income with which he is chargeable for any assessment year, of an amount equal to hundred per cent. of such income-tax or an amount of two thousand rupees, whichever is less.
Consequential amendments have been proposed in section 87, so as to provide reference to proposed new section 87A.
These amendments will take effect from 1st April, 2014 and will, accordingly, apply in relation to the assessment year 2014-15 and subsequent assessment years also.
