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This meant that individuals whose tax liability was inr 2 500 or lower did not have to pay any taxes.
Section 87a. Rebate under section 87a should be 12500 rs or lesser than the total income tax liability. Rebate u s 87a for fy 2018 19 ay 2019 20. Income tax rebate under section 87a.
Section 87a is added to the income tax act 1961 for the betterment and is applicable from the april 01 st of the financial year. The only condition is that your resident individual taxable income shall be upto rs. Section 87a of the income tax act 1961 has been in limelight since the announcement of the interim budget 2019 20 in which individuals earning a net taxable income upto rs 5 lakh have been given full tax rebate.
Under section 87a for a y 2020 21 individuals who are residing in india and whose income is below rs. Section 87a is one of the many sections of the income tax act. Eligibility to claim rebate u s 87a fy 2019 20 ay 2020 21.
Probation fees section 87a. The non residential indians are not eligible to get the benefits of this tax rebate. Taxpayers earning an income below a certain limit have the benefit of paying marginally lower taxes.
Section 87a an assessee being an individual resident in india whose total income does not exceed 45 five hundred thousand rupees shall be entitled to a deduction from the amount of income tax as computed before allowing the deductions under this chapter 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 46 twelve thousand and five hundred rupees whichever is less. Section 87a made way for a rebate for income under 3 50 000 during the fy 2018 2019. This act is applied to a tax assessment year and its subsequent tax assessment years.
The section was introduced to provide benefits to individuals whose total net income is below rs 5 00 000. Section 87a was first introduced to the income tax act 1961 by means of the finance act 2013. The conditions of probation imposed by a court upon a person pursuant to section eighty seven of this chapter section fifty eight of chapter one hundred and nineteen or section one or section one a of chapter two hundred and seventy nine may include but shall not be limited to participation by said person in specified.
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