Is 87A rebate available in old tax regime?
Is 87A rebate available in old tax regime?
The amount of rebate u/s 87A for FY 2020-21 (AY 2021-22) has been kept unchanged under both old and new income tax regime. A resident individual having taxable income upto Rs 5,00,000 will get a tax rebate of Rs 12,500 or equal to the amount of tax payable (whichever is lower).
Who can claim rebate u/s 87A?
Only the resident individuals shall be eligible to avail of the rebate under section 87A. 3. Besides, the senior citizens (those who are between 60 and 80 years of age) can claim the rebate under section 87A.
What is full tax rebate?
In the most generic sense, a tax rebate is a refund that you are eligible for in case the taxes you pay exceed your liability. For instance, if your tax liability amounts to Rs. 30,000, but your FD issuer pays the Government a TDS amounting to Rs. 40,000 on your behalf, you qualify for a rebate or refund.
What is tax limit for female in India?
Income tax slab for women below age 60 years
| Taxable income range | Income Tax rate |
|---|---|
| Up to ₹2,50,000 | Nil |
| ₹2,50,001 – ₹5,00,000 | 5% |
| ₹5,00,001 – ₹10,00,000 | ₹12,500 + 20% |
| Above ₹10,00,000 | ₹1,12,500 + 30% |
What is 80G deduction?
Section 80G is a facility available in the Income Tax Act which allows taxpayers to claim deductions for various contributions made as donations. The deduction under the Act is available for contributions made to the specified relief funds and charitable institutions.
How do I get my tax refund rebate?
If you are a resident Indian with a gross taxable income of less than Rs. 5 lakh, you stand to qualify for a rebate through Section 87A. Similarly, in case of a mismatch in income tax payment and tax liability, you can obtain an income tax rebate or refund by filing your Income Tax Returns and verifying them.
Which amount is tax free?
Individuals with Net taxable income less than or equal to Rs 5 lakh will be eligible for tax rebate u/s 87A i.e tax liability will be nil of such individual in both – New and old/existing tax regimes. Basic exemption limit for NRIs is of Rs 2.5 Lakh irrespective of age.
Is the rebate of 87A still applicable for FY 2015-16?
The rebate of Rs. 2000 u/s 87A which was introduced in Budget 2014 is still applicable for the F.Y. 2015-16. In Budget 2015, the Finance minister has proposed to tax the super rich by increasing surcharge from 10% to 12% if the income earned is more than Rs. 1 crore during financial year 2015-16.
What is the section 87a of Union budget 2015-16?
Union Budget 2015-16 and 2014-15 have not altered the rebate available under section 87A for FY 2015-16, 2014-15 or AY 2016-17, 2015-16 meaning thereby that effectively there will be no income tax payable up to the total income of Rs.270000/- for those having total income not exceeding Rs. 5.00 lacs.
What is rebate under section 87a of Income Tax Act 1961?
Rebate under Section 87A of Income Tax Act, 1961. Section 87A of Income-tax Act, provide for a rebate of an amount equal to hundred per cent of such income-tax or an amount of Rs. 5000/- (Rs.
What are the changes in income tax slab for 2015-16?
Income Tax Slab Rates for Financial Year 2015-16 have not been changed in Budget 2015 and they continue to remain same as they were applicable in Financial Year 2014-15. The rebate of Rs. 2000 u/s 87A which was introduced in Budget 2014 is still applicable for the F.Y. 2015-16.