Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > Rebate us 87A
Rebate us 87A Video Lecture | Income Tax for assessment (Inter Level) - Taxation
|
405 videos|72 docs
|
FAQs on Rebate us 87A Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is Rebate under section 87A of Income Tax Act? |  |
Ans. Rebate under section 87A of the Income Tax Act is a deduction provided to individual taxpayers with lower income. It allows them to reduce their tax liability by up to Rs. 12,500 for the financial year 2020-21. This rebate is applicable for individuals whose total income does not exceed Rs. 5,00,000.
| 2. Who is eligible for the rebate under section 87A? | |
Ans. Individuals who are resident in India and have a total income of less than Rs. 5,00,000 are eligible for the rebate under section 87A. The rebate amount is subject to certain conditions and is gradually reduced as the income exceeds Rs. 3,50,000. It is important to note that this rebate is not applicable to non-resident individuals.
| 3. How is the rebate amount calculated under section 87A? | |
Ans. The rebate amount under section 87A is calculated by subtracting the rebate amount from the total tax payable. For the financial year 2020-21, the rebate amount is Rs. 12,500. If the total tax payable is less than or equal to Rs. 12,500, the rebate amount will be equal to the total tax payable. However, if the total tax payable is more than Rs. 12,500, the rebate amount will be capped at Rs. 12,500.
| 4. Can the rebate under section 87A be claimed by senior citizens and super senior citizens? | |
Ans. Yes, senior citizens and super senior citizens are also eligible to claim the rebate under section 87A, provided they meet the income criteria. The rebate amount remains the same for all eligible individuals, regardless of their age.
| 5. Is the rebate under section 87A applicable for all types of income? | |
Ans. No, the rebate under section 87A is applicable only for income chargeable under the head "Income from Salary." Other types of income, such as income from business or profession, capital gains, and income from house property, are not eligible for this rebate. It is important to consider all sources of income while determining eligibility for the rebate under section 87A.
Related Exams
About this Video
|
4.63/5 Rating |
|
Nov 16, 2024 Last updated |
Video Description: Rebate us 87A for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
The notes and questions for Rebate us 87A have been prepared according to the Taxation exam syllabus.
Information about Rebate us 87A covers all important topics for Taxation 2024 Exam.
Find important definitions, questions, notes, meanings, examples, exercises and tests below for Rebate us 87A.
Introduction of Rebate us 87A in English is available as part of our Income Tax for assessment (Inter Level) for Taxation & Rebate us 87A in
Hindi for Income Tax for assessment (Inter Level) course. Download more important topics related with notes, lectures and mock test series for
Taxation Exam by signing up for free.
Description
Video Lecture & Questions for Rebate us 87A Video Lecture | Income Tax for assessment (Inter Level) - Taxation - Taxation full syllabus preparation | Free video for Taxation exam to prepare for Income Tax for assessment (Inter Level).
Information about Rebate us 87A
Here you can find the meaning of Rebate us 87A defined & explained in the simplest way possible.
Besides explaining types of Rebate us 87A theory, EduRev gives you an ample number of questions to practice Rebate us 87A tests,
examples and also practice Taxation tests.
|
405 videos|72 docs
|
|
Explore Courses for Taxation exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
mock tests for examination
,Rebate us 87A Video Lecture | Income Tax for assessment (Inter Level) - Taxation
,Important questions
,Sample Paper
,practice quizzes
,Rebate us 87A Video Lecture | Income Tax for assessment (Inter Level) - Taxation
,Previous Year Questions with Solutions
,Free
,video lectures
,study material
,Rebate us 87A Video Lecture | Income Tax for assessment (Inter Level) - Taxation
,Semester Notes
,Exam
,past year papers
,MCQs
,Viva Questions
,ppt
,shortcuts and tricks
,Objective type Questions
,Summary
,Extra Questions
,
Study Rebate us 87A on the App
Students of Taxation can study Rebate us 87A alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Rebate us 87A,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Rebate us 87A is prepared as per the latest Taxation syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup