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Rebate us 87A Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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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.
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Dec 20, 2024 Last updated |
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