Is rebate u/s 87 An available for financial year 2016-17?. rebate of income tax refund u/s 87 A for AY 2017-18, Computation of Refund us 87 A for AY 2016-17 Find Total Details for Refund U/s 87 A. In this article you can discover all information about Section 87 A like– What Does Sec 87 A states, Rebate U/s. 87 A for FY 2014-15/ AY 2015-16, How to calucate tax rebate u/s 87 a? , Is this Refund offered for financial year 2014-15 likewise? , Optimum quantity of rebate available, Income limit and so on. Now you can scroll down below and examine total details regarding ” Is refund u/s 87 An offered for financial year 2015-16?”
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Material in this Short Article.
Is refund u/s 87 An offered for financial year 2016-17?
Spending Plan 2016 Update for Refund u/s Area 87 A
With the objective to supply relief to resident individuals in the lower income slab, it is proposed to change area 87 A so as to increase the maximum quantity of rebate available under this arrangement from existing Rs.2,000 to Rs.5,000
For more information visit on following short article
- Area 87 A Rebate Limit Increased to Rs. 5000
Refund u/s 87 A:
Income Tax Refund under Area 87 A was introduced by P. Chidambaram while providing Budget 2013 and this Earnings Tax u/s 87 A Refund became applicable from Fiscal year 2013-14 And now there is a great deal of confusion amongst the general public concerning the applicability of this provision for financial year 2016-17
What does Sec 87 A says.?
An assessee, being an individual citizen in India, whose overall income does not go beyond 5.00 Lacs rupees, shall be entitled to a deduction, from the quantity of earnings tax on his total income with which he is chargeable for any assessment year, of an amount equivalent to 100% of such income-tax or an amount of 5000/- rupees, whichever is less.
Is this Refund readily available for fiscal year 2016-17 likewise?
There are no proposed changes to tax refund readily available under section 87 A in the union budget 2016 provided by A run jaitely, So the rebate under area 87 A is offered even for the fiscal year 2016-17
Important points to be known concerning refund u/s 87 A:
1. Eligible assesses:
Refund under section 87 A is available to the private assesses who are Indian Citizens.
So this advantage is not available to
1. Hindu undivided household
2. Body of people
3. Association of persons
5. Partnership company
7. LLP … and so on,
This benefit is readily available to all categories of People whether Male or Female or Senior People. This is not offered to extremely senior citizens and non citizens.
2. Optimum amount of refund available:
Rebate offered u/s 87 A is least of the following
a) Real tax liability
b) Rs 5000.
The optimum quantity of tax rebate u/s 87 A is restricted to of Rs.5,000 only.
3. Earnings limitation:
Qualified Assesses earning net overall earnings up to Rs.5 lakhs are eligible to obtain tax rebate u/s 87 A. If the earnings exceeds 5,00,000 then this benefit is not available to them.
Total earnings for this function is the earnings calculated less any tax reductions u/s 80 C to 80 U.
4. Rebate is computed before cess:
Earnings Tax Refund of Rs. In other words, Education Cess and SHEC would be imposed on the tax payable after allowing for Income Tax Rebate of Rs.