Rebate under Section 87A reduced to Rs 2500 for AY 2018-19

Rebate under Section 87 A lowered to Rs 2500 for AY 2018-19 This change will take impact from 1st April,2018 Please examine more details from listed below …

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The existing provisions of area 87 An offer for a refund up to Rs. 5000 from the income-tax payable to a resident individual if this total earnings does not go beyond Rs.

In view of proposed rationalisation of tax rates for individuals in the earnings slab of Rs. 2,50,00 0 to Rs.5,00,00 0, it is proposed to change section 87 A so as to lower the optimum quantity of refund readily available under this section from existing Rs. 5000 to Rs.2500 It is likewise proposed to provide that this rebate will be offered to just resident individuals whose overall income does not go beyond Rs. 3,50,00 0.

This change will work from 1st April, 2018 and will, appropriately, apply in relation to the evaluation year 2018-19 and subsequent evaluation years.

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You Might Download Finance Bill 2017 From Below link …

Finance Bill 2017, Direct tax Modifications in Budget plan 2017– Download

Rebate under Section 87A reduced to Rs 2500 for AY 2018-19

Other Budget 2017 Updates

  • Money Expenditures Limit Minimized from Rs 20000 to Rs 10000 u/s 40 A( 3 )
  • Base year Changed for computation of capital gains from 1981 to 2001
  • Modified Charge for Postponed Filing of Tax Return– Budget Plan 2017
  • Disallowance of depreciation u/s 32 & capital investment u/s 35 AD on cash payment
  • TDS Rates U/s 194 J Decreased from 10% to 2% by Finance Costs 2017
  • Deemed earnings u/s 44 AD lowered from 8% to 6% for digital deal
  • Earnings Tax Due Dates 2017, Tax Calendar 2017
  • Additional Depreciation– Who can Avail?, schedule, Rate of Include Dep
  • Tax Audit Limitation U/s 44 AB Increased From 1 Crore to 2 Crore AY 2017-18
  • Threshold limitation Increased for upkeep of books of accounts
  • Penalty on CA & experts for providing inaccurate details in statutory report

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