October 28, 2020

Itax Software

Income Tax Software

100 Percent Section 87A Rebate up to income of Rs. 5 lakhs for AY 2020-21

Interim price range 2019-20 has proposed a hundred percent tax rebate u.s.a.87A as much as overall profits of Rs. 5 lakhs.
Accordingly, considering 80C deduction profits as much as Rs. 6.50 lakhs can be out of the tax net
The impact of the finances suggestion on section 87A Rebate and earnings tax to be paid by using the taxpayers for AY 2020-21 would be as under:
Total/Taxable Income (Rs.)
Income Tax
Rebate u/s 87A
Net Tax
Rs. 300000/-
2500/-
2500/-
Nil
Rs. 350000/-
5000/-
5000/-
Nil
Rs. 400000/-
7500/-
7500/-
Nil
Rs. 500000/-
12500/-
12500/-
Nil
Rs. 500100/-
12520/-
Nil
12520/-
Rs. 600000/-
32500/-
Nil
32500/-

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