October 31, 2020

Itax Software

Income Tax Software

Free Doanload Automated Income Tax Form 16 Part A&B and Part B for F.Y. 2018-19 With Tax Rebate Under Section 87A

1. Eligibility to Claim Rebate Under Section 87A FY 2018-19 (AY 2019-20)

You can claim tax rebate under this provision if you meet the following conditions:
  1. You must be a RESIDENT INDIVIDUAL; and
  2. Your Total Income, fewer Deductions, (under Section 80) is equal to or less than Rs 3.5 lakhs.
  3. The rebate is limited to Rs 2,500. This means that if the total tax payable is lower than Rs 2,500, then that amount will be the rebate under section 87A. This rebate is applied to the total tax before adding the Education Cess (4%).
Following are a few examples of the 87A rebate allowed to Resident Individuals including Senior Citizens:
Total Income
Tax payable before cess
Rebate u/s 87A
Tax Payable + 4% Cess
2,65,000
750
750
0
2,70,000
1000
1000
0
3,00,000
2,500
2,500
0
3,50,000
5,000
2,500
2,500+100=2600

2. Eligibility to Claim Rebate Under Section 87A FY 2017-18 (AY 2018-19)

You can claim the rebate if you meet the two conditions listed below:
  1. You are a Resident individual; and
  2. Your total income, fewer deductions, (under Section 80) is equal to or less than Rs 3.5 lakhs.
  3. The rebate is limited to Rs 2,500. This means that if the total tax payable is lower than Rs 2,500, then that amount will be your rebate under section 87A. This rebate is applied to the total tax before adding the Education Cess(3%).
Following are a few examples of the rebate allowed to Resident Individuals including Senior Citizens:  
Total Income
Tax payable before cess
Rebate u/s 87A
Tax Payable + 3% Cess
2,65,000
750
750
0
2,70,000
1000
1000
0
3,00,000
2,500
2,500
0
3,50,000
5,000
2,500
2,500+75= 2,575

3. Eligibility to Claim Rebate u/s 87A FY 2016-17 (AY 2017-18)

You can claim the rebate if you meet both the following conditions:
  1. You are a Resident individual.
  2. Your total income after deductions (under Section 80) is equal to or less than Rs 5 lakhs.
  3. The rebate is limited to Rs 5,000. This means that if the total tax payable is lower than Rs 5,000, then that amount of tax will be the rebate under section 87A. This rebate is applied to the total tax before adding the Education Cess (3%).
Given below are a few examples of the rebate allowed to Resident Individuals including Senior Citizens:
Total Income
Tax Payable Before Cess
Rebate u/s 87A
Tax Payable + 3% Cess
2,65,000
1,500
1,500
0
2,70,000
2,000
2,000
0
4,50,000
20,000
5,000
15,000 + 450= 15,450
5,00,000
25,000
5,000
20,000 + 600= 20,600

 Download One by One preparation Excel Based Automated Income Tax Form 16 Part A&B and Part B for the Financial Year 2018-19 [ This Excel Utility can prepare One by One Form 16 Part A&B and Part B both for the Financial Year 2018-19]


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