According to the provisions of
Section 87A of the Act, an assessee being an individual resident in India,
whose total income does not exceed Rs 5 lakh shall be entitled to deduction
from tax (computed before allowing the deductions under Chapter VIII) on his
total income of an amount equal to 100% of such tax or Rs 5,000, whichever is
less, for the assessment year (AY) 2017-18.
For the assessment year
2018-19, the rebate of Rs 2,500 is applicable where the total income does not
exceed Rs 3,50,000.
Note that the rebate of Rs 2,000 was allowable up to
the AY 2016-17 which was raised to Rs 5,000 for the AY 2017-18.
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