Home Income Tax Assesment Rebate u/s 87A

Rebate u/s 87A

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Rebate u/s 87A

New section 87A was inserted by the F.A. 2013 w.e.f.  A.Y. 2014-15. Rebate under this section is applicable only to resident individual.

Rebate under this section is lower of

tax amount or

specified rebate amount which is Rs. 2,500/- for A.Y. 2018-19.

Rebate under this section is allowable to small tax payer whose total income is upto a certain limit which is Rs. 3,50,000/- for A.Y. 2018-19.

Chronology of amendment under this section is as under:

 Assessment Year Maximum amount of Rebate Total Income
2014-15 to 2016-17 2,000 5,00,000
2017-18 5,000 5,00,000
2018-19 and onwards 2,500 3,50,000
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