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|
|2018-19 and onwards||2,500||3,50,000|