#section 87a

Hi Friends! Good news for Income Tax Payers! On 5th July 2024 ITR application had suddenly blocked rebate under section 87A on income taxable at special rates under new regime, for taxable income upto Rs. 7 Lakhs. The maximum rebate of Rs. 25000 for taxable income upto Rs. 7 Lakhs was not considered on such special rate incomes.  Siting an example – Short Term Capital Gains were taxed at 15%…

Income tax rebate under section 87a? Working and Eligibility

Income Tax Deductions and Exemptions For the F.Y. 2019-20, With Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E for the F.Y. 2019-20

Annual Tax Update: Budget 2019-20

Nil charge on salary up to Rs. 5 Lakhs.

The exception point of confinement of Rs. 5 lakh joined with findings on reserve funds accessible under Sector 80 will imply that individuals gaining Rs 6.5 lakh may not be required to make good on any Income Regulatory expense.

Standard Deduction of Rs. 50,000 has been taken into account salaried citizens.

TDS edge on…

Income Tax Deductions and Exemptions For the F.Y. 2019-20, With Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E for the F.Y. 2019-20

Annual Tax Update: Budget 2019-20

Nil charge on salary up to Rs. 5 Lakhs.

The exception point of confinement of Rs. 5 lakh joined with findings on reserve funds accessible under Sector 80 will imply that individuals gaining Rs 6.5 lakh may not be required to make good on any Income Regulatory expense.

Standard Deduction of Rs. 50,000 has been taken into account salaried citizens.

TDS edge on…

Computation of Income Tax – FAQs & Examples

​Under how many heads the income of a taxpayer is classified?

S​ection 14 of the Income-tax Act has classified the income of a taxpayer under five different heads of income, viz.:

Salaries

Income from house property

Profits and gains of business or profession

Capital gains

Income from other sources​

​What is gross total income?

​Total income of a taxpayer from all the heads of income (as…

Availability of Rebate U/s. 87A for FY 2014-15 / AY 2015-16

Finance Act 2014 has increased Income Tax Exemption Limit by Rs. 50000/- for Individuals and Senior Citizens below the Age of 80 Years. Now Question arises was do Rebate of income-tax under section 87A as applicable for FY 2013-14 also available for FY 2014-15 and subsequent years.

Finance Act 2013 has introduced the rebate U/s. 87A and in this section it has not restricted the exemption to any…

New Post has been published on http://www.indiantaxupdates.com/2014/07/14/section-87a-continue-budget-2014/

Is Section 87A continue after Budget 2014?

Section 87A after Budget 2014

I am getting too many mails regarding the existence of section 87A after budget 2014. Since there are no words on the section 87A, many of our readers are eager to know whether the section 87A still exists or fade away like section 80EE.

There is good news for all assessees who are getting benefited by section 87A because it will continue to give benefit this year also. Since section 87A is neither withdrawn nor was it for a particular year like section 80EE was, so it still holds the ground. Even the Online Tax Calculator present on the Income Tax Site also calculates tax after taking tax rebate u/ 87A into account.

Read: Tax Rebate under section 87A

Thus assessee having salary between Rs.2.5 lakh to Rs.5 lakh are still able to reduce their tax liability by Rs 2,000. Essentially, there is NIL tax liability for annual incomes up to Rs.2.70 lakh.

Here is how tax will be calculated for the current year after giving effect to section 87A:

Read: Income Tax Slab Rates for Financial Year 2014-15

New Post has been published on http://www.indiantaxupdates.com/2014/07/14/online-income-tax-calculator/

Online Tax Calculator with Email Feature Launched by CBDT

Online Tax Calculator with latest tax slab and Email Feature Launched by CBDT

CBDT has launched new tax calculator updated with the income tax slab of financial year 2014-15, for computing tax liability which can also be emailed to the mail address of the assessee, to his chartered accountant or to his tax/financial planner.

The tax calculator is updated every fiscal year with the latest slab rates and tax rebates according to the announcements made by the Finance Minister.

The Tax Calculator computes the total tax of an individual or any other category of taxpayer (HUF, LLP, AOP, BOI, Company, Firm and Society) by taking the figures of salary, house property, business/profession, capital gains, income from other sources and deductions under various sections i.e. 80C to 80U. The tax liability so arrived is after the tax rebate of Rs 2,000 under section 87A. The tax calculator acts like a true copy of Income Tax Return.

This step has taken to make filing ITR more user friendly. Soon department will start sending mails and SMSes about the status of assessee I-T refunds and processing of certain tax statements.

The calculator can be accessed at