October 8, 2018

Rebate Under Section 87A for A.Y. 2019-20 with Automated All in One TDS on Salary for Private Employees for the F.Y.2018-19 with latest amended by the Finance Budget 2018-19

Individuals who are residing in India and whose income is below Rs. 3,50,000 are entitled to claim rebate under section 87A. Rebate under section 87A should be 2500 Rs or lesser than the total income tax liability.  For example, if the tax liability is more than Rs. 2,500,  then rebate will be available to the extent of Rs. 2,500 only and there is no rebate if the total income (i.e. taxable income) exceeds Rs. 3,50,000.

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Who will get the rebate under section 87a for A.Y.2019-20

The employee who is an individual resident and who gets the salary (After less the all deductions) which does not exceed 3,50,000 in the financial year then they will get the 2500/- rebate u/s 87a income tax act. Senior citizens (Age 60 ≥ 80 ) also eligible for rebate 2500/- u/s 87a.This rebate will be added before calculation of education & Health cess @ 4% on tax
Examples :
1.Individual and Resident of India (< 60 Years )
Total Taxable Income
   Tax
Rebate u/s 87a
 Tax Payable
Cess @ 4%
Net Tax Payable
300000
2500
2500
0
0
0
350000
5000
2500
2500
100
2600
400000
7500
0
7500
300
7800
500000
12500
0
12500
500
13000
2. Individual and Resident of India (Senior citizens (Age 60 ≥ 80 ) )
Total Taxable Income
   Tax
Rebate u/s 87a
 Tax Payable
Cess @ 4%
Net Tax Payable
300000
0
0
0
0
0
350000
2500
2500
0
0
0
400000
5000
0
5000
200
5200
500000
10000
0
10000
400
10200
1.Individual and Resident of India (< 60 Years )
Total Taxable Income
   Tax
Rebate u/s 87a
 Tax Payable
Cess @ 4%
Net Tax Payable
300000
2500
2500
0
0
0
350000
5000
2500
2500
75
2575
400000
7500
0
7500
225
7725
500000
10000
0
12500
375
12875
2. Individual and Resident of India (Senior citizens (Age 60 ≥ 80 ) )

Total Taxable Income
   Tax
Rebate u/s 87a
 Tax Payable
Cess @ 4%
Net Tax Payable
300000
0
0
0
0
0
350000
2500
2500
0
0
0
400000
5000
0
5000
150
5150
500000
10000
0
10000
300
10300