It is planned to amend section 87A thus on reduce the foremost amount of rebate offered below this section from existing Rs. 5000 to Rs. 2500. it's to boot planned to provide that this rebate shall be offered to alone resident folks whose total gain does not exceed Rs. 3,50,000/-
Rationalization of rebate allowable below Section 87A
The existing provisions of section 87A provide for a rebate up to Rs. 5000 from the monetary gain-tax due to a resident individual if this total financial gain does not exceed Rs. 5,00,000.
In view of planned rationalisation of tax rates for folks at intervals the gain block of Rs. 2,50,000 to Rs.5,00,000, it is planned to amend Section 87A thus on reduce the foremost amount of rebate offered below this section from existing Rs. 5000 to Rs. 2500. it's to boot planned to provide that this rebate shall be offered to alone resident folks whose total gain does not exceed Rs. 3,50,000.
This change will get from 1st April 2018 and might, consequently, apply in connectedness the assessment year 2018-19 and later assessment years.
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