Interim price range 2019-20 has proposed a hundred percent tax rebate u.s.a.87A as much as overall profits of Rs. 5 lakhs.
Accordingly, considering 80C deduction profits as much as Rs. 6.50 lakhs can be out of the tax net
The impact of the finances suggestion on section 87A Rebate and earnings tax to be paid by using the taxpayers for AY 2020-21 would be as under:
Total/Taxable Income (Rs.)
|
Income Tax
|
Rebate u/s 87A
|
Net Tax
|
Rs. 300000/-
|
2500/-
|
2500/-
|
Nil
|
Rs. 350000/-
|
5000/-
|
5000/-
|
Nil
|
Rs. 400000/-
|
7500/-
|
7500/-
|
Nil
|
Rs. 500000/-
|
12500/-
|
12500/-
|
Nil
|
Rs. 500100/-
|
12520/-
|
Nil
|
12520/-
|
Rs. 600000/-
|
32500/-
|
Nil
|
32500/-
|
