Effective from first April 2020, Tax Rebate under Sec.87A was reconsidered in Budget 2019. Due to this, there is no duty risk for those whose complete assessable salary is up to Rs.5,00,000.
Give us a chance to see the highlights of Sec.87A.
Updated Tax Rebate under Sec.87A after Budget 2019
1. You must be a RESIDENT INDIVIDUAL
2. Your Total Income, after Deductions, (as under Section 80C) is equivalent to or under Rs.5,00,000 (Earlier it was Rs.3,50,000).
3. The discount is constrained to Rs.12,500 (Earlier it was Rs.2,500).
It implies if your all out assessment payable is lower than Rs.12,500, the sum will qualify for a discount under Sec.87A. Do recollect that the discount ought to be connected to the all-out duty before including the instruction cess (4%).
The present Income Tax Slab appropriate for FY 2019-20.
Do recall that there are no annual duty chunk rates changes for FY 2019-20. In any case, because of changes in Sec.87A, you can expect that in the event that your assessable pay is under Rs.5,00,000, at that point your expense obligation ought to be zero.
Download Automated Income Tax Arrears Relief Calculator from Financial Year 2000-01 to the Financial Year 2019-20 (Update Version)
