Decoding income tax rebate. Will you get this benefit?
5 years, 6 months ago

Decoding income tax rebate. Will you get this benefit?

Live Mint  

In the 2019 interim Budget, income tax rebate under Section 87A of Income tax Act was increased to ₹12,500, from ₹2,500. The amount of rebate is 100% of income tax payable on the total taxable income of up to ₹5 lakh. For this financial year, assessees with taxable income of up to ₹5 lakh this financial year can claim the entire tax payable as tax rebate. However, as his taxable income is up to ₹5 lakh, he is liable to claim a rebate of ₹12,500 and thus his net tax payable would be zero. But this income tax rebate is only applicable for individuals who have a taxable income of less than ₹5 lakh.

Income Tax Income Lakh Deduction Rebate Taxable Income Tax Rebate This Rebate Net Taxable  tax  deduction  benefit  rebate  income  payable  net  taxable  decoding  lakh  taken  individuals

History of this topic

Missed income tax section 87A rebate? Here's your chance to claim it for FY 2023-24
Trending News
1 week, 6 days ago

Missed income tax section 87A rebate? Here's your chance to claim it for FY 2023-24

India Today  

The Income Tax Department has introduced significant relief for taxpayers eligible for the Section 87A rebate for FY 2023-24 who were previously unable to claim it. Announced late on December 31, 2024, via the ITR e-filing portal, the department confirmed that eligible taxpayers would soon be able to file revised or belated ITRs through the ITR filing utility or online …

Can I claim any rebate for interest received for multiple years in current year?
3 weeks, 4 days ago

Can I claim any rebate for interest received for multiple years in current year?

Live Mint  

I had invested in bonds of a listed Company with a cumulative option for interest. My question is whether the whole amount of ₹75106 will be included in my income for this year or is any relief available to me for interest received for so many years together? Taxation of Interest Income: Accrual vs. Cash Basis Explained The first method …

ITR Return Filing: Should you file ITR if your income is less than ₹7 lakh?
6 months, 4 weeks ago

ITR Return Filing: Should you file ITR if your income is less than ₹7 lakh?

Hindustan Times  

If your gross taxable income exceeds basic exemption limit, it is mandatory for you to file an income tax return. But this does not mean you have to pay income tax as there is a tax rebate under section 87A of the Income tax Act, 1961 owing to which you are eligible if your net taxable income does not exceed …

Income Tax: Small outstanding tax demands remitted. How to check your status?
10 months, 3 weeks ago

Income Tax: Small outstanding tax demands remitted. How to check your status?

Live Mint  

The income tax department has announced that eligible outstanding direct tax demands have been remitted and extinguished. Withdraw tax demands It is worth remembering that the government proposed to withdraw outstanding direct tax demands dating to years and decades ago. There were some old disputed tax demands — dating back to 1962 — causing anxiety to the honest tax payers. …

New income tax regime: How to save tax if annual income is above ₹7 lakh?
1 year, 11 months ago

New income tax regime: How to save tax if annual income is above ₹7 lakh?

Live Mint  

New income tax regime: In the union budget 2023, finance minister Nirmala Sitharaman made some changes in the new income tax regime to make it more attractive for a taxpayer going to file income tax return in the financial year 2023-24. Speaking on the new income tax regime, Pankaj Mathpal, MD & CEO at Optima Money Managers said, "Section 87A …

Budget 2023 | Those earning up to ₹7 lakh a year need not pay income tax
1 year, 11 months ago

Budget 2023 | Those earning up to ₹7 lakh a year need not pay income tax

The Hindu  

Finance Minister Nirmala Sitharaman on Wednesday announced that those earning up to ₹7 lakh a year need not pay any income tax under the new tax regime, giving a push for the regime which disallows all exemptions on investments. Those earning up to ₹7 lakh annually and opting for new tax regime, could save ₹33,800. “It is proposed to increase …

Budget 2023 new income tax slabs: How to calculate your tax
1 year, 11 months ago

Budget 2023 new income tax slabs: How to calculate your tax

Hindustan Times  

In a big relief for the middle class, finance minister Nirmala Sitharaman on Wednesday announced five income tax measures in the last full budget of the government before the 2024 Lok Sabha elections. People earning up to ₹7 lakh annually will not pay any income tax in the new tax regime as the personal income tax rebate limit has been …

Budget 2023: Govt increases income tax rebate to Rs 7 lakh per annum | 5 major announcements
1 year, 11 months ago

Budget 2023: Govt increases income tax rebate to Rs 7 lakh per annum | 5 major announcements

India TV News  

Budget 2023: In a big relief for the common man, the Modi government on Wednesday increased the personal income tax rebate to Rs 7 lakh per annum. The income tax rebate is one of the 5 major announcements made by Finance Minister Nirmala Sitharaman in the first budget of 'Amrit Kaal'. Sitharaman tweaked the slabs to provide some relief to …

Budget 2023: Check The Difference Between Income Tax Exemption, Deductions, Rebate
1 year, 11 months ago

Budget 2023: Check The Difference Between Income Tax Exemption, Deductions, Rebate

News 18  

Income Tax Exemption Vs Rebate Vs Deductions: The Union Budget 2023, which will be tabled in Parliament on Febuary 1, will be keenly watched by taxpayers as they look forward to relaxations in taxability of their income. Various exemptions have been given under the Income Tax Act, 1961, from income under the head salary like house rent allowance and from …

Income tax rebate under Section 87A for income up to ₹5 lakh - Explained
3 years, 8 months ago

Income tax rebate under Section 87A for income up to ₹5 lakh - Explained

Live Mint  

The government has not changed the basic exemption limit of 2.50 lakh for some time as the government does not want people to go out of the tax net and be exempt from filing ITR. 2.50 lakh is applicable for all Individuals and HUFs whether resident or non-resident but the rebate under Section 87A is available only to an individual …

New income tax slabs: Here are 5 rates proposed to govt, says report
5 years, 4 months ago

New income tax slabs: Here are 5 rates proposed to govt, says report

Live Mint  

A government-appointed task force earlier this month submitted its report to the Finance Ministry on new Direct Tax Code, which seeks to replace the existing Income Tax Act. The task force has not recommended raising of the income tax exemption limit from the current level of ₹2.5 lakh but has suggested five tax brackets of 5%, 10%, 20%, 30% and …

Major relief likely for taxpayers between ₹5 lakh and ₹10 lakh as panel proposes new slabs
5 years, 4 months ago

Major relief likely for taxpayers between ₹5 lakh and ₹10 lakh as panel proposes new slabs

Hindustan Times  

Taxpayers earning between ₹5 lakh and Rs10 lakh a year may be in line for major tax relief with the task force on the Direct Tax Code suggesting halving the tax rate for them to 10%, two persons aware of the matter said on condition of anonymity. The task force submitted its report last week and recommended that the government …

Tax relief for senior citizens upto ₹5 lakh
5 years, 7 months ago

Tax relief for senior citizens upto ₹5 lakh

Hindustan Times  

Senior citizens with a taxable income of up to ₹5 lakh can now seek exemption from tax deducted at source by banks and post offices on interest they earn on their deposits — a move that is expected to be welcomed by retirees living on their savings. A notification to this effect was issued on Wednesday, but CBDT is considering …

Income tax slab for FY 2019-20: A ready reckoner
5 years, 9 months ago

Income tax slab for FY 2019-20: A ready reckoner

Live Mint  

New Delhi: With the start of the new financial year 2019-20 from this month, it is time to start your financial planning for saving taxes. Your tax outgo calculation might however change as there has been some changes in rebates and standard deduction. Individuals below the age of 60 will continue to enjoy tax-free income of up to ₹2.5 lakh, …

How is your tax slab calculated?
5 years, 11 months ago

How is your tax slab calculated?

Live Mint  

Tax slab In the interim budget, though the government offered tax rebate for income up to ₹5 lakh, it left income tax slabs unchanged. The current tax slab starts at 5% for income between ₹2.5 lakh and ₹5 lakh, 20% if your income is between ₹5 lakh and ₹10 lakh and 30% for income above ₹10 lakh, for individuals less …

Can you get tax rebate?
5 years, 11 months ago

Can you get tax rebate?

Live Mint  

When finance minister Piyush Goyal announced tax rebate for income up to ₹5 lakh, it brought in immediate cheer to the salaried individuals. There are two components that changed in the budget that will have an impact on your income tax —tax rebate for income up to ₹5 lakh and increase in standard deduction from ₹40,000 to ₹50,000. If you …

Small businesses with turnover up to ₹1.5 crore can become income tax free due to full rebate
5 years, 11 months ago

Small businesses with turnover up to ₹1.5 crore can become income tax free due to full rebate

Op India  

In the interim budget presented by caretaker finance minister Piyush Goyal on February 1, a major relief has been provided to the income taxpayers, with the increase in the threshold for the rebate. Due to this, small businesses and traders having an annual turnover up to ₹1.5 crore may not need to pay any income tax. The section 44AD of …

Tax rebate given to those who need it most, says Piyush Goyal
5 years, 11 months ago

Tax rebate given to those who need it most, says Piyush Goyal

Hindustan Times  

The government opted to announce a tax rebate on annual income up to Rs 5 lakh instead of raising the exemption limit as it did not wish to tinker with rate slabs in an interim budget, Union finance minister Piyush Goyal said in an interview to Hindustan Times on Monday. Finance minister Piyush Goyal during an interview in New Delhi. …

Income tax rates for FY 2019-20 after interim budget
5 years, 11 months ago

Income tax rates for FY 2019-20 after interim budget

Live Mint  

In the interim budget, finance minister Piyush Goyal has not changed the income tax slabs for the financial year 2019-20 but has provided relief to middle-class salaried taxpayers by rebates and increasing the standard deduction threshold. Clause 8 of the Finance Bill introduced in parliament on Friday seeks to amend section 87A of the Income Tax Act to provide relief …

Opinion | Budget gives starring role to Middle India, farmers
5 years, 11 months ago

Opinion | Budget gives starring role to Middle India, farmers

Live Mint  

The 8,153-word speech by finance minister Piyush Goyal, who was stepping into the shoes of the ailing Arun Jaitley, had some giveaways and some promises to both India and Bharat. And, by the way, to help you help us, here are some rewards targeted at those who most need them.” You can dismiss this as a pre-election manifesto, but the …

Budget 2019: Income tax rebate hiked for income up to Rs 5 lakh; here is how much you will save now
5 years, 11 months ago

Budget 2019: Income tax rebate hiked for income up to Rs 5 lakh; here is how much you will save now

Firstpost  

Finance Minister Piyush Goyal on Friday doled out tax sops to middle class including doubling of income tax exemption limit to Rs 5 lakh and raising standard deduction to Rs 50,000, and provided concessions on interest income from bank deposits and rent. Finance minister Piyush Goyal on Friday doled out tax sops to middle class including giving full income tax …

Budget 2019: It’s a rebate and not an exemption
5 years, 11 months ago

Budget 2019: It’s a rebate and not an exemption

Live Mint  

There is some confusion on the tax rebate announced in the union budget today. For instance, if house rent allowance is a part of an assessee’s salary component, it is exempted from tax depending upon certain rules. Also, as per section 10 of the Income tax Act, 1961, agricultural income earned by the taxpayer in India is exempt from tax. …

5 income tax changes announced in Budget 2019
5 years, 11 months ago

5 income tax changes announced in Budget 2019

Live Mint  

Finance Minister Piyush Goyal in Budget 2019 proposed many changes in income tax rules for the year 2019-20. Budget 2019: Here are 5 changes proposed on the personal tax front 1) The rebate under Section 87A of the Income tax Act, 1961, has been raised to ₹12,500. So in the next fiscal year, if an assessee has a net taxable …

Budget 2019: Income up to ₹5 lakh exempted from tax
5 years, 11 months ago

Budget 2019: Income up to ₹5 lakh exempted from tax

Live Mint  

New Delhi: Union finance minister Piyush Goyal has announced a slew of tax breaks for the middle class, including doubling the exemption threshold to ₹5 lakh. “This will provide tax benefit of ₹18,500 crore to 3 crore middle class comprising self-employed, small traders, salary earners, pensioners and senior citizens,” said Goyal. The income tax department is moving towards totally automated …

Tax rebate enhanced. Taxable income upto ₹5 lakh are exempt from tax
5 years, 11 months ago

Tax rebate enhanced. Taxable income upto ₹5 lakh are exempt from tax

Live Mint  

The rebate under section 87A of Income tax Act 1961, which is available since assessment year 2014-15 is raised to ₹12,500 from existing ₹2,500. The amount of rebate is 100% of income tax payable on the total taxable income of up to ₹5 lakh. So in next fiscal, if an assessee has an income of up to ₹5 lakh in …

Now, you can file income tax returns till 31 August
6 years, 5 months ago

Now, you can file income tax returns till 31 August

Live Mint  

New Delhi: In a relief to individual taxpayers, the income tax department on Thursday extended the last date for filing tax returns by one month. The due date for filing the income tax returns has been extended to 31 August from 31 July, the income tax department said in a statement. “While return filing due date has been extended, taxpayers …

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