Income Tax Rebate
Income Tax Rebate
Income Tax Rebate Under Section 87A
Income Tax Rebate under section 87A for FY 2020-21 (AY 2021-22) & FY 2021-22 (AY 2022-23)
| Source of income (FY 2021-22) AY (2022-23) | Income (Rs) |
| Gross total income | 6,50,000 |
| Less: Deduction* under section 80C | 1,50,000 |
| Total income | 5,00,000 |
| Income-tax (@ 5% from Rs 2.5 to 5 lakh) | 12,500 |
| Less: Rebate u/s 87A | 12,500 |
| Tax payable | Nil |
| Financial Year (FY) | Assessment Year (AY) | Limit on total taxable Income | Amount of rebate allowed u/s 87A |
| 2021-22 | 2022-23 | Rs. 5,00,000 | Rs. 12,500 |
| 2020-21 | 2021-22 | Rs. 5,00,000 | Rs. 12,500 |
| 2019-20 | 2020-21 | Rs. 5,00,000 | Rs. 12,500 |
| 2018-19 | 2019-20 | Rs. 3,50,000 | Rs. 2,500 |
| 2017-18 | 2018-19 | Rs. 3,50,000 | Rs. 2,500 |
| 2016-17 | 2017-18 | Rs. 5,00,000 | Rs. 5,000 |
| 2015-16 | 2016-17 | Rs. 5,00,000 | Rs. 2,000 |
| 2014-15 | 2015-16 | Rs. 5,00,000 | Rs. 2,000 |
| 2013-14 | 2014-15 | Rs. 5,00,000 | Rs. 2,000 |
No. Tax rebate is only allowed for resident of india individuals.
How to register PAN in e-filing portal
Prepare online tax return on https://www.incometax.gov.in/ and get rebate.
To calculate rebate under section 87A, calculate your gross income and subtract the available deductions under Sections 80C to 80U. Now, if your net taxable income is less than Rs. 5 lakhs, you are eligible for the rebate upto Rs 12500 on the tax payable before health and education Cess.
Calculate your gross total income and reduce deductions under Section 80C to 80U. If the same is below Rs 5 lakh, you are eligible for a tax rebate, i.e. full tax up to Rs 12500 will be deducted as per section 87A. If taxable income is more than Rs 5 lakh, then no rebate can be claimed.
Income tax Under Section 80CCD(1B).
Up to Rs. 12,500.
Tax rebate on your assessment tax amount.
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