Income Tax Rebate, Under section 87A for FY 2020-21

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)

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Income Tax Calculation Age Below 60 Years (For Individuals)

Tax Rebate limit under Section 87A for all the financial years

Frequently Asked Questions FAQs For Tax Rebate

Can NRIs claim a rebate under Section 87A?

No. Tax rebate is only allowed for resident of india individuals.

How to register PAN in e-filing portal

How to claim rebate u/s 87A?

Prepare online tax return on https://www.incometax.gov.in/ and get rebate.

How is income tax rebate calculated?

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.

Who is eligible for rebate?

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.

What is 50000 rebate in income tax?

Income tax Under Section 80CCD(1B).

How much tax rebate can I get?

Up to Rs. 12,500.

What is meant by tax rebates?

Tax rebate on your assessment tax amount.