Business, posted at: Apr 25, 2016, 12:50 AM; last updated: Apr 25, 2016, 12:50 AM (IST)TAX advice.
No, there will be no such tax-refunds.In his direct tax proposals, the Finance Minister has proposed to increase the limit martin luther king freebies of rebate under section 87A for FY 2016-17 AY 2017-18.1,cloning of atm card,1,clubbing of income,2,collection charges,1,color scheme,1,commission ON small savings,2,common error in 2009-10,1,common error in itr 4-5-6,3,compa,1,companies bill 2012,2,companies rate,2,company bill 2011,6,company deposit,5,Company Law Settlement Scheme,5,company registration,4,complusory payment of taxes,1,composite supply,2,Composition scheme GST,8,Composition scheme service tax,2,computer AS FAX machine,1,computer sytem at ito office,1,concept paper,1,configure.2000/- for assessees having Taxable Income not exceeding.D) Whether Post Office MIS, scss and five-year term deposit with nationalised banks are also eligible for rebate under Section 80C?Suppose your yearly pay comes.6.50 lakh and you claim.1,50,000 u/s 80C. You are covered within the last category.Computation of Tax Liability and Claiming of Tax Rebate.
However, the tax rebate benefit had not been made available to all taxpayers but restricted to only Individual Taxpayers and that too for only Indian citizens irrespective of being male or female.Thus, tax rebate under section 87A is available for Assessment Year 2017-18.e.If the above net taxable income happens to be less than.5 lakhs than the tax rebate.5,000 comes in the picture and should be deducted from the calculated total income tax payable, as state below.Financial Year 2016-17 also.Whether interest earned is his liability or added in the income of donor?Including individual NRIs are also not eligible to claim tax rebate under section 87A. There is no other category prescribed by the Act.