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New Delhi, February 1: Finance Minister Arun Jaitley on Wednesday tabled the Union Budget for the year 2017-18 where he announced in personal income tax limits.H2 Income Tax Slab Rate as per Union Budget 2017.This 87A Rebate would be given from the Total Tax payable by an Individual.The Rebate.5,00,000/-) Balance NIL.5000/-.100/-.50/-. .House Property, Salary, Capital Gains, Business or Profession, and Other Sources.Example: Rebate Calculation Case I Net Income.Is not eligible to claim Income Tax Rebate under this section.Union Budget 2016, the Income Tax Rebate has been increased from.20,000/- depending upon the amount of tax payable on him.The Section 88B contains all details about such tax rebates.5,000/- or the total tax is payable (whichever is less).5,000/- is to be subtracted from the Total Tax Payable and not from the Total Income of an Individual.5,00,000/- for an individual to claim income tax rebate.It is pertinent to note penny board giveaway 2016 here that this.The move which is much appreciated is aimed at softening the impact on demonetisation.The Income Tax Act, 1961 has made provisions for tax rebates for senior citizens(aged over 65 years).
Income Tax Rebate Calculation As Section 87A provides for Income Tax Rebate, the assessee will first compute the Total Tax Payable and then reduce.
In case, there is any loss under any head due to the payment of housing loan or for any other reason, such loss would also be deducted from the total income.