article Income Tax

What is the rebate for AY 2021 -22 ?

Team Freetaxguru

What is the rebate for AY 2021 -22 ?

According to Income Tax Act 1961 an assesse compute total income from five head of income

  1. Income from Salary
  2. Income from house property
  3. Income from business and profession
  4. Income from Capital Gain
  5. Income from other sources

Allow various deduction available

Rebate under section 87A is available from total tax liability

With a view to provide tax relief to the individual tax payers who are in lower income bracket the income tax act has provided rebate from the tax payable by an assesse if the following condition are satisfied.

  1. The assesse is an individual
  2. He is resident in India
  3. His total income does not exceed Rs.5, 00,000

Quantum of rebate:

  1. The amount of income tax payable on the total income
  2. 12,500

 

 Whichever is less

 

 

What is the 80c limit for 2021- 22?

Rs.1, 50,000 is maximum limit

 

 

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