What is the rebate for AY 2021 -22 ?
According to Income Tax Act 1961 an assesse compute total income from five head of income
- Income from Salary
- Income from house property
- Income from business and profession
- Income from Capital Gain
- 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.
- The assesse is an individual
- He is resident in India
- His total income does not exceed Rs.5, 00,000
Quantum of rebate:
- The amount of income tax payable on the total income
Whichever is less
What is the 80c limit for 2021- 22?
Rs.1, 50,000 is maximum limit