Anonymous
  • 2

What is 87a in income tax?

  • 2
What is 87a in income tax?
Share

2 Answers

  1. Section 87A was introduced to help taxpayers reduce their income tax liability. In other words, certain taxpayers earning income below a specified limit can leverage the provisions of this section and pay lesser/zero income tax. You can read more about section 87A here – https://www.mastersindia.co/gst/section-87a/

    • 0
  2. Section 87A offer some relief to individuals whose annual net income is not more than 5 Lakh. For income tax purpose, an individual tax payer, who is resident of India, is entitled to claim tax rebate up to Rs. 12,500 against his tax liability if his income does not exceed ₹5 lakh. However, your entitlement to claim the rebate under Section 87A gets lost altogether once the income exceeds this limit.

    In case the tax payable is less than Rs 12,500, then the tax payable will be the tax rebate.

    • 0

Leave an answer

You must login to add an answer.