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Showing posts with the label Rebate under Sec 87A

Real Shrewdness Behind No Tax upto Rs. 5 Lakhs

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My Dear readers, followers, taxpayers & clients,   Welcome to my blog. Get yourself update with changes in tax structures.  Many of us heard about no tax on income up Rs. 5 Lakhs for F.Y. 2019-20. Is it really true? All of You really know about this? I know some of You are still not aware about this shrewdness. Govt. had declared in finance budget for Fin Year 2019-20 that, no tax on income up to Rs. 5 Lakhs, many people felt relax and thought that there is no tax on there income up to Rs. 5 Lakhs. Also, media had published head lines about the same that is, No tax up to Rs. 5 Lakhs. But it is partially true. So, I want to share with all of You about reality behind this point. First, let me introduced one section of Income Tax Act. The section number is 87A. According to Sec. 87A,  " if   Your total taxable income shall not exceed the threshold limit of Rs. 5 Lakhs for F.Y. 2019-20, then You will get a tax rebate of Rs 12,500 or equal to the amoun