Sunday, December 3, 2017

Rebate under section 87A for AY 2018-19 FY 2017-18 reduced to Rs. 2500/- as per Budget Proposals 2017-18



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Rebate under section 87A for AY 2018-19 FY 2017-18 reduced to Rs. 2500/- as per Budget Proposals 2017-18

The Union Budget 2017-18 was presented on 1stFebruary, 2017. With a reduction of ta xrate to 5% (in place of existing 10%), the Government has reduced the rebate u/s 87A to Rs. 2500/- for individuals having total income (taxable income) up to Rs. 3.5 lakhs.
The effect of reduced rebate 87A would be as under: 
Taxable Income
AY 2017-18
AY 2018-19
Rs. 3,50,000/-10000/-5000/-
Less: Rebate u/s 87A5000/-2500/-
Net Tax Payable5000/-2500/-
The effect of reduction in Rebate on various income grous would be as under:
Total Income (Rs.)Income TaxRebate u/s 87ANet Tax
Rs. 300000/-2500/-2500/-Nil
Rs. 350000/-5000/-2500/-2500/-
Rs. 400000/-7500/-Nil7500/-
Rs. 500000/-12500/-Nil12500/-

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