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Answer: In case we missed to submit our PAN no to the bank , bank deducts our TDS at 20% and also we did not get credit of that TDS in our 26 AS.
We can do following for correction of extra TDS deducted by Bank:-
1. Go to bank, submit your updated PAN No.
2. Ask bank to revise their TDS return & credit that TDS to your PAN No.
3. Check your 26 AS after few days of filing of TDS return by bank
4. File/Revise your income tax return to declare interest income & claim the TDS against total tax liability.
5. Tax refund will arise if you have already paid taxes on your income, or you are below taxable limits.
Date Posted 13-Dec-2019
Posted By Kumar Prakash
Views: 781
Rebate u/s 87A is a provision for giving tax relief to the low bracket income earners.
From AY 2020-21 onwards following are the provisions related to rebate u/s 87A:-
1. This rebate can be claimed only by resident individual.
2. He must have his taxable income after claiming deduction u/s chapter VIA (Section 80) not more than 5 lacs
3. This rebate is reduced from tax liability before adding 4 % health & education cess.
4. This rebate is a not a refund but a relief so the amount of rebate will be capped to total tax liability for example if a person has total taxable income of 4 lacs , his tax liability will come as 7500 (5% on 150000), so the rebate u/s 87A would be allowed only 7500.
To many taxpayers this rebate is wrongly understood as they think that now the tax free slab for AY 2020-21 is 5 lacs, which is wrong for other than Resident Individuals for income upto 5 lacs.
Date Posted 13-Dec-2019
Comment / Read More
Rebate u/s 87A is a provision for giving tax relief to the low bracket income earners.
From AY 2020-21 onwards following are the provisions related to rebate u/s 87A:-
1. This rebate can be claimed only by resident individual.
2. He must have his taxable income after claiming deduction u/s chapter VIA (Section 80) not more than 5 lacs
3. This rebate is reduced from tax liability before adding 4 % health & education cess.
4. This rebate is a not a refund but a relief so the amount of rebate will be capped to total tax liability for example if a person has total taxable income of 4 lacs , his tax liability will come as 7500 (5% on 150000), so the rebate u/s 87A would be allowed only 7500.
To many taxpayers this rebate is wrongly understood as they think that now the tax free slab for AY 2020-21 is 5 lacs, which is wrong for other than Resident Individuals for income upto 5 lacs.
Date Posted 13-Dec-2019
Comment / Read More
Rebate u/s 87A is a provision for giving tax relief to the low bracket income earners.
From AY 2020-21 onwards following are the provisions related to rebate u/s 87A:-
1. This rebate can be claimed only by resident individual.
2. He must have his taxable income after claiming deduction u/s chapter VIA (Section 80) not more than 5 lacs
3. This rebate is reduced from tax liability before adding 4 % health & education cess.
4. This rebate is a not a refund but a relief so the amount of rebate will be capped to total tax liability for example if a person has total taxable income of 4 lacs , his tax liability will come as 7500 (5% on 150000), so the rebate u/s 87A would be allowed only 7500.
To many taxpayers this rebate is wrongly understood as they think that now the tax free slab for AY 2020-21 is 5 lacs, which is wrong for other than Resident Individuals for income upto 5 lacs.
Date Posted 13-Dec-2019
Comment / Read More
Rebate u/s 87A is a provision for giving tax relief to the low bracket income earners.
From AY 2020-21 onwards following are the provisions related to rebate u/s 87A:-
1. This rebate can be claimed only by resident individual.
2. He must have his taxable income after claiming deduction u/s chapter VIA (Section 80) not more than 5 lacs
3. This rebate is reduced from tax liability before adding 4 % health & education cess.
4. This rebate is a not a refund but a relief so the amount of rebate will be capped to total tax liability for example if a person has total taxable income of 4 lacs , his tax liability will come as 7500 (5% on 150000), so the rebate u/s 87A would be allowed only 7500.
To many taxpayers this rebate is wrongly understood as they think that now the tax free slab for AY 2020-21 is 5 lacs, which is wrong for other than Resident Individuals for income upto 5 lacs.
Date Posted 13-Dec-2019
Comment / Read More
Rebate u/s 87A is a provision for giving tax relief to the low bracket income earners.
From AY 2020-21 onwards following are the provisions related to rebate u/s 87A:-
1. This rebate can be claimed only by resident individual.
2. He must have his taxable income after claiming deduction u/s chapter VIA (Section 80) not more than 5 lacs
3. This rebate is reduced from tax liability before adding 4 % health & education cess.
4. This rebate is a not a refund but a relief so the amount of rebate will be capped to total tax liability for example if a person has total taxable income of 4 lacs , his tax liability will come as 7500 (5% on 150000), so the rebate u/s 87A would be allowed only 7500.
To many taxpayers this rebate is wrongly understood as they think that now the tax free slab for AY 2020-21 is 5 lacs, which is wrong for other than Resident Individuals for income upto 5 lacs.
Date Posted 13-Dec-2019
Comment / Read More
Rebate u/s 87A is a provision for giving tax relief to the low bracket income earners.
From AY 2020-21 onwards following are the provisions related to rebate u/s 87A:-
1. This rebate can be claimed only by resident individual.
2. He must have his taxable income after claiming deduction u/s chapter VIA (Section 80) not more than 5 lacs
3. This rebate is reduced from tax liability before adding 4 % health & education cess.
4. This rebate is a not a refund but a relief so the amount of rebate will be capped to total tax liability for example if a person has total taxable income of 4 lacs , his tax liability will come as 7500 (5% on 150000), so the rebate u/s 87A would be allowed only 7500.
To many taxpayers this rebate is wrongly understood as they think that now the tax free slab for AY 2020-21 is 5 lacs, which is wrong for other than Resident Individuals for income upto 5 lacs.
Date Posted 13-Dec-2019
Comment / Read More
Rebate u/s 87A is a provision for giving tax relief to the low bracket income earners.
From AY 2020-21 onwards following are the provisions related to rebate u/s 87A:-
1. This rebate can be claimed only by resident individual.
2. He must have his taxable income after claiming deduction u/s chapter VIA (Section 80) not more than 5 lacs
3. This rebate is reduced from tax liability before adding 4 % health & education cess.
4. This rebate is a not a refund but a relief so the amount of rebate will be capped to total tax liability for example if a person has total taxable income of 4 lacs , his tax liability will come as 7500 (5% on 150000), so the rebate u/s 87A would be allowed only 7500.
To many taxpayers this rebate is wrongly understood as they think that now the tax free slab for AY 2020-21 is 5 lacs, which is wrong for other than Resident Individuals for income upto 5 lacs.
Date Posted 13-Dec-2019
Comment / Read More
Rebate u/s 87A is a provision for giving tax relief to the low bracket income earners.
From AY 2020-21 onwards following are the provisions related to rebate u/s 87A:-
1. This rebate can be claimed only by resident individual.
2. He must have his taxable income after claiming deduction u/s chapter VIA (Section 80) not more than 5 lacs
3. This rebate is reduced from tax liability before adding 4 % health & education cess.
4. This rebate is a not a refund but a relief so the amount of rebate will be capped to total tax liability for example if a person has total taxable income of 4 lacs , his tax liability will come as 7500 (5% on 150000), so the rebate u/s 87A would be allowed only 7500.
To many taxpayers this rebate is wrongly understood as they think that now the tax free slab for AY 2020-21 is 5 lacs, which is wrong for other than Resident Individuals for income upto 5 lacs.
Date Posted 13-Dec-2019
Comment / Read More
Rebate u/s 87A is a provision for giving tax relief to the low bracket income earners.
From AY 2020-21 onwards following are the provisions related to rebate u/s 87A:-
1. This rebate can be claimed only by resident individual.
2. He must have his taxable income after claiming deduction u/s chapter VIA (Section 80) not more than 5 lacs
3. This rebate is reduced from tax liability before adding 4 % health & education cess.
4. This rebate is a not a refund but a relief so the amount of rebate will be capped to total tax liability for example if a person has total taxable income of 4 lacs , his tax liability will come as 7500 (5% on 150000), so the rebate u/s 87A would be allowed only 7500.
To many taxpayers this rebate is wrongly understood as they think that now the tax free slab for AY 2020-21 is 5 lacs, which is wrong for other than Resident Individuals for income upto 5 lacs.
Date Posted 13-Dec-2019
Comment / Read More
Rebate u/s 87A is a provision for giving tax relief to the low bracket income earners.
From AY 2020-21 onwards following are the provisions related to rebate u/s 87A:-
1. This rebate can be claimed only by resident individual.
2. He must have his taxable income after claiming deduction u/s chapter VIA (Section 80) not more than 5 lacs
3. This rebate is reduced from tax liability before adding 4 % health & education cess.
4. This rebate is a not a refund but a relief so the amount of rebate will be capped to total tax liability for example if a person has total taxable income of 4 lacs , his tax liability will come as 7500 (5% on 150000), so the rebate u/s 87A would be allowed only 7500.
To many taxpayers this rebate is wrongly understood as they think that now the tax free slab for AY 2020-21 is 5 lacs, which is wrong for other than Resident Individuals for income upto 5 lacs.
Date Posted 13-Dec-2019
Comment / Read More
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