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Answer: FD interest are tax free upto Rs. 50000 only for Individuals who are senior citions or super senior citizens, for others FD interest are taxable if their income is above taxable limits of 250000 as per their slab of income tax applicability.
However u/s 80 TTA of income tax Act, interest on saving bank is exempt upto Rs. 10000 for all Individuals & HUF below the age of 60 years, & u/s 80TTA of income tax Act ,for senior citizen this exemption is upto Rs.50000 including all kind of interest like saving bank interest, Bank FDs or post office deposit/ FD.
Also there are limits of TDS on FD which is 40000 (for senior citizens 50000) per bank per person in a financial year, but this limit is only for TDS deduction, it does not affect your final tax liability as per above rules.
Date Posted 13-Dec-2019
Posted By Kumar Prakash
Views: 720
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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