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Answer: TDS (Tax deducted at source) is a deduction made by banks from interest on fixed deposits if the interest on FD with a bank/post office in a financial year exceeds Rs. 40000. (In case of senior citizen this limit is 50000).
Bank deducts TDS on accrued interest at the end of each year, even if the same is paid or not to us. So we need to show our income as bank interest of that accrued amount.
Bank deducts TDS out of our FD Interest & deposit it with Govt. on our behalf if our PAN no is available with bank, that TDS will reflect in our 26 AS, we can claim that TDS as credit out of our tax liability.
Date Posted 13-Dec-2019
Posted By Kumar Prakash
Views: 782
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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