As per the Central Finance Budget 2013, a new Income Tax Section has introduce under section 87A, where can get relief as well as Rebate Maximum Rs. 2,000/- who’s taxable income up to 5,00,000/-. For more clarification about this new section under clauses 19 & 20 of the Central Budget 2013 as given below:-
Clauses 19 & 20 of the Central Budget which have already passed by the Parliament, that :-
The new section 87A in the income tax Act relating to get the rebate of income tax in case of below given certain clauses :
A) The section 87A seeks to provide that an tax payer being an individual , whose total Taxable Income does not exceed 5,00,000/-( After deduction of U/s 10,16,80C and under chapter VI A). It is must be great opportunity to tax relief for below tax payers.
b) This amendment will take effect from 1st April 2013 which effect for the Financial Year 2013-14 and Assessment Year 2014-15. How to deduct the Tax Rebate Rs. 2,000/- and where from the deduct this amount. First Calculate the Net Taxable Income > Calculate the Tax on that Taxable Income as per the Slab > Less the Rebate Rs. 2,000/- ( Who's Taxable Income less than 5 Lakh) > Calculate the Education+Cess @3% , the Total Tax will be appear.
You can see the how to calculate the Rebate of Tax through the below given Automatic Form 16 Part A&B and Part B For the Assessment Year 2014-15.
Click below to Download the Automated Form 16 Part B and Part A&B for FY 2015-16
1) One by One Preparation of Form 16 Part B for the F.Y.2015-16
2) One by One Preparation of Form 16 Part A&B For F.Y.2015-16
3) Master of Form 16 Part B for F.Y.2015-16 ( Prepare at a time 50 employees Form 16 Part B)
4) Master of Form 16 Part A&B for F.Y. 2015-16 (Prepare at a time 50 employees Form 16Part A&B )
