Rebate of up to Rs. 2,000 for resident individuals having total income of up to Rs. 5,00,000 as per Sec-87A of Income Tax Act, 1961 for A.Y. 2016-17 i.e. F.Y. 2015-16.
The rebate shall be equal to the amount of income tax payable on the total income for assessment year 2016-17 or an amount of Rs. 2,000, whichever is less.
Key Point :-
Individual residential of India,
Whose Total Income is up to Rs. 5,00,000,
Shall be allowed a rebate,
From Income Tax,
100% of Income Tax or Rs.2,000,
Whichever is Less.
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