Finance Bill 2016, has raised to Rs. 5,000/- Under Section 87A. This newly amended section gives rebate up to the maximum of Rs. 5000/- to the assessee having Net Total Income Less than Rs. 5,00,000/-(Rs. Five lacs only). The rebate under this section is available to the resident Individuals w.e.f. A.Y. 2017-18.
“Section 87A An assessee, being an individual resident in India, whose total income does not exceed five Lacs rupees, shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deduction under this chapter i.e. Chapter VIA) on his total income with which he is chargeable for any assessment year, of an amount equal to hundred percent of income-tax or an amount of two thousand rupees, whichever is less.”
Conditions required to be fulfilled:
  • ·   The rebate is allowed only to the individual assesses (not to HUF/Firm/AOP/BOI)
  • ·                     The individual should be resident in India
  • ·            Total income should be up to or less than Rs. 5,00,000/-. Total Income here means Income under all heads of Income (Salary, House property, Business & Profession, Capital Gain and Other sources) after deducting the deduction under chapter VI i.e. deduction from 80C to 80U.
  • ·                  No deduction available to the Super Senior Citizens whose age is more than 80 years.
  • Quantum of Rebate:
  • The rebate will be the lower of
  • ·                     100% of the tax payable on Total Income; or
  • ·                     Rs. 5,000/-

Download Automatic All in One TDS on Salary for Central & State Govt employees for F.Y.2016-17.


Feature of this Excel Utility :-
1) Prepare automatic your Income Tax Compute Sheet after filling your required data.
2) Easy to calculate the Gross Total Income from the Individual Salary Structure which is prepared as per the Central Govt and All State Govt employees Salary Pattern.
3) Automatic prepare Individual Salary Sheet
4) Automatic Calculate the H.R.A. Exemption Calculation
6) Automatic Prepare the Form 16 Part A&B and Form 16 Part B
7) All the amended Section have in this utility as per Finance Bill 2016
8) Automatic Convert the Amount into the In-Words.


9) You can prepare more than 100 employees Tax Completed Sheet One by One.