Click to download All in One TDS on Salary for Govt & Non-Govt Employees for the Financial Year 2017-18 & Assessment Year 2018-19 with all amended Tax Section and Slab as per Budget 2017-18 [ This Excel Utility can prepare at a time Tax Compute Sheet + Individual Salary Sheet + Automatic Arrears Relief Calculation + Form 10E + HRA Calculation + Form 16 Part A&B and Part B for F.Y 2017-18 & A.Y. 2018-19]
Finance Act 2013, has introduced the new section, namely Section 87A. This newly inserted section gives rebate up to a maximum of Rs. 2500/- to the assessee having Net Total Income Less than Rs. 3,50,000/-(Rs. Three Lakes Fifty Thousand ). The rebate under this section is available to the resident Individuals for the A.Y. 2018-19. ( As per the Finance Budget 2017-18)
Finance Act 2013, has introduced the new section, namely Section 87A. This newly inserted section gives rebate up to a maximum of Rs. 2500/- to the assessee having Net Total Income Less than Rs. 3,50,000/-(Rs. Three Lakes Fifty Thousand ). The rebate under this section is available to the resident Individuals for the A.Y. 2018-19. ( As per the Finance Budget 2017-18)
“87A An assessee, being an individual resident in India, whose total income does not exceed Three Lacs & Fifty Thousand rupees(3.5 Lakh), 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 & Five Hundred (2.500/-) 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. 3,50,000/-. 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 is available to 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. 2,500/-