Section 87A of Income Tax Act :
Summary of Section 87A of Income Tax Act :
Inserted by the Finance Act, 2013, w.e.f. 1-4-2014. Earlier, section 87A was omitted by the Finance (No. 2) Act 1967, w.e.f. 1-4-1968.
Section 87A of Income Tax Act
Rebate of income-tax in case of certain individuals.
87A. An assessee, being an individual resident in India, whose total income does not exceed 1[three hundred fifty thousand] rupees, shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deductions under this Chapter) on his total income with which he is chargeable for any assessment year, of an amount equal to hundred per cent of such income-tax or an amount of 2[two thousand and five hundred] rupees, whichever is less.
Notes on Section 87A of Income Tax Act
- Substituted for “five hundred thousand” by the Finance Act, 2017, w.e.f. 1-4-2018.
- Substituted for “five thousand” by the Finance Act, 2017, w.e.f. 1-4-2018. Earlier “five thousand” were substituted for “two thousand” by the Finance Act, 2016, w.e.f. 1-4-2017.
