अपनी आय करों को बचाओ रुपये 12500 तक (वित्तीय वर्ष 2019-20 या बाद के वर्षों के लिए)
Save your income taxes up to Rs 12500 (for the financial year 2019-20 or later years)
Section – 87A, Income-tax Act, 1961: Rebate of income-tax in case of certain individuals.
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धारा – 87क, आय-कर अधिनियम, 1961
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Section – 87A, Income-tax Act, 1961
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कतिपय व्यष्टियों की दशा में आय–कर का रिबेट
87क.
ऐसा कोर्इ निर्धारिती, जो भारत में निवासी कोर्इ व्यष्टि है, जिसकी कुल आय पांच लाख रुपए से अधिक नहीं है (जैसी इस अध्याय के अधीन कटौतियां अनुज्ञात करने से पूर्व संगणित की गर्इ हैं), अपनी उस कुल आय पर, जिसके लिए वह किसी निर्धारण वर्ष के लिए प्रभार्य है, आय–कर की रकम से ऐसे आय–कर के शत–प्रतिशत के बराबर रकम की या बारह हजार पांच सौ रुपए] की रकम की, इनमें से जो भी कम हो, कटौती का हकदार होगा।
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Rebate of income-tax in case of certain individuals.
87A.
An assessee, being an individual resident in India, whose TOTAL INCOME does not exceed five hundred 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 twelve thousand and five hundred rupees, whichever is less.
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Note:
1. Individual resident tax payer who are in 5% tax slab
2. Total Income < Rs. 5 Lakh (Gross total income less deductions i.e Net taxable Income DOES NOT EXCEED Rs. 5 Lakh)
3. Rebate= Amount of Income tax payable or Rs. 12,500, whichever is less
4. Consequently any individual having Total Income upto Rs. 5 Lakh, will not required to pay any tax.
5. Rebate shall be reduced before adding education cess
6. Rebate u/s 87A is, however not available in respect of tax payable @10% on long term capital gains taxable u/s 112A( Equity shares, units of equity oriented fund, unit of business Trust.
7. Net Taxable Income (NTI and tax amount should be rounded off to the nearest Rupees of 10
Tax planning:
If you have missed investment eligible u/s 80 C, mediclaim payment for claiming deduction u/s 80D, Contributions to the PM National Relief Fund or PM Cares Fund (new name) u/s Section 80G, Additional deductions upto Rs. 50,000 u/s 80CCD( 1B) etc. till 31st March 2020
then
Claim by investing/payment till 30th June 2020
To save tax upto Rs. 12,500/-
For FY 2019-20.
(1) Investment in PPF/LIC etc which are eligible for deduction u/s 80C and mediclaim payment for claiming deduction u/s 80D can be done till 30.06.2020.
(2) Contributions to the PM National Relief Fund or PM Cares Fund (new name)- Section 80G allows 100 % deduction for the amount contributed to this Fund. All contributions made between April 1, 2020 and June 30, 2020 will be eligible for deduction for only one FY under section 80G, as already specified under section 80G(5A).
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Decide : Donation u/s 80G or Pay Tax
In case Total income more than Rs.500,000 and upto Rs. 512500
Donation upto Rs. 12500 or pay tax Rs. 15,600 assuming total income Rs. 5,12,500
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Note:
a. There is a restriction of Rs. 1.50 Lakh for deposits in the PPF Account in one year. If the person has not deposited any amount in the PPF Account till 31.03.2020 and if he deposits it in between April to June 2020 then surely he will be eligible for deduction u/s 80C in the FY 2019-20.
Payment of Premium of old policies of LIC, mediclaim, PPF, NPS, etc. due upto 31st March can be claimed as deduction even if paid till 30th June. If the person pays the premium which is due in April – 2020 and if he makes the payment of the same before 30.06.2020 then he cannot get deduction in the FY 2019-20 (AY 2020-21). Only the payment of such policies which has become due before 31st March would be considered for deduction
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