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For super senior citizens (aged 80 yrs and previously mentioned), The fundamental exemption limit is Rs 5 lakh. So, filing ITR gets mandatory with regards to the age if the individual opts for your previous tax routine and it has a gross taxable profits that exceeds basic exemption limit.
To be suitable for that tax rebate under section 87A, a person need to satisfy the subsequent requirements:
There's also one particular grievance resolution from earnings Tax Helpdesk is carrying out rounds which says that proviso to 87A restricts the rebate on Distinctive charge earnings, hence not allowed for STCG u/s 111A –PIC2
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Getty ImagesDue to section 87A tax rebate you need not pay any income tax In the event your earnings is nearly a specified limit
Sumit Sharma on Is the supply under SAC 998351 to become classified being an exempt provide or considered as a nil-rated provide?
phase 3: After the deductions, 1 gets The online taxable revenue. If this doesn't exceed Rs 7 lakh (new tax routine) or Rs five lakh (previous tax regime), the ultimate tax payable sum will check here look as zero as the ITR filing portal will mechanically just take tax rebate under Section 87A under consideration.
If you’re asking yourself no matter whether senior citizens can claim a rebate u/s 87A, just what the eligibility requirements are, or how to compute the revenue tax rebate, you’ve come to the correct put.
Then, from that quantity, you will need to deduct your tax deductions claimed that tumble under Section eighty and a lot more.
This marks a continuation in the favourable tax therapy that men and women loved under the preceding tax framework, in which the rebate stood at Rs.
Here are a few calculations of Section 87A rebate for resident men and women (underneath 60 yrs of age) earning numerous amounts of money: