Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights February 2023 Year 2023 This

Income Tax - Rebate u/s 87A - Benefit of full exemption from ...

Notes     Income Tax

February 2, 2023

Income Tax - Rebate u/s 87A - Benefit of full exemption from Income is extended where the total income is not exceeding Rs. 7 lakhs as computed under the New Tax Regime u/s 115BAC - For the old tax regime, the full tax exemption is limited to Rs. 5 lakhs only as earlier.

View Source

 


 

You may also like:

  1. RATES OF INCOME-TAX for the PY 2022-23 i.e. AY 2023-24 [As per previous year Budget and comparison with Budget 2023 proposals] - Notes In the new tax regime increase the...

  2. Validity of Curtailing and whittling down the benefits with retrospective benefit - Musical Instruments - Tax exemption is a concession. Thus, exemption from payment of...

  3. The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

  4. MAT - deduction of Rebate u/s 88E while calculating the tax liability of the assessee for minimum alternative tax u/s 115JB - when the total income is assessed and the...

  5. CBDT extends due date for filing Income Tax Returns and Tax Audit Reports

  6. Income Tax: The proposed amendment to section 198 aims to widen the tax base and address tax avoidance by deeming all sums deducted as tax in India and abroad, for which...

  7. Assessment u/s 153A - benefit of exemption u/s 11 - Bogus purchases - even if the benefits of section 11 is denied than too there can be no income of the appellant trust...

  8. The assessee had been following the mercantile system of accounting, wherein book profits are taken for tax assessment, though credit or debit amounts may not be...

  9. Denial of rebate claim - Area based exemption - goods were manufactured by a manufacturer who has availed benefit of Notification No.39/01-CE(NT) - benefit of rebate...

  10. Amendment of section 87A. - an individual resident, whose total income does not exceed five hundred thousand rupees (5 lacs), is eligible for rebate in income-tax equal...

  11. Proposed amendment enables recovery of existing liabilities under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 from seized assets...

  12. Deduction u/s.80IC on the profits - gross total income - Going with the prescription of section 80A(2) of the Act, if the gross total income is more than the aggregate...

  13. Whether rebate u/s 88E for STT paid has been allowed from tax payable under MAT u/s 115 JB - when the total income is assessed and the tax chargeable is computed, it is...

  14. Interest u/s 234B - The term “assessed tax” has been defined in Explanation-1 of Section 234B (1). As per said Explanation-1 “assessed tax” means the tax on the total...

  15. Amendment of section 197. - Scope extended - where, in the case of any income of any person or sum payable to any person, the income-tax is required to be deducted at...

 

Quick Updates:Latest Updates