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Answer: Rate of TDS on FD is 10% if the amount of interest in a bank / post office exceeds Rs. 40000 in a financial year. The limit of amount of 40000 has been increased from 10000 W.e.f from 01/04/2019, this limit is Rs. 50000 for senior citizens.
Rate of TDS also differs based on PAN information:
1. If our PAN No. is available with bank, bank deducts TDS @10% and deposit it to the Govt & credit it our PAN no so that we can take benefit of it.
2. If our PAN No. is not available with bank, bank deducts TDS @20% and deposit it to Govt. without credit to us. So we lose 20% completely.
Date Posted 13-Dec-2019
Posted By Kumar Prakash
Views: 938
Rebate u/s 87A is a provision for giving tax relief to the low bracket income earners.
From AY 2020-21 onwards following are the provisions related to rebate u/s 87A:-
1. This rebate can be claimed only by resident individual.
2. He must have his taxable income after claiming deduction u/s chapter VIA (Section 80) not more than 5 lacs
3. This rebate is reduced from tax liability before adding 4 % health & education cess.
4. This rebate is a not a refund but a relief so the amount of rebate will be capped to total tax liability for example if a person has total taxable income of 4 lacs , his tax liability will come as 7500 (5% on 150000), so the rebate u/s 87A would be allowed only 7500.
To many taxpayers this rebate is wrongly understood as they think that now the tax free slab for AY 2020-21 is 5 lacs, which is wrong for other than Resident Individuals for income upto 5 lacs.
Date Posted 13-Dec-2019
Comment / Read More
Rebate u/s 87A is a provision for giving tax relief to the low bracket income earners.
From AY 2020-21 onwards following are the provisions related to rebate u/s 87A:-
1. This rebate can be claimed only by resident individual.
2. He must have his taxable income after claiming deduction u/s chapter VIA (Section 80) not more than 5 lacs
3. This rebate is reduced from tax liability before adding 4 % health & education cess.
4. This rebate is a not a refund but a relief so the amount of rebate will be capped to total tax liability for example if a person has total taxable income of 4 lacs , his tax liability will come as 7500 (5% on 150000), so the rebate u/s 87A would be allowed only 7500.
To many taxpayers this rebate is wrongly understood as they think that now the tax free slab for AY 2020-21 is 5 lacs, which is wrong for other than Resident Individuals for income upto 5 lacs.
Date Posted 13-Dec-2019
Comment / Read More
Rebate u/s 87A is a provision for giving tax relief to the low bracket income earners.
From AY 2020-21 onwards following are the provisions related to rebate u/s 87A:-
1. This rebate can be claimed only by resident individual.
2. He must have his taxable income after claiming deduction u/s chapter VIA (Section 80) not more than 5 lacs
3. This rebate is reduced from tax liability before adding 4 % health & education cess.
4. This rebate is a not a refund but a relief so the amount of rebate will be capped to total tax liability for example if a person has total taxable income of 4 lacs , his tax liability will come as 7500 (5% on 150000), so the rebate u/s 87A would be allowed only 7500.
To many taxpayers this rebate is wrongly understood as they think that now the tax free slab for AY 2020-21 is 5 lacs, which is wrong for other than Resident Individuals for income upto 5 lacs.
Date Posted 13-Dec-2019
Comment / Read More
Rebate u/s 87A is a provision for giving tax relief to the low bracket income earners.
From AY 2020-21 onwards following are the provisions related to rebate u/s 87A:-
1. This rebate can be claimed only by resident individual.
2. He must have his taxable income after claiming deduction u/s chapter VIA (Section 80) not more than 5 lacs
3. This rebate is reduced from tax liability before adding 4 % health & education cess.
4. This rebate is a not a refund but a relief so the amount of rebate will be capped to total tax liability for example if a person has total taxable income of 4 lacs , his tax liability will come as 7500 (5% on 150000), so the rebate u/s 87A would be allowed only 7500.
To many taxpayers this rebate is wrongly understood as they think that now the tax free slab for AY 2020-21 is 5 lacs, which is wrong for other than Resident Individuals for income upto 5 lacs.
Date Posted 13-Dec-2019
Comment / Read More
Rebate u/s 87A is a provision for giving tax relief to the low bracket income earners.
From AY 2020-21 onwards following are the provisions related to rebate u/s 87A:-
1. This rebate can be claimed only by resident individual.
2. He must have his taxable income after claiming deduction u/s chapter VIA (Section 80) not more than 5 lacs
3. This rebate is reduced from tax liability before adding 4 % health & education cess.
4. This rebate is a not a refund but a relief so the amount of rebate will be capped to total tax liability for example if a person has total taxable income of 4 lacs , his tax liability will come as 7500 (5% on 150000), so the rebate u/s 87A would be allowed only 7500.
To many taxpayers this rebate is wrongly understood as they think that now the tax free slab for AY 2020-21 is 5 lacs, which is wrong for other than Resident Individuals for income upto 5 lacs.
Date Posted 13-Dec-2019
Comment / Read More
Rebate u/s 87A is a provision for giving tax relief to the low bracket income earners.
From AY 2020-21 onwards following are the provisions related to rebate u/s 87A:-
1. This rebate can be claimed only by resident individual.
2. He must have his taxable income after claiming deduction u/s chapter VIA (Section 80) not more than 5 lacs
3. This rebate is reduced from tax liability before adding 4 % health & education cess.
4. This rebate is a not a refund but a relief so the amount of rebate will be capped to total tax liability for example if a person has total taxable income of 4 lacs , his tax liability will come as 7500 (5% on 150000), so the rebate u/s 87A would be allowed only 7500.
To many taxpayers this rebate is wrongly understood as they think that now the tax free slab for AY 2020-21 is 5 lacs, which is wrong for other than Resident Individuals for income upto 5 lacs.
Date Posted 13-Dec-2019
Comment / Read More
Rebate u/s 87A is a provision for giving tax relief to the low bracket income earners.
From AY 2020-21 onwards following are the provisions related to rebate u/s 87A:-
1. This rebate can be claimed only by resident individual.
2. He must have his taxable income after claiming deduction u/s chapter VIA (Section 80) not more than 5 lacs
3. This rebate is reduced from tax liability before adding 4 % health & education cess.
4. This rebate is a not a refund but a relief so the amount of rebate will be capped to total tax liability for example if a person has total taxable income of 4 lacs , his tax liability will come as 7500 (5% on 150000), so the rebate u/s 87A would be allowed only 7500.
To many taxpayers this rebate is wrongly understood as they think that now the tax free slab for AY 2020-21 is 5 lacs, which is wrong for other than Resident Individuals for income upto 5 lacs.
Date Posted 13-Dec-2019
Comment / Read More
Rebate u/s 87A is a provision for giving tax relief to the low bracket income earners.
From AY 2020-21 onwards following are the provisions related to rebate u/s 87A:-
1. This rebate can be claimed only by resident individual.
2. He must have his taxable income after claiming deduction u/s chapter VIA (Section 80) not more than 5 lacs
3. This rebate is reduced from tax liability before adding 4 % health & education cess.
4. This rebate is a not a refund but a relief so the amount of rebate will be capped to total tax liability for example if a person has total taxable income of 4 lacs , his tax liability will come as 7500 (5% on 150000), so the rebate u/s 87A would be allowed only 7500.
To many taxpayers this rebate is wrongly understood as they think that now the tax free slab for AY 2020-21 is 5 lacs, which is wrong for other than Resident Individuals for income upto 5 lacs.
Date Posted 13-Dec-2019
Comment / Read More
Rebate u/s 87A is a provision for giving tax relief to the low bracket income earners.
From AY 2020-21 onwards following are the provisions related to rebate u/s 87A:-
1. This rebate can be claimed only by resident individual.
2. He must have his taxable income after claiming deduction u/s chapter VIA (Section 80) not more than 5 lacs
3. This rebate is reduced from tax liability before adding 4 % health & education cess.
4. This rebate is a not a refund but a relief so the amount of rebate will be capped to total tax liability for example if a person has total taxable income of 4 lacs , his tax liability will come as 7500 (5% on 150000), so the rebate u/s 87A would be allowed only 7500.
To many taxpayers this rebate is wrongly understood as they think that now the tax free slab for AY 2020-21 is 5 lacs, which is wrong for other than Resident Individuals for income upto 5 lacs.
Date Posted 13-Dec-2019
Comment / Read More
Rebate u/s 87A is a provision for giving tax relief to the low bracket income earners.
From AY 2020-21 onwards following are the provisions related to rebate u/s 87A:-
1. This rebate can be claimed only by resident individual.
2. He must have his taxable income after claiming deduction u/s chapter VIA (Section 80) not more than 5 lacs
3. This rebate is reduced from tax liability before adding 4 % health & education cess.
4. This rebate is a not a refund but a relief so the amount of rebate will be capped to total tax liability for example if a person has total taxable income of 4 lacs , his tax liability will come as 7500 (5% on 150000), so the rebate u/s 87A would be allowed only 7500.
To many taxpayers this rebate is wrongly understood as they think that now the tax free slab for AY 2020-21 is 5 lacs, which is wrong for other than Resident Individuals for income upto 5 lacs.
Date Posted 13-Dec-2019
Comment / Read More
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