Total Net Income means the taxable Income less any tax deductions under 80C to 80U. .
If the computed tax payable is less than.2,000, say.1,500 the tax rebate shall be limited to that lower amount ie Rs 1,500.This means, the HRA that he is getting is taxable but a portion of it will be deducted because of the exemption available. A copy of the source document is forwarded to Human Resources who will issue a T4A-NR slip to the individual.After deductions his Income comes to 5,00,000 hence he can also claim rebate of Rs 2,00,000 Description Amount Salary Income 8,00,000 Income from House Property -1,50,000 Income from Other Sources 15,000 Total Income 6,65,000 Deductions under 80C 1,50,000 Deductions under 80D 15,000 Total Taxable Income.He is paying home loan of Rs 50,000 in a year.However, this benefit is not available to a super senior citizen (age 80 or above) as his total income upto.Strongly Disagree green mountain diapers promo code Disagree Neutral Agree Strongly Agree Information is useful.After taking all taxable incomes together.For filing the ITR for FY 2015-16 or AY 2016-17 the rebate is Rs 2000 as shown highlighted in yellow.The best example of Income Tax deduction is section 80C where you claim deduction for your investment in LIC, PPF, elss etc.Once the organization pays the income tax, the liability is eliminated.All categories of Individuals whether Male or Female or Senior Citizens are eligible to claim Income Tax Rebate under Section 87A.5 Lakh is already fully exempted.Deductions are allowed to be claimed in case the taxpayer has incurred some specified expenditure or made specified investments. .
This 15 is remitted to CRA and the difference is paid to the individual.