Tax Rebates and Relief - Income Tax Queries India
Income Tax Queries India
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Tax Rebates And Relief
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Rebates and reliefs are given to the assesses under the section 86, 87 and 88, from income tax payable. They are as follows:
| PARTICULARS | SECTION | ASSESSES TO WHOM ALLOWED | QUANTUM OF REBATE |
| Rebate of Income tax | 87 | ||
| Rebate of LIP, PF etc | 88 | Individual or HUF whether resident or not | 30% of eligible saving if income from salary(before standard deduction not exceeding Rs. 1 lakh & income from salary not less than 90% of GTI) 20% if GTI does not exceed Rs. 1,50,000 15% if GTI is between Rs.1,50,000-Rs. 5,00,000 |
| Rebate for senior citizens | 88B | Resident individuals of age 65 and above | 100% of tax payable before rebate u/s 88 & 89(1) subject to maximum of Rs. 15,000 |
| Rebate of income tax in case of women | 88C | Women below 65 years and resident in India | 100% of tax subject to max of Rs. 5,000/- |
| Relief of income tax | 89(1) | Salaried employee | |
| Relief in respect of share of profit from AOP/BOI | 86 | All assesses |
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