What is an income tax rebate? Find out who benefits from it What is an income tax rebate, know the benefits from it

What is an income tax rebate? Find out who benefits from it What is an income tax rebate, know the benefits from it

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Tax relief is a tax liability waived by the government. As a rule, if a person’s annual income is up to Rs. 5 lakhs. This means that the government waives income tax liability up to Rs 12,500.

What is an income tax rebate?

New Delhi : If you are a salaried person or you are earning more than the tax deduction limit in business or any other business, you will have to pay income tax. But if you are earning up to Rs 5 lakh per annum, there is an income tax deduction for you. Although the rules are simple, many are confused. So first find out what an income tax rebate is and who benefits from it. If your income is more than Rs 5 lakh, you will not get this concession under 87A. This clearly means that not everyone gets this discount.

What is an income tax rebate?

Tax relief is a tax liability waived by the government. As a rule, if a person’s annual income is up to Rs. 5 lakhs. This means that the government waives income tax liability up to Rs 12,500. In such a case, the decision will not incur any tax on income up to Rs 5 lakh per annum. This is because the tax on this income limit falls in the category of exemption. So the government forgives him.

Who gets tax relief?

The actual Hindu Undivided Family (HUF) cannot avail this concession. Also, to take advantage of the concession, you must be a resident under the Income Tax Act. Because even non-residents do not benefit from it. Apart from this your taxable income should not be more than 5 lakhs.

How to get tax exemption on income up to Rs 5 lakh?

Suppose there is a 5 per cent tax slab on income between Rs 2.5 lakh and Rs 5 lakh, then taxable income of Rs 5 lakh will be taxed at Rs 12,500. That is, with an income tax deduction of Rs 12,500, income up to Rs 5 lakh will be tax deductible. Importantly, in the Interim Budget 2019, the tax relief limit was increased from 2500 to 12500. Under which the government waives income tax liability up to Rs 12,500. (What is an income tax rebate, know the benefits from it)

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