Say his total income from all sources is 4.9 lakhs and he avails 1.5 L under Section 80 c.Then income taxable on 3.4 L allowing 3.0L for no income tax ,actual income taxable is 40000 at 10%.making income tax rs 4000.Again allowing tax rebate of 2000 under section 87 A Net tax payable wld be only rs2000 this financial year but from next financial year 5000 tax rebate under section 87A making tax payable nil.Am I correct.prabhakar
the total salary or income(gross) minus the deducation the amount needed to pay tax. what about the home expence school fees, the expenditure should be deducated and the remaining amount should be taxed. is this right
