Relief for Taxpayers in the Bracket of Rs.2 Lakh to 5 Lakh Tax Credit of Rs.2000 to Every Person with Total Income upto 5 Lakh -Rebate of Rs 2000 for individuals having total income up to Rs 5 lakh. This tax credit benefits available only for Resident Individuals and Non-Resident Indians are not eligible for this benefits.
With a view to provide tax relief to the individual tax payers who are in lower income bracket, it is proposed to provide rebate from the tax payable by an assessee, being an individual resident in India, whose total income does not exceed five lakh rupees. The rebate shall be equal to the amount of income-tax payable on the total income for any assessment year or an amount of two thousand rupees, whichever is less. Consequently any individual (Resident Indians) having income up to Rs 2,20,000 will not be required to pay any tax and every individual having total income above Rs. 2,20,000/- but not exceeding Rs. 5,00,000/- shall get a tax relief of Rs. 2000/-.
Section 87 has also been consequentially amended.
These amendments will take effect from 1st April, 2014 and will, accordingly, apply in relation to the assessment year 2014-15 and subsequent assessment years.
Please feel free to write to me in case you have any query related to Union Budget 2013 to Prakash@yourownadviser.com / pnair1966@yahoo.com
Best Regards
Prakash Nair
www.keralites.net          |
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