explain sec.87A of income tax act,1961 and sec 1115BAA
Answers
Answered by
0
Answer:
Section 87a – Income Tax Rebate
Any individual whose annual net income is not more than Rs. 5 Lakh is eligible to claim tax rebate under Section 87a of the Income Tax Act, 1961. This means an individual can get a rebate on tax of up to Rs. ... 2000 or 100% of the salary of an individual, whichever is smaller.
sec 1115BAA
Section 115BAA states that domestic companies have the option to pay tax at a rate of 22% plus sc of 10% and cess of 4%. The Effective Tax rate being 25.17% from the FY 2019-20 (AY 2020-21) onwards if such domestic companies adhere to certain conditions specified.
Answered by
1
Answer:
Sec87 A speaks about the rebate that if the income of any individual is below 5,00,000,he or she can enjoy a rebate of Rs.12500
And sec 115BAA Speaks that a domestic company can get a concessional tax rate of 22% and a surcharge of 10% if the company had not claimed any deductions or exemptions including the cess of 4%
Explanation:
Similar questions