Section 87 of ITA, 1961 : Section 87: Rebate To Be Allowed In Computing Income-Tax
ITA, 1961
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Explanation using Example
Imagine Mr. Sharma, a salaried employee, has a total taxable income of ₹600,000 for the assessment year 2023-2024. His tax liability, before any deductions, is calculated to be ₹45,000 based on the prevailing income tax slabs. To lower his tax liability, Mr. Sharma decides to invest in certain tax-saving instruments.
He invests ₹50,000 in a Public Provident Fund (PPF) and ₹20,000 in National Pension System (NPS), both of which are eligible for deductions under various sections mentioned in Section 87 of...
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