Tax Rebates And Relief

More Tax Savings Tips

Rebates and reliefs are given to the assesses under the section 86, 87 and 88, from income tax payable.

They are as follows:

PARTICULARS SECTION ASSESSES TO WHOM ALLOWED QUANTUM OF REBATE
Rebate of Income tax 87
Rebate of LIP, PF etc 88 Individual or HUF whether resident or not 30% of eligible saving if income from salary(before standard deduction not exceeding Rs. 1 lakh & income from salary not less than 90% of GTI) 20% if GTI does not exceed Rs. 1,50,000 15% if GTI is between Rs.1,50,000-Rs. 5,00,000
Rebate for senior citizens 88B Resident individuals of age 65 and above 100% of tax payable before rebate u/s 88 & 89(1) subject to maximum of Rs. 15,000
Rebate of income tax in case of women 88C Women below 65 years and resident in India 100% of tax subject to max of Rs. 5,000/-
Relief of income tax 89(1) Salaried employee
Relief in respect of share of profit from AOP/BOI 86 All assesses