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| Procedure for Claiming deduction under Section 88B
of the Income Tax Act,1961 | Procedure for Registration of
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Procedure for Claiming deduction
under Section 88C of the Income Tax Act,1961
The deduction u/s 88C of the Income Tax
Act, 1961 is a special rebate provision for Indian women.
The deduction is available to all Indian
women whose age is less than 65 years.
The deduction is available as a rebate from
the tax payable.
The rebate is allowed subject to a maximum
amount of Rs. 5,000.
The individual has to first compute the
total income under the various heads of income as per the law.
The individual then has to arrive at the
tax payable (excluding surcharge).
The individual then has to deduct the
rebate available u/s 88C. If the tax payable is Rs. 5000 or less, the tax
payable after rebate u/s 88C would be NIL.
If on the other hand, the tax payable comes
to more than Rs. 5,000 , then the maximum rebate allowable to the
individual would be restricted to Rs. 5,000.
The rebate u/s 88C is to be claimed before
claiming any rebate under Section 88 for LIP Paid, PPF ,etc.
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