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This amendment will take effect from 1st April, 2017 and will accordingly apply in relation to
assessment year 2017-18 and subsequent assessment years.
Clause 45 To Finance Bill 2016
Clause 45 of the Bill seeks to amend section 87A of
the Income-tax Act relating to rebate of income-tax in case of certain
individuals.
The aforesaid section provides that an
individual resident, whose total income does not exceed five hundred thousand
rupees, is eligible for rebate in income-tax equal to hundred per cent. of such
income-tax or two thousand rupees, whichever is less.
It is proposed to increase the amount of
rebate allowable under the said section from the existing two thousand rupees
to five thousand rupees.
This amendment will take effect from 1st April, 2017 and will, accordingly, apply in
relation to assessment year 2017-2018 and subsequent years.
Amendment of section 87A.
In section 87A of the Income-tax Act, for
the words “two thousand rupees”, the words “five thousand rupees” shall be
substituted with effect
from the 1st day of April, 2017.
