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What are tax rebates and how do I claim them?

April 26, 2017claim rebates tax

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What are tax rebates and how do I claim them?

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Rebate is a deduction from tax payable. Since these are the best tax-slashing devices, it is absolutely essential to have a clear, concise and complete insight into these. For more information on tax rebate, check it back with our tax channel on Saral in ‘Tax rebate’ part.

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Rebate is a deduction from tax payable. Since these are the best tax-slashing devices, it is absolutely essential to have a clear, concise and complete insight into these. Tax Rebate under section 88 Contributions out of income chargeable to income tax by an individual or HUF to some specific schemes (see Table) qualify for deductions from tax payable at a flat rate of 20% of the contributions made. The aggregate contribution to all these schemes qualifying for deduction is subject to a ceiling of Rs. 60,000.