8. Mr. Ajay is a recently qualified doctor. He joined a reputed hospital in Delhi...
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8. Mr. Ajay is a recently qualified doctor. He joined a reputed hospital in Delhi on 01.01.2021. He earned total income of * 3,40,000 till 31.03.2021. His employer advised him to claim rebate u/s 87A while filing return of income for A.Y. 2021-22. He approached his father, a tax professional, to enquire regarding what is rebate u/s 87A of the Act. What would have his father told him? (i) An individual who is resident in India and whose total income does not exceed 5,00,000 is entitled to claim rebate under section 87A. (ii) An individual who is resident in India and whose total income does not exceed 3,50,000 is entitled to claim rebate under section 87A. (iii) (iv) Maximum rebate allowable under section 87A is 5,000. Rebate under section 87A is available in the form of exemption from total income. (v) Maximum rebate allowable under section 87A is * 12,500. (vi) Rebate under section 87A is available in the form of deduction from basic tax liability. Choose the correct option from the following: (a) (ii), (iii), (vi) (b) (i), (v), (vi) (c) (ii), (iii), (iv) (d) (i), (iv), (v)
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