An individual (resident) assessee, whose total income does not exceed Rs. 5,00,000/- in A.Y. 2017-18 (i.e. F.Y. 2016-17), shall be entitled to a deduction of Rs. 5000/- or income tax on such income. Whichever is lower.
For Assessment Year 2018-19 (i.e. Financial Year started from 01.04.2017 to 31.03.2018), An individual (resident) assessee, whose total income does not exceed Rs. 3,50,000/- after deduction , shall be entitled to a deduction of Rs. 2500/-. or income tax on such income, Whichever is lower.
Illustration:-
For Assessment Year 2018-19 (i.e. Financial Year started from 01.04.2017 to 31.03.2018), An individual (resident) assessee, whose total income does not exceed Rs. 3,50,000/- after deduction , shall be entitled to a deduction of Rs. 2500/-. or income tax on such income, Whichever is lower.
Illustration:-
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