TMI BlogEducation Cess and Rebate under Section 87AX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Experts, I am filing income tax return for 1st time, would like to know. 1. My Income is ₹ 387,305.00 for the FY 2016-17 and tax on ₹ 137,305.00 Tax payable is 13,730.50 and Under Section 87A rebate available for they FY 2016-17, AY 2017-18 would it be ₹ 2000 or ₹ 5000.00 i can deduct from taxable income excluding Education Cess. 2. How much % of Education C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ess I have to pay on ₹ 13,730.50, is it 2% or 3% for the FY 2016-17, AY 2017-18 or is it GST that I have to add in place of Cess, if it is GST, kindly advise how. 3. I have a carry forward loss of ₹ 118, 414.75, I am filing ITR-2 , under which column should I put the carry forward loss in ITR-2 . 4. Also, how to go about filing the returns online, is there a step by step instru ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctions to file returns online. Thanks in advance, Would humbly request experts to let me know so that I can file my income tax returns by 31st. Regards,Paul - Reply By MARIAPPAN GOVINDARAJAN - The Reply = There is no role for GST in income tax. Cess is payable @ 3% on the tax payable. Since it is the first return to be filed you, in my opinion, you cannot set off the loss as you shown ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Online return may be filed. Instructions are there in the web site of Income Tax Department. - Education Cess and Rebate under Section 87A - Query Started By: - Paul A Dated:- 23-7-2017 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TM ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... I - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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