Rebate Under Section 87a For Ay 2024-24. The rebate under section 87a has been doubled to ₹25,000 for qualifying individuals. Section 87a rebate is an income tax provision that allows taxpayers to lower their tax liability.
Do note that tax rebate under section 87a is available under the old tax regime for taxable incomes up to rs 5 lakh. The rebate under section 87a has been doubled to ₹25,000 for qualifying individuals.
The Budget 2023 Made Changes In The Income Tax Slabs Under The New Tax Regime.
But a new proviso inserted in section 87a by the finance act, 2023 , w.e.f.
From The Current Income Level Of Rs 5 Lakh To Rs 7 Lakh.
It allows you to claim the refund if your yearly income does not exceed.
Section 87A Rebate Is An Income Tax Provision That Allows Taxpayers To Lower Their Tax Liability.
Images References :
Earlier, The Rebate Under Section 87A Was Available For Taxable Income Up To Rs 5 Lakh In The New Tax Regime.
Therefore, a resident with taxable income up to rs 7,00,000 will get rs 25,000 or the.
Rebate From Tax To Only Resident Individual And Having Total Income Up To 5, 00,000.00.