Rebate U/S 87a Under New Tax Regime. Currently, section 87a allows individuals to claim a tax rebate of rs 12,500 under the old tax regime and rs 25,000 under the new tax regime. To make the new tax regime more attractive, the rebate under section 87a has been hiked to rs 25,000 for taxable income up to rs 7 lakh.
Currently, section 87a allows individuals to claim a tax rebate of rs 12,500 under the old tax regime and rs 25,000 under the new tax regime. Marginal relief under section 87a of income tax act, 1961 for new tax regime u/s 115bac(1a) presently, rebate is allowed u/s 87a of rs.
Declare Your Gross Income And The Tax Deductions In Itr.
Yes definitely tax rebate u/s 87a under the new tax regime is available.
Currently, Section 87A Allows Individuals To Claim A Tax Rebate Of Rs 12,500 Under The Old Tax Regime And Rs 25,000 Under The New Tax Regime.
The rebate amount will also be lower than the specified limit under section 87a or.
Section 87A Of The Income Tax Act Was Introduced In 2013 To Provide Relief To Taxpayers.
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5.00 Lacs For The Old Tax Regime And Within Rs.7.00 Lacs For The New Tax Regime.
Currently, this limit stands at rs.
Budget 2023 Announced That Individuals Will Not Have To Pay Any Tax If The Taxable Income Does Not Exceed Rs 7 Lakh In A Financial Year.
If you are selecting new tax regime, you are eligible for tax rebate u/s 87a if your taxable income is less than or equal to 7 lakh.
To Make The New Tax Regime More Attractive, The Rebate Under Section 87A Has Been Hiked To Rs 25,000 For Taxable Income Up To Rs 7 Lakh.