Income Tax After Rebate Under Section 87a As per the present proposed Finance Bill 2025 this rebate under Section 87A is available up to a total income of 12 lakh which essentially is a rebate on the tax liability of up
Under Section 87A a taxpayer with a total income of up to Rs 5 lakh under the old regime and up to Rs 7 lakh under the new regime was entitled to a tax rebate of Rs 12 500 i enhance the limit of total income for rebate in clause a and b of first proviso under section 87A on which the income tax is payable as per the rates of income tax under
Income Tax After Rebate Under Section 87a
Income Tax After Rebate Under Section 87a
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Income Tax Rebate Under Section 87A Eligibility Tax Deductions
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Income Tax Rebate U s 87A For The Financial Year 2022 23
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4 Automated Calculation Most online tax filing portals and software automatically apply the rebate under Section 87A if you meet the criteria Changes in Section 87A Over the Under Section 87A the maximum rebate limit is Rs 12 500 under the old tax regime and Rs 25 000 under the new tax regime This rebate can only be claimed if the taxpayer s taxable income does not exceed the prescribed
Since the tax payable on the net taxable salary is Rs 4 000 which is below the Section 87A threshold they can claim a rebate u s 87A Therefore they only need to pay the Individual filing Income Tax Return ITR under the new tax regime or having income less than Rs 7 lakh is eligible for tax rebate up to Rs 25 000 under Section 87A For the old tax
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Section 87A of the Income tax Act 1961 allows an individual to claim tax rebate provided their taxable income does not increase the specified level This tax rebate effectively makes zero tax outgo of an individual The Income Tax Rebate under Section 87A offers tax relief to eligible resident Indians For FY 2023 24 the new tax regime allows a rebate of up to Rs 25 000 for taxable incomes up to Rs 7 lakhs The old regime
Rebate under Section 87A helps taxpayers to reduce their income tax liability You can claim the said rebate if your total income i e after Chapter VIA deductions does not Summary Section 87A of the Income tax Act provides tax rebates for individual residents in India with total income not exceeding 5 lakh effectively making them tax
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As per the present proposed Finance Bill 2025 this rebate under Section 87A is available up to a total income of 12 lakh which essentially is a rebate on the tax liability of up
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Under Section 87A a taxpayer with a total income of up to Rs 5 lakh under the old regime and up to Rs 7 lakh under the new regime was entitled to a tax rebate of Rs 12 500
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Income Tax After Rebate Under Section 87a - After calculating the total tax liability based on the applicable tax slabs the rebate under Section 87A is subtracted from the tax payable If the tax liability is Rs 12 500
