Rebate 87a For Ay 2023 24 For FY 2023 24 AY 2024 25 the rebate limit has been increased to Rs 7 00 000 under the new tax regime This means a resident individual with taxable income up to Rs 7 00 000 will receive Rs 25 000 or the amount of tax payable whichever is lower as tax relief
Section 87A of the Income Tax Act 1961 provides for a 100 tax rebate if the income tax liability is up to Rs 12 500 in respect of AY 2023 24 and onwards for resident individuals with taxable income up to Rs 500 000 under the existing tax regime 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 The maximum limit of rebate available under section 87A of the Income tax Act 1961 has been increased to Rs 25 000 from Rs 12 500 in Budget 2023
Rebate 87a For Ay 2023 24
Rebate 87a For Ay 2023 24
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Income Tax Rebate U S 87A For AY 2024 25 FY 2023 24
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Income Tax Rebate U S 87A For AY 2024 25 FY 2023 24
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A tax rebate on an income of Rs 7 lakh has been introduced in the new tax regime applicable for FY 2023 24 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 exceed Rs 5 lakh under the old regime in FY 2023 24 87a Rebate 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 Thus an individual opting for the new tax regime in FY 2023 24 will pay zero taxes if
Claim tax rebate under Section 87A only when the income does not exceed 5 lakhs The maximum rebate under section 87A for AY 2024 25 FY 2023 24 is 25 000 under the new tax regime and 12 500 under the optional tax regime This rebate is applicable under section 87A of the Income Tax Act The Section 87A rebate limit for AY 2025 26 is Rs 5 00 000 under the old tax regime and Rs 7 00 000 under the new tax regime This means that you are eligible for the rebate if your taxable income is within the specified limit
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The rebate under Section 87A for FY 2021 22 FY 2022 23 AY 2022 23 AY 2023 24 remains unchanged under both the old and new income tax regimes However starting from FY 2023 24 the rebate threshold changes due Rebate u s 87A Resident Individuals are also eligible for a Rebate of up to 100 of income tax subject to a maximum limit depending on tax regimes as under Total Income Old Tax Regime
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For FY 2023 24 AY 2024 25 the rebate limit has been increased to Rs 7 00 000 under the new tax regime This means a resident individual with taxable income up to Rs 7 00 000 will receive Rs 25 000 or the amount of tax payable whichever is lower as tax relief
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Section 87A of the Income Tax Act 1961 provides for a 100 tax rebate if the income tax liability is up to Rs 12 500 in respect of AY 2023 24 and onwards for resident individuals with taxable income up to Rs 500 000 under the existing tax regime
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