Tax Rebate U S 87a For Fy 2024 23 Currently this limit stands at Rs 3 00 000 under the new regime for FY 2023 2024 However if your total income is upto Rs 7 00 000 under the new tax regime then you are entitled to get the benefit of tax rebate u s 87A of Rs 25 000 or 100 of the tax amount whichever is lower
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 Your income tax liability becomes nil after claiming the rebate under Section 87A Contents hide 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 their taxable income does not exceed Rs 7 lakh
Tax Rebate U S 87a For Fy 2024 23
Tax Rebate U S 87a For Fy 2024 23
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New Income Tax Slab And Tax Rebate Credit Under Section 87A With Automated Income Tax Revised
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Section 87A Tax Rebate FY 2023 24 Under Old New Tax Regimes
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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 Under the New Tax Regime for FY 2023 24 A Y 2024 25 Rs 7 lakh in income is eligible for a tax rebate under section 87A Budget 2023 The rebate amount is Rs 25 000 or 100 of the tax amount whichever is lower
The new tax regime allows tax rebate under Section 87A for taxable incomes up to Rs 7 lakh It s important to note that the tax rules may change from the current financial year FY 2023 24 and the basic exemption limit and tax rebate under Section 87A may be revised accordingly For the fiscal years 2021 22 and 2022 23 AY 2022 23 and AY 2023 24 senior citizens with taxable income up to Rs 5 00 000 can claim a tax rebate u s 87A The rebate amount is either Rs 12 500 or the amount of tax payable whichever is lower This applies to both the old and new tax regimes
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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 In Budget 2023 the tax rebate for individuals has been increased to INR 25 000 which means individuals having taxable income up to INR 7 00 000 can claim rebate under 87A under new tax regime which shall be applicable from FY
2 Tax rebate under section 87A for the FY 2023 24 operates as under a For taxpayers opting for the Old Tax Regime OTR Tax rebate shall be maximum of Rs 12 500 subject to the condition that the total income doesn t exceed Rs 5 Lakh b For taxpayers opting for the New Tax Regime NTR Tax rebate shall be a maximum of Rs This clarification has been given in page 21 of CBDT Circular No 1 2024 dated 23 1 2024 it is suggested that requisite changes be made in the income tax utility to provide for rebate u s 87A in respect of income tax on long term capital gains chargeable u s 112 and short term capital gains chargeable u s 111A in line with the relevant
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Currently this limit stands at Rs 3 00 000 under the new regime for FY 2023 2024 However if your total income is upto Rs 7 00 000 under the new tax regime then you are entitled to get the benefit of tax rebate u s 87A of Rs 25 000 or 100 of the tax amount whichever is lower
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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 Your income tax liability becomes nil after claiming the rebate under Section 87A Contents hide
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Tax Rebate U S 87a For Fy 2024 23 - Under the New Tax Regime for FY 2023 24 A Y 2024 25 Rs 7 lakh in income is eligible for a tax rebate under section 87A Budget 2023 The rebate amount is Rs 25 000 or 100 of the tax amount whichever is lower
