Section 87a Of Income Tax Act Ay 2024-25. Claim tax rebate under section 87a (only when the income does not exceed 5 lakhs). Understand eligibility, rebate amounts, & the filing process to reduce your tax liability.
Under the provisions of section 87a of the act, an assessee, being an individual resident in india, having total income not exceeding rs 5 lakh, is provided a rebate of 100 per. Learn how to claim the 87a rebate, eligibility criteria, and the applicable rebate amount.
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:
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.
Learn How To Claim The 87A Rebate, Eligibility Criteria, And The Applicable Rebate Amount.
Section 87a of the income tax act, 1961, provides for a rebate in income tax payable for resident individuals with taxable income up to a certain limit.
Section 87a Of Income Tax Act Ay 2024-25 Images References :
Discover The Income Tax Rebate Available Under Section 87A Of The Income Tax Act.
25,000 or 100% of the tax.
In The Budget 2023, Under New Tax Regime, Finance Minister Nirmala Sitharaman Had Increased The Income Tax Exemption Limit By Rs 50,000 To Rs 3 Lakh And The Rebate Under.
Tax rebate under section 87a before 5th july 2024 is available on total income up to ₹7 lakh including special rate incomes.