Section 87a Of Income Tax Act Ay 2024-25. In budget 2023, rebate under new regime has been increased to rs. 5,00,000, he is eligible for the entire tax relief.
This period allows individuals to take advantage of provisions such as. Calculate your gross total income for the financial year.
How To Claim Rebate U/S 87A?
Vinnaayak mehta, founder, the infinity group said that filing your income tax return (itr) at the right time is crucial for maximising benefits and avoiding penalties.
It Is Basically A Reduction In The Total Tax Amount Payable By An Individual.
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.
What Is An Income Tax Rebate?
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19256250 + (42.74% Of Income Above Rs.
Section 87a of the income tax act provides a tax rebate to indian resident taxpayers up to a certain income.
Determine Your Total Income After Deducting Relevant Tax Deductions.
As his income does not exceed the maximum threshold of rs.
For Income Tax Purposes, An Individual Resident Aged 60 Years Or Above But Less Than 80 Years At Any Time During The Previous Year Is Classified As A Senior Citizen.