Webb2 jan. 2024 · Section 87A Tax rebate is available under both new and old tax regimes for FY 2024-21 / AY 2024-22 Individuals having taxable income of up to Rs 5 lakh will be eligible … WebbSection 87A is a rebate under CHAPTER VIII and not a deduction CHAPTER VIA. This rebate shall be applicable from 1st April, 2024 i.e. A.Y. 2024-21. Amount of rebate would be lower of tax payable or ₹2,500 till FY 2024-19 and 12,500 for FY 2024-20 onwards.

Income Tax Slabs FY 2024 -24, Rates for New & Old Regime

Webb6 feb. 2024 · Income Tax Rebate u/s 87A Of Income Tax Act, 1961 Section 87A of the Income Tax Act was introduced in 2013 to provide relief to taxpayers. The Budget 2024 … WebbStep 10 Rebate under section 87A (where total income ≤ ` 5,00,000)/ Surcharge (where total income > ` 50,00,000) Rebate under section 87A : In order to provide tax relief to the individual tax payers who are in the 5% tax slab, section 87A provides a rebate from the tax payable by an assessee, being an individual resident in India, whose total income does not huffington post crime/news

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Webb1 feb. 2024 · What is the tax rebate available under Section 87A under the new tax regime? A tax rebate of Rs 25,000 is available under the new tax regime from FY 2024-24. This tax rebate is applicable for all individuals whose taxable income does not exceed Rs 7 lakh. This would make effective tax outgo zero. WebbThe amount of rebate allowable under section 87A has been increased to ₹12500 from AY 2024-21 onwards. Therefore, the increased amount of rebate shall take effect from 1st … Webb16 sep. 2024 · Rebate under Section 87A helps taxpayers reduce their income tax liability. You can claim the said rebate if your total income, i.e. after Chapter VIA deductions, … holic clamp