Rebate U/S 87a For Ay 2024-24. 1) 100% of tax payable. Rebate under section 87a applicable:
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. The benefit of marginal relief kicks in when there is a marginal increase in income beyond rs 7 lakh leading to a much higher tax outgo.
In Case The Computed Tax Payable Is Less Than Rs 12,500, Say Rs 10,000.
Income level for rebate eligibility ₹5 lakhs ₹7 lakhs:
7,00,000 Under The New Tax Regime.
Resident individuals under existing tax regime.
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:
Images References :
Resident Individuals Under Existing Tax Regime.
The benefit of marginal relief kicks in when there is a marginal increase in income beyond rs 7 lakh leading to a much higher tax outgo.
2) Tax Rebate Under Section 87A Increased From Rs 5 Lakh To.
Tax rebate up to rs.12,500 is applicable for resident individuals if the total income does not exceed rs 5,00,000 (not.
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.