Feb 1, 2025 · The rebate under Section 87A is available to individual taxpayers whose income does not exceed the specified threshold. The limit is Rs. 7 lakh under the new tax regime and Rs. 5 lakh under the old regime. If your income falls within these thresholds, your tax liability will be reduced to zero.

Feb 1, 2025 · The finance minister has announced a hike in tax rebate under Section 87A. Due to this hike, resident individuals having net taxable income up to Rs 12 lakh will pay zero tax. Salaried individuals having standard deduction benefit of Rs 75,000 under the new tax regime will pay zero tax if gross taxable income does not exceed Rs 12.75 lakh.

20 hours ago · In Budget 2025, Finance Minister Nirmala Sitharaman implemented changes to the slabs, rates, and rebates under the New Tax Regime to guarantee that income up to Rs 12 lakh is exempt from taxes.

3 days ago · Under this section, taxpayers with a net taxable income of up to Rs 5 lakh in the old tax regime and up to Rs 7 lakh in the new tax regime were eligible for a tax rebate of Rs 12,500 and Rs 25,000 ...

4 days ago · Earlier, the rebate was available only up to a total income of ₹7 lakh under the new tax regime and ₹5 lakh under the old tax regime. Which incomes are not included in Section 87A and why?

6 days ago · Budget 2025 raised the income threshold, under the income tax regime, for the rebate to ₹ 12 lakh, up from ₹ 7 lakh, and increased the rebate amount, section 87-A, to ₹ 60,000 from ...

Income tax relief in 2025: The finance minister has announced an increase in the tax rebate under Section 87A to Rs 60,000 from Rs 25,000 under new tax regime currently. The change in rates and slabs will benefit all such assessees who opt for the new tax regime in …

6 days ago · Rebate u/s 87A: Rebate u/s 87A is available to the individual taxpayers if their income is upto Rs. 7 lakhs. Hence, they will have zero tax liability if their income is under Rs. 7 lakhs. Surcharge: The highest surcharge rate is 25% under the …

Jun 15, 2024 · A tax rebate on an income of Rs 7 lakh has been introduced in the new tax regime (applicable for FY 2023-24). 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.

9) Is there any difference in tax rebate under section 87A in old and new tax regime? In the old tax regime in case of a resident individual, whose total income does not exceed Rs. 5,00,000/- there is rebate of 100 percent of income tax subject to a maximum of Rs. 12,500/-.