Section 87a Of Income Tax Act Ay 2024-25. Reduce your tax deductions for tax savings, investments,. What is a tax rebate?
Section 87a tax rebate in budget 2024: (3) if the total income of resident individual, who is opting for the new tax scheme under section 115bac(1a), is up to rs.
Income Tax Rebate Under 87A.
This regime aims to streamline tax calculations, making it easier for those who don’t have many deductions to claim.
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:
Individual taxpayers (below 60 years) earning an annual income of up to inr 2.5 lakh are exempt.
The New Tax Regime Introduced In Budget 2023 Offers Lower Tax Rates But Does Not Allow Most Of The Deductions And Exemptions Available Under The Old Tax.
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How To Claim Rebate U/S 87A?
Here’s a quick overview of what it is.
This Is Due To Tax Rebate Under Section Of 87A Of The Income Tax Act.