Rebate U/S 87a Under New Tax Regime Fy 23-24

Rebate U/S 87a Under New Tax Regime Fy 23-24. Individuals with net taxable income less than or equal to rs 7 lakh will be eligible for tax rebate u/s 87a, i.e. Under the budget 2023, the tax rebate under section 87a has been hiked to rs 25,000 for taxable income up to rs 7 lakh for the new tax regime.

Under this regime, if you are a resident. 5,00,000) can avail rebate under section 87a.

Under This Regime, If You Are A Resident.

25,000 or 100% of the tax.

Tax Rebate Up To Rs.12,500 Is Applicable For Resident Individuals If The Total Income Does Not Exceed Rs.

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.

Individuals Having Taxable Income Of Up To Rs 7 Lakh Are Eligible For Tax Rebate Under Section 87A Of Up To Rs 25,000, Thereby Making Zero Tax Payable In The New Tax.

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Rebate Under Section 87A Applicable:

No tax if income is up to rs 7.5 lakh.

In Case The Computed Tax Payable Is Less Than Rs 12,500, Say Rs 10,000.

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.

Thus, An Individual Opting For The New Tax Regime In Fy 2023.

Rebate U/S 87a Under New Tax Regime Fy 23-24. Individuals with net taxable income less than or equal to rs 7 lakh will be eligible for tax rebate u/s 87a, i.e. Under the budget 2023, the tax rebate under section 87a has been hiked to rs 25,000 for taxable income up to rs 7 lakh…