Rebate Under Section 87a For Ay 2024-24. Rebate under section 87a increased to taxable income of rs 7 lakh (tax rebate of 25,000) from 5 lakh (tax rebate of rs 12,500). The amount of tax rebate u/s 87a is restricted to the maximum of rs 12,500 or rs 25,000.
Due to tax rebate under section 87a individuals need not pay income tax if their taxable income does not exceed. What is 87a limit 2024?.
5 Lakh In Both The New And Old Tax Regimes).
7 lakhs in new tax regime.
5,00,000) Can Avail Rebate Under Section 87A.
Therefore, a resident with taxable income up to rs 7,00,000 will get rs 25,000 or the amount of tax due as a tax credit.
Section 87A Rebate Is An Income Tax Provision That Allows Taxpayers To Lower Their Tax Liability.
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In Case The Computed Tax Payable Is Less Than Rs 12,500, Say Rs 10,000.
This effectively means that any individual opting.
Rebate From Tax To Only Resident Individual And Having Total Income Up To 5, 00,000.00.
This rebate provides a direct.
The Amount Of Tax Rebate U/S 87A Is Restricted To The Maximum Of Rs 12,500 Or Rs 25,000.
