New Tax Regime 87a Rebate. 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. The income tax rebate will be up to rs 12,500 on the total tax liability before adding the health and education cess of 4%.
Rebate is available to the extent of rs.25,000, and no rebate will be. Tax liability will be nil under the new regime.
7 Lakhs In The Alternative Tax Regime.
Under both the old tax regime and new tax regime, the amount of the tax refund under section under section 87a for this year has been kept unchanged.
Individuals With Net Taxable Income Less Than Or Equal To Rs 7 Lakh Will Be Eligible For Tax Rebate U/S 87A, I.e.
7,00,000 under the new tax regime then you are entitled to get the benefit of tax rebate u/s 87a of rs.
Under This Regime, If You Are A Resident.
Images References :
Section 87A Rebate Increased From The Current Rs.
5,00,000 can claim a tax rebate u/s 87a.
Rebate Can Be Availed Of Total Tax Liability Or Inr 12,500 Whichever Is Lower.
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 regime only.
Under Both The Old Tax Regime And New Tax Regime, The Amount Of The Tax Refund Under Section Under Section 87A For This Year Has Been Kept Unchanged.