Webb25 apr. 2024 · The interim budget for FY 2024-20 has introduced full tax rebate under section 87A for individuals earning a net taxable income upto Rs. 5 lakhs which means … Webb8 mars 2024 · 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. A resident taxpayer with taxable income up to ₹ 5,00,000 would receive a tax rebate of ₹ 12,500 or the amount of tax payable, whichever is lower.

Income Tax Rebate Under Section 87A as Amended by The …

WebbRebate u/s Section 87A of the Income Tax was introduced to help reduce the tax liability of taxpayer whose income is not more than Rs 3,50,000. Client Portal. ... The amount of … WebbThe maximum rebate under Section 87A will be 100% up to Rs. 12,500 in a financial year. So, if your tax liability is Rs. 2,500, the rebate amount will be Rs. 2,500 only. While if your … edictum chlotharii

Income Tax Rebate Under Section 87A PulseHRM

WebbIf your total income does not exceed Rs 5 Lakhs, you can claim a tax credit under section 87A. For the AY 2024-21, the maximum refund under section 87A is Rs 12,500. Fill in the … Webb10 apr. 2024 · Maximum Rebate = Rs. 25,000 Deduction = Rs. 20,000 (Because the calculated tax is less than the maximum rebate amount.) Tax Payable = 20,000 - 20,000 … WebbUnder the new income tax regime, the amount of the rebate under Section 87A for FY 2024-24 (AY 2024-25) has been modified. A resident individual with taxable income up to Rs 7,00,000 will receive a Rs 25,000 tax relief. The former tax regime remains the same, i.e. 12,500 for income up to Rs 5,000,000 then the entire amount of tax payable will ... edict synonyms