What Is The Income Tax Rebate For 2023 24 2 days ago nbsp 0183 32 Note Rebate under Section 87A A resident individual whose total income is not more than Rs 7 lakh is eligible for a rebate of 100 of income tax or Rs 25 000 whichever is
Jun 15 2024 nbsp 0183 32 A tax rebate on an income of Rs 7 lakh has been introduced in the new tax regime applicable for FY 2023 24 Rebate under Section 87A helps taxpayers to reduce their income tax liability You can claim the said rebate if Jan 11 2024 nbsp 0183 32 In Budget 2023 a tax rebate on an income up to 7 lakhs was introduced under the new tax regime This means that taxpayers with an income of up to 7 lakhs will not have to
What Is The Income Tax Rebate For 2023 24
What Is The Income Tax Rebate For 2023 24
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May 24 2024 nbsp 0183 32 If your taxable income is below Rs 5 lakh in the financial year 2022 23 assessment year 2023 24 you may be eligible for a tax rebate under Section 87A of the Income Tax Act 1961 Mar 30 2023 nbsp 0183 32 So one of the major changes is the tax rebate for those with an annual income of up to Rs 7 lakh under the new tax regime This move is aimed at encouraging salaried taxpayers to switch to a new tax regime that does not
Jun 8 2023 nbsp 0183 32 As per the Finance Act 2023 the threshold limit for total income eligible for rebate under Section 87A has been proposed to be increased from 5 00 000 to 7 00 000 for Aug 4 2023 nbsp 0183 32 Individuals having total taxable income of up to Rs 5 lakh are eligible for tax rebate under section 87A of up to Rs 12 500 thereby making zero tax payable in the Old and New Tax regimes
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Feb 6 2023 nbsp 0183 32 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 24 will pay zero For FY 2024 25 AY 2025 26 the rebate limit will remain Rs 7 00 000 under the new tax regime This means a resident individual with taxable income up to Rs 7 00 000 will receive Rs 25 000
Discover income tax rebates that don t require fresh investments for FY 2023 24 Learn about rebates available and unavailable under the new tax regime Jan 3 2025 nbsp 0183 32 Eligible taxpayers can now claim the Section 87A tax rebate for FY 2023 24 by filing revised or belated ITRs Learn about the updates and deadlines here
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What Is The Income Tax Rebate For 2023 24 - Mar 27 2025 nbsp 0183 32 Section 87A tax rebate is given to taxpayers with a total income of up to Rs 5 lakh under the old tax regime up to Rs 12 500 The taxpayers with a total income of Rs 7 lakh can