Rebate 87a. Individuals having taxable income of up to rs 5 lakh will be 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. This applies to both the old and new tax regimes.
It allows you to claim the refund if your yearly income does not exceed rs 5,00,000. Declare your gross income and tax deductions when filing your income tax return (itr).
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.
This means that if your annual income attracts a tax of rs 12,500 or less, you can claim a rebate under 87a and reduce your tax liability to nil.
Please Note That Rebate Under.
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Eligible Amount Of Rebate U/S 87A.
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Rebate Is Available Only To The Extent Of Rs.12,500, And If Total Income Exceeds Rs.
If your annual income, net of deductions and exemptions, does not exceed inr 5 lakhs, you can claim a tax rebate under 87a on your tax liability.
Section 87A Provides A Tax Rebate To Individual Taxpayers If The Total Income Is Below Inr 5 Lakhs After The Deduction Of Claims.
In this article, we will cover the eligibility, steps to claim, points to keep in mind while claiming the rebate.
An Individual Can Claim A Tax Rebate Us 87A Provided He Or She Meets The Following Conditions: