what is 87a in income tax Discover the income tax rebate available under Section 87A of the Income Tax Act Learn how to claim the 87A rebate eligibility criteria and the applicable rebate amount
Section 87A of the Income tax Act 1961 allows an individual to claim tax rebate provided their taxable income does not increase the specified level This tax rebate effectively makes zero tax outgo of an individual The rebate under Section 87A enables taxpayers to reduce their income tax liability One can claim the said rebate if the total income does not exceed 5 lakh under the old regime and 7
what is 87a in income tax
what is 87a in income tax
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What Is Tax Exemption Under Section 87A With Automated Income Tax
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What Is Section 87A Refund Under Section 87A Section 87A Deduction In
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The income tax rebate available under Section 87A can be claimed against tax liability of any nature except for long term capital gains arising on equity shares sold on stock exchange and Explore the benefits of Section 87A of the Income Tax Act 1961 and learn how eligible resident individuals can reduce their tax liability with this rebate This guide covers eligibility rebate limits and how to claim for FY 2024 25 and AY 2025 26
Table of contents What is Income Tax Rebate Demystifying Section 87A Section 87A Income Tax Rebate Who Qualifies and Who Doesn t How Does One Check Net Taxable Conclusion Frequently Asked Questions Do you know Indian taxpayers can apply for a tax rebate under section 87A of the tax laws Income Tax Rebate under section 87A helps reduce tax liability for individuals meeting specific income criteria The rebate amount differs based on income levels It is only applicable for resident individuals and not HUFs or firms
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Claiming a rebate under Section 87A provides significant tax relief to eligible individuals with an annual income up to 5 lakhs Section 87 A s rebate is a valuable provision aimed at reducing tax burdens for resident individuals including senior citizens aged 60 to 79 years Rebate under Section 87A helps taxpayers to reduce their income tax liability You can claim the said rebate if your total income i e after Chapter VIA deductions does not exceed Rs 5 lakh under the old regime in FY 2023 24
In the new scheme a resident individual taxpayer whose total income does not exceed Rs 7 00 000 is eligible for a rebate under Section 87A with a maximum rebate of Rs 25 000 effectively reducing the tax liability to zero if it is less than or equal to Rs 25 000 The new income tax regime which will be effective from FY 2023 24 AY 2024 25 has changed the rebate amount under Section 87A Under this regime if you are a resident individual whose taxable income is up to INR 7 00 000 then you can avail of tax relief worth INR 25 000
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what is 87a in income tax - Table of contents What is Income Tax Rebate Demystifying Section 87A Section 87A Income Tax Rebate Who Qualifies and Who Doesn t How Does One Check Net Taxable Conclusion Frequently Asked Questions Do you know Indian taxpayers can apply for a tax rebate under section 87A of the tax laws