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Tags: Sec 87A

Tax rebate under section 87A of Income Tax Act
By taxchanakya
July 6, 2023

Tax rebate under section 87A of Income Tax Act

For the old tax regime,  an individual, who is resident in India, is allowed a tax rebate under section 87A if the total income of such individual does not exceed Rs. 500,000.  The rebate is allowed to the extent of Rs. 12,500. Thus, if the total tax (excluding health & education cess) is less than […]

Tax rebate under section 87A of Income Tax Act
By taxchanakya
June 30, 2023

Tax rebate under section 87A of Income Tax Act

Understanding Tax Rebate under Section 87A for Old and New Tax Regimes in India. When it comes to optimizing your tax liability, Section 87A of the Income Tax Act plays a pivotal role for resident individuals in India. It provides a tax rebate that can significantly reduce your payable taxes if your income meets specific criteria. […]

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