Is rebate available 87A

This query is : Resolved

Daya (Querist)
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10 November 2024 is rebate of income tax available for individual
under New regime and old regime for FY 2024-25
what is l;init under both the regime.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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10 November 2024 New Tax Regime
Rebate Limit: Individuals with a total taxable income of up to ₹7,00,000 can claim a rebate under Section 87A. The rebate amount is the lower of: The total income tax payable, or ₹25,000.
This means that if your taxable income is ₹7,00,000 or less, you effectively pay no tax due to this rebate.
Old Tax Regime
Rebate Limit: For individuals opting for the old tax regime, the rebate is available for those with a taxable income of up to ₹5,00,000. The rebate amount is: The lower of the total income tax payable or ₹12,500.
Therefore, if your taxable income does not exceed ₹5,00,000, you can claim a full rebate, resulting in zero tax liability,