Section 87A rebate

KSR (GM) (24 Points)

01 August 2024  

Dear Sir,

Income tax rate under the new regime has been revised while presenting the budget for FY 2024-25. However, no correction has been issued for Section 87A.
If the total income does not exceed Rs 7 lakh in the new regime, as per the new rate proposed under the new regime as per Budget document, tax will not exceed Rs. 20,000/-.

A clarification is necessary in this regard

Thanks

K.SundaraRajan