Section 87a Of Income Tax Act Ay 2024-25

Section 87a Of Income Tax Act Ay 2024-25. Section 87a of the income tax act of 1961 provides a rebate on income tax to resident individual taxpayers. Under the new tax regime announced in union budget 2024, if a taxpayer’s annual earnings are not more than inr seven lakh, they can claim back some of their taxes as.

As per section 87a of the income tax act, 1961 which provides a rebate upto rupees 25,000 in case the income of an individual taxpayer is less than rupees 7 lakh. When the income exceeds the threshold limit, the tax will become zero.