Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
TMI Short Notes

Home TMI Short Notes Bill All Notes for this Source This

Income Tax - Rebate under section 87A

  • Contents

Union Budget 2023-24 + FINANCE Bill, 2023

Under the provisions of section 87A of the Act, an assessee, being an individual resident in India, having total income not exceeding Rs 5 lakh, is provided a rebate of 100 per cent of the amount of income-tax payable i.e., an individual having income till Rs 5 lakh is not required to pay any income-tax.

2. From assessment year 2024-25 onwards, an assessee, being an individual resident in India whose income is chargeable to tax under the proposed sub-section (1A) of section 115BAC, shall now be entitled to a rebate of 100 per cent of the amount of income-tax payable on a total income not exceeding Rs 7 lakh.

 


Full Text:

Union Budget 2023-24 + FINANCE Bill, 2023

 

Dated: 1-2-2023



 

 

Quick Updates:Latest Updates