Tax Rebate Under 87A
Definition
A rebate for resident individuals where the entire tax liability is waived if taxable income is ≤ ₹7 Lakh (new regime) or ≤ ₹5 Lakh (old regime). This effectively means zero tax for income up to these limits.
A rebate for resident individuals where the entire tax liability is waived if taxable income is ≤ ₹7 Lakh (new regime) or ≤ ₹5 Lakh (old regime). This effectively means zero tax for income up to these limits.