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of <h1>Income Tax Act Amendment: Section 87A Introduces Tax Rebate for Indian Residents Earning Up to 500,000 Rupees</h1> The amendment to section 87 of the Income-tax Act, effective from April 1, 2014, introduces section 87A, providing a tax rebate for certain individuals. Specifically, it allows Indian residents with a total income not exceeding 500,000 rupees to receive a tax deduction equal to 100% of their income tax or 2,000 rupees, whichever is less. This change applies to the assessment year 2014-15 and subsequent years. The amendment updates references in section 87 to include section 87A, ensuring the new rebate provision is integrated into the existing tax framework.
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