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of <h1>Finance Bill 2013 introduces Section 87A, offering tax rebate for incomes under 500,000 rupees starting April 2014.</h1> The Finance Bill, 2013 introduces a new section 87A to the Income-tax Act, effective from April 1, 2014. This provision grants a rebate on income tax for individual residents in India whose total income does not exceed 500,000 rupees. Eligible individuals can claim a deduction from their income tax, calculated before other deductions, amounting to either 100% of the tax or 2,000 rupees, whichever is less. Amendments to section 87 are also proposed to incorporate references to section 87A. These changes apply from the assessment year 2014-15 onwards.
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