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of <h1>Amendment to Section 87A Lowers Income Threshold for Tax Rebate Eligibility and Reduces Maximum Rebate Amount</h1> Clause 38 of the Finance Bill, 2017 proposes an amendment to section 87A of the Income-tax Act, effective from April 1, 2018. The amendment reduces the income threshold for tax rebate eligibility from five hundred thousand rupees to three hundred fifty thousand rupees. Additionally, the maximum rebate amount is decreased from five thousand rupees to two thousand five hundred rupees. This change applies to individual residents in India for the assessment year 2018-2019 and subsequent years, allowing a deduction of up to 100% of the income tax or the specified rebate amount, whichever is lower.
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