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of <h1>Section 87A: Rebate reduces income tax for resident individuals with incomes up to Rs 5,00,000; special rules for presumptive regime.</h1> A resident individual whose total income does not exceed Rs. 500,000 is entitled to a rebate reducing their income-tax liability by either the full tax amount or Rs. 12,500, whichever is less. Special provisos apply where the individual's income is taxed under the specified presumptive/new-tax regime: if total income does not exceed Rs. 1,200,000 the rebate is up to the lesser of full tax or Rs. 60,000; if income exceeds Rs. 1,200,000 the rebate equals the excess of tax over the amount by which total income exceeds Rs. 1,200,000. The rebate cannot exceed tax computed under that regime.
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