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of <h1>Finance Bill 2023: Section 87A Amendment Raises Income Tax Rebate Threshold and Amount Effective April 2024</h1> Clause 43 of the Finance Bill, 2023, proposes an amendment to section 87A of the Income-tax Act, effective from April 1, 2024. The amendment affects individuals whose income tax is computed under section 115BAC(1A). It increases the income threshold for tax rebate eligibility from five hundred thousand rupees to seven hundred thousand rupees and raises the maximum rebate amount from twelve thousand five hundred rupees to twenty-five thousand rupees. These changes will apply from the assessment year 2024-2025 onwards, allowing eligible individuals to benefit from a higher income tax rebate.
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