Rebate of income-tax increased threshold and higher rebate cap when tax is computed under the new tax regime. An amendment inserts a proviso to section 87A providing that where income tax on total income is computed under sub section (1A) of section 115BAC, section 87A shall operate as if the income ceiling for rebate and the maximum rebate amount were substituted by higher prescribed amounts; the amendment takes effect from the first day of the fiscal year beginning after 31 March 2024 and applies to the assessment year commencing thereafter.
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Provisions expressly mentioned in the judgment/order text.
Rebate of income-tax increased threshold and higher rebate cap when tax is computed under the new tax regime.
An amendment inserts a proviso to section 87A providing that where income tax on total income is computed under sub section (1A) of section 115BAC, section 87A shall operate as if the income ceiling for rebate and the maximum rebate amount were substituted by higher prescribed amounts; the amendment takes effect from the first day of the fiscal year beginning after 31 March 2024 and applies to the assessment year commencing thereafter.
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