Tax rebate thresholds increased and proviso adds a cap limiting rebate to rate-based tax under new rules. Amendment to section 87A increases the income thresholds and rebate caps in the proviso applicable to resident individuals chargeable under the optional ... Summary
Tax rebate thresholds increased and proviso adds a cap limiting rebate to rate-based tax under new rules.
Amendment to section 87A increases the income thresholds and rebate caps in the proviso applicable to resident individuals chargeable under the optional tax regime, and inserts a further proviso limiting the deduction so it cannot exceed the income-tax payable computed under that optional rate structure.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.