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of <h1>Residents Can Claim Tax Rebates Under Section 87A and Section 115BAC(1A) for Income Up to Rs. 7,00,000</h1> For the assessment year 2022-23, a resident individual with a total income not exceeding Rs. 5,00,000 can claim a rebate under section 87A, up to 100% of the income tax or Rs. 12,500. This rebate is not available to non-resident individuals, HUFs, AOPs, BOIs, or companies. Under the new tax scheme (Section 115BAC(1A)), a resident individual with an income up to Rs. 7,00,000 can claim a rebate of Rs. 25,000. If their income exceeds Rs. 7,00,000, they may claim a rebate with marginal relief based on specific conditions.
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