Resident individual income tax rebate expands under the new regime with higher thresholds and marginal relief conditions. Rebate of income tax is available to resident individuals under the old and new regimes, subject to income thresholds and specified limits. Under the old regime, the rebate is the lower of 100% of tax payable or Rs. 12,500 where total income does not exceed Rs. 5,00,000. Under the new regime, where total income does not exceed Rs. 12,00,000, the rebate is the lower of 100% of tax payable or Rs. 60,000, with marginal relief available where income slightly exceeds the threshold and tax payable is greater than the excess over the threshold.
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Provisions expressly mentioned in the judgment/order text.
Resident individual income tax rebate expands under the new regime with higher thresholds and marginal relief conditions.
Rebate of income tax is available to resident individuals under the old and new regimes, subject to income thresholds and specified limits. Under the old regime, the rebate is the lower of 100% of tax payable or Rs. 12,500 where total income does not exceed Rs. 5,00,000. Under the new regime, where total income does not exceed Rs. 12,00,000, the rebate is the lower of 100% of tax payable or Rs. 60,000, with marginal relief available where income slightly exceeds the threshold and tax payable is greater than the excess over the threshold.
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