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of <h1>Section 87A income tax rebate increases to Rs. 25,000 for residents earning up to Rs. 7 lakh under new regime</h1> Section 87A provides income tax rebate for resident individuals under both old and new tax regimes. Under the old regime, individuals with total income up to Rs. 5 lakh receive rebate of Rs. 12,500 or actual tax liability, whichever is less. Under the new regime, two phases apply: from April 2024, individuals with income up to Rs. 7 lakh get rebate of Rs. 25,000 or full tax liability, whichever is less; from April 2026, the threshold increases to Rs. 12 lakh with rebate of Rs. 60,000 or full tax liability. For income exceeding these thresholds, rebate equals the excess of tax liability over the amount by which income exceeds the threshold. The rebate is available only to resident individuals, applies before health and education cess, and is deducted from tax payable rather than taxable income.
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