TaxTMI 
TaxTMI 
Rebate of Income Tax in case of certain Individuals - Section 87A
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....mount of Rebate Rs. 5 Lakh Rs. 12,500 or Amount of tax on such income, whichever is less Where the total income of the assessee is chargeable to tax Under New Regime 1. W.e.f. 01.04.2026 - Amended vide Section 20 of the Finance Act, 2025 * Where the total income of the assessee is chargeable to tax under section 115BAC(1A), and the total income - * (a) t....
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.... total income is in excess of the amount by which the total income exceeds Rs. 12,00,000/-. * In other words * Step 1 - Total Income (-) Rs. 12 lakhs (A) * Step 2 - Compute income tax liability on total income (B) * Step 3 - if B>A, rebate u/s 87A would be a B-A. * The amount of rebate u/s 87A shall be exceed the amount of income tax (as computed before allowing such rebate) on....
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.... total income does not exceed 7,00,000/- rupees , * the assessee shall be entitled to a deduction from the amount of income-tax (as computed before allowing for the deductions under this Chapter) on his total income with which he is chargeable for any assessment year, of an amount equal to one hundred per cent. of such income-tax or an amount of Rs. 25,000/-, whichever is less; * (b) tota....
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....rebate) on the total income of the assessee. * Rebate is available only to Resident Individuals and not available to Non Residents * Rebate is allowed before levy of Health & Education Cess & Surcharge. * This rebate shall be subtracted from the Total Tax payable and not from the total Income of an Individual. * This rebate is available to all head of income (i.e whether it is special....