Rebate of Income Tax in case of certain Individuals - Section (New) 156 / (Old) 87A

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....come does not exceed Rs.12 lakh, rebate allowed is: 100% of tax payable OR Rs.60,000, whichever is less. Clause (b) - Provides marginal relief where income slightly exceeds Rs.12 lakh. • The Marginal Relief under the New Regime applies only when both conditions are satisfied: • Condition 1 - Total income exceeds Rs.12,00,000 AND • Condition 2 - The income-tax payable exceeds the amount by which the total income exceeds Rs.12 lakh • the assessee shall be entitled to a deduction from the amount of income-tax (as computed before allowing the deductions under this Chapter) on his total income, of an amount equal to the amount by which the income-tax payable on such t....

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....bate 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) the total income does not exceed Rs. 12,00,000/- , • 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.....

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....all head of income (i.e. whether it is special rate of tax income or not) 2. W.e.f. 01.04.2024 - Inserted vide Section 44 of the Finance Act 2023  • Where the total income of the assessee is chargeable to tax under section 115BAC(1A), and the total income -  • (a) the 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; •....