115BAC RESIDNT INDIVISUAL TOTAL INCOME UPTO 700000 FOR A.Y 25-26

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....15BAC RESIDNT INDIVISUAL TOTAL INCOME UPTO 700000 FOR A.Y 25-26<br> Query (Issue) Started By: - Fahiyaz Ahmmed Dated:- 3-1-2026 Last Reply Date:- 26-5-2026 Income Tax<br>Got 1 Reply<br>Income Tax<br>....

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....€¢ Has the CBDT issued any specific clarification or circular for AY 2025-26 on the quantum of rebate u/s 87A under Section 115BAC? • Should the rebate be interpreted strictly a....

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....s 100% of tax payable (Rs. 20,000) in this case, subject to the ceiling of Rs. 25,000? • For examination and practical purposes, is it correct to conclude that tax becomes NIL due to t....

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....he rebate of Rs. 20,000, not Rs. 25,000? • LIKE UPTO 300000- NIL FOR A.Y 25-26 • 300000 - 700000= 400000*5%= 20000 Reply By Ryan Vaz: The Reply: For AY 2025-26, if....

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.... an individual&#39;s total income is Rs. 7,00,000 and they opt for (or default to) the new tax regime under Section 115BAC, the income tax payable before cess will be Rs. 20,000. The rebate under Sect....

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....ion 87A will be Rs. 20,000 (being 100% of the tax payable, subject to the maximum limit of Rs. 25,000), resulting in a NIL net tax liability before health and education cess.<br> Discussion Forum - Kn....

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....owledge Sharing ....