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of <h1>Finance Act 2023: Rebate up to Rs 60,000 for incomes under Rs 12 lakh starting assessment year 2026-27.</h1> Under section 87A of the Act, individual residents in India with total income up to Rs 5 lakh are exempt from paying income tax. The Finance Act, 2023 introduced a proviso allowing a rebate up to Rs 25,000 for incomes not exceeding Rs 7 lakh under section 115BAC, with marginal relief for incomes above Rs 7 lakh. From the assessment year 2026-27, the income limit for rebate is proposed to increase to Rs 12 lakh, with a rebate limit of Rs 60,000. This rebate does not apply to incomes taxed at special rates, such as capital gains.
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