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of <h1>Income Tax Rebate Extended: Individuals Earning Up to Rs 7 Lakh Now Eligible u/s 87A and 115BAC.</h1> Under the Union Budget 2023-24 and Finance Bill, 2023, the provisions of section 87A of the Income Tax Act have been updated. Previously, individual residents in India with a total income not exceeding Rs 5 lakh were eligible for a 100% rebate on income tax. Starting from the assessment year 2024-25, this rebate will extend to individuals with an income not exceeding Rs 7 lakh, provided their income is chargeable under the proposed sub-section (1A) of section 115BAC. Consequently, individuals earning up to Rs 7 lakh will not be required to pay income tax.
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