WebbNo. Rebate under section 87A is available only to an individual who is resident in India, hence, non-residents cannot claim rebate under section 87A. 8. I own two houses. One is a farmhouse that I visit every week, and the other is my residence. Can both these residences be treated as self-occupied? Webb1 feb. 2024 · Under the new tax regime, an annual income of up to Rs 7 lakh has been exempted from income tax in India under 87A. Section 87A entitles a resident individual …

Claim Rebate for FY 2024-20, AY 2024-21 - GST Guntur

WebbThe current amended Section 87A with revised limits came into effect in FY 2024-21. As per current income tax slab rates, a resident Indian with individual total income of Rs. 5 … Webb3 feb. 2024 · If the assessee has salary income of 500000, tax would have been 12500 which would again set-off against rebate of 87A and so tax payable would have been Nil, whereas, in the above case the tax payable due to shift in slab because of huge agricultural income will be more than 12500 as shown above. community hospital in toms river

Tax Rebate Under Section 87A (A.Y.2024-23) - AlertTax.in

Webb10 apr. 2024 · Step 2: Reduce all the deductions– standard deductions, tax savings etc. Step 3: Declare the income after deductions and tax deductions in the Income Tax … WebbThe income tax rebate under Section 87a provides some relief to the taxpayers who fall under the tax category of 10%. Any individual whose annual net income does not exceed … Webb25 dec. 2024 · Assessee being a resident individual in India, whose total income after claiming deduction under chapter VI A does not exceed Rs. 5,00,000 shall be entitled to the rebate under section 87A of an amount equal to hundred per cent of such income-tax or an amount of Rs. 12,500, whichever is less. further, please note that this rebate is applied to … easy small business startups