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NEW Vs OLD TAX REGIME

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(Querist)
02 February 2023 Rebate u/s 87A for Income up to Rs.7lacs is for both New and Old Tax regime or only for new tax regime?. Please clearly explain about OLD tax regime.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
02 February 2023 Rebate for new tax regime will be upto Rs. 7 lakhs income. (from FY 2023-24)
For old tax regime it remains as it is, i.e. upto Rs. 5 lakhs.
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PANDIAN BRIGHT

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PANDIAN BRIGHT (Querist)
02 February 2023 Thanks for your reply Sir, Basic exemption limit for old tax regime is 2.5 lacs or 3 lacs?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
02 February 2023 Same as Rs. 2.50 lakhs.
No change in old tax regime.
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PANDIAN BRIGHT

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PANDIAN BRIGHT (Querist)
02 February 2023 NOW ITS CLEARED. THAK YOU VERY MUCH SIR
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
02 February 2023 You are welcome..
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