NEW Vs OLD TAX REGIME

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This discussion clarifies the rebate under Section 87A for the new and old tax regimes. While the new regime offers a rebate for incomes up to Rs. 7 lakhs (from FY 2023-24), the old regime's rebate limit remains at Rs. 5 lakhs. The basic exemption limit for the old tax regime is confirmed as Rs. 2.50 lakhs, with no changes.

PANDIAN BRIGHT

PANDIAN BRIGHT (Querist)
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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.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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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.

PANDIAN BRIGHT

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

Dhirajlal Rambhia

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

PANDIAN BRIGHT

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

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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