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Old vs New Regime

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This query is : Resolved

Miss Mansi Bhojani (Querist)

30 July 2024 In case of ITR 2, where tax wise as per old regime is beneficial and new regime isn't but then to anyone proceeded to file the return with new regime ??
( in both regime calculation tax payable isn't coming due to rebate u/s 87A )

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Thanks

CA ALOK KUMAR

CA ALOK KUMAR (Expert)

31 July 2024 Section 87A of the Income Tax Act provides a rebate for individual taxpayers. For the financial year 2023-24, if an individual's total income after deductions is up to ₹5,00,000, they are eligible for a rebate of up to ₹12,500. This rebate is deducted from the total tax payable, effectively making the tax liability zero for those whose income does not exceed ₹5,00,000. This benefit is available to residents of India and applies under both the old and new tax regimes.

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