Old vs New Regime
This query is : Resolved
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 )
Response Awaited
Thanks
( in both regime calculation tax payable isn't coming due to rebate u/s 87A )
Response Awaited
Thanks
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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