Rebate u/sec. 87A
This query is : Resolved
08 February 2025
Hello!
My father is a very senior citizen earning between 10 to 12 lakhs from Dividend and Interest. Learnt that new rebate proposed is not available to them. Can anyone explain the logic for keeping only them out from the category of resident individuals as it's the only income from their hard earned money accumulated over the years.
Thanks in advance
My father is a very senior citizen earning between 10 to 12 lakhs from Dividend and Interest. Learnt that new rebate proposed is not available to them. Can anyone explain the logic for keeping only them out from the category of resident individuals as it's the only income from their hard earned money accumulated over the years.
Thanks in advance
08 February 2025
As per the budget proposal, there is no such declaration of non-eligibility of the rebate to super senior citizen. Wait for any such notification by ITD.
09 February 2025
Thanks... came across an article
No tax for up to Rs 12.75 lakh income for salaried under new tax regime as Section 87A tax rebate hiked in Budget 2025 - The Economic Times - https://m.economictimes.com/wealth/tax/section-87a-tax-rebate-changes-in-union-budget-2025/articleshow/117735302.cms?utm_source=whatsapp_pwa&utm_medium=social&utm_campaign=socialsharebuttons
👆🏻HUFs, NRIs, companies, and super senior citizens cannot claim rebate under section 87A.
No tax for up to Rs 12.75 lakh income for salaried under new tax regime as Section 87A tax rebate hiked in Budget 2025 - The Economic Times - https://m.economictimes.com/wealth/tax/section-87a-tax-rebate-changes-in-union-budget-2025/articleshow/117735302.cms?utm_source=whatsapp_pwa&utm_medium=social&utm_campaign=socialsharebuttons
👆🏻HUFs, NRIs, companies, and super senior citizens cannot claim rebate under section 87A.
09 February 2025
Explanation is not given there: the rebate is not available for Super senior citizens under old regime. !!!
Such articles are required to be read with caution.
Moreover, wait for Direct code, which will be applicable from next FY.
Such articles are required to be read with caution.
Moreover, wait for Direct code, which will be applicable from next FY.
10 February 2025
Thanks a lot Sir!
Is rebate available for HUF under new regime.
Is rebate available for HUF under new regime.
10 February 2025
No, rebate u/s. 87A is only available to resident individuals.
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