TDS deduction and tax rebate

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This query is : Resolved

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This discussion clarifies TDS deduction and tax rebate queries under the new tax regime. For an income of 6 lakhs with no investments, the new regime offers zero tax liability up to 7 lakhs. The company will not deduct TDS in this scenario. Tax rebates are automatically considered during TDS calculation, and individuals can also claim them by filing an Income Tax Return (ITR).

Prapti

Prapti (Querist)
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30 March 2023 Hello everyone. I have a doubt relating to TDS deducted by company and tax rebate.
If my income is 6 lacs and I don't have any investments made. How it is taxable if I want to opt for new tax regime wherein upto 7lacs is zero tax liability?

If from 3-6 lacs there is 5% of tax is applicable. Is it that our company will deduct tds and then we need to claim it under tax rebate u/s 87A? Or no TDS will be deducted?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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30 March 2023 No TDS will deducted.

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Prapti

Prapti (Querist)
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30 March 2023 Okay, May I please know how sir? Also guide me on
1.what salary amount TDS is require to deduct.
2. When and how tax rebate can be claim?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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30 March 2023 1 Rebate is allowed in TDS calculation.
2 you can file ITR if you want.

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