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Sir, If one has got taxable income above 5 Lakhs, will he get tax rebate of 12500? My query is whether his tax will be calculated from 5 lac or from 2.5 lac as of now if he opts for new regime?
Replies (4)
Quick Summary
No rebate if income more than 500000... tax to be calculated from 2.5
Thanks madam.
New regime No rebate under 87A
Bcoz basic slab starts from 500000/-
(upto 5 lakhs income - no tax)
Bcoz basic slab starts from 500000/-
(upto 5 lakhs income - no tax)
For new regime also Tax is calculated from 250000 .
115BAC says upto 250000 -nil,
2.5 L - 5L - 5%
please read 115BAC for clarity purpose.
87A is still available for both old and new tax regime.
115BAC says upto 250000 -nil,
2.5 L - 5L - 5%
please read 115BAC for clarity purpose.
87A is still available for both old and new tax regime.
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