Rebate u/s 87A under new tax regime

This discussion clarifies the eligibility for the rebate under Section 87A of the Income Tax Act, specifically within the new tax regime. It explains that while the rebate is available for resident individuals with taxable income up to ₹7 lakh in the new regime (effective April 2023), incomes exceeding this threshold are not eligible. The example provided demonstrates a calculation where the taxable income is above ₹7 lakh, thus disqualifying the individual from the rebate, though marginal relief might apply in certain scenarios.