Under sec 87A a tax rebate of Rs.2500 was applicable for those whose income do not exceed 3,50,000. Since the income upto 5 Lakhs is not taxable now, is this section being modified?
For A.y 2019 -2020 there is no change in the sec 87A ( ie. whose income does not exceed 3,50,000 will get rebate of 2,500)
But the budget 2019 speaks about Sec 87A (Individual taxpayers with annual income up to 5 lakh rupees to get full tax rebate) implies Sec 87A limit has been increase from 2,500 to 12,500 (Applicable for A.Y 2020-2021)