New Tax Rebate 2024-24

New Tax Rebate 2024-24. Individuals with a net taxable income of up to rs 5 lakh qualify for a tax rebate under section 87a, resulting in zero tax liability under both. The highest tax slab of 30% continues to be status quo ie more than inr 15 lakh.

Currently, section 87a of the income tax law allows individuals to claim a tax rebate of rs 12,500 under the old tax regime and rs 25,000 under the new tax regime. Individuals with a net taxable income of up to rs 5 lakh qualify for a tax rebate under section 87a, resulting in zero tax liability under both.