Financial Year<\/strong><\/td>Net Taxable Income<\/strong><\/td>Tax Rebate Limit u\/s 87A<\/strong><\/td><\/tr>2023-2024<\/td> \u20b9 7,00,000<\/td> \u20b9 25,000 (New Tax regime)<\/td><\/tr> 2023-2024<\/td> \u20b9 5,00,000<\/td> \u20b9 12,500 (Old Tax regime)<\/td><\/tr> 2022-2023<\/td> \u20b9 5,00,000<\/td> \u20b9 12,500<\/td><\/tr> 2021-2022<\/td> \u20b9 5,00,000<\/td> \u20b9 12,500<\/td><\/tr> 2020-2021<\/td> \u20b9 5,00,000<\/td> \u20b9 12,500<\/td><\/tr> 2019-2020<\/td> \u20b9 5,00,000<\/td> \u20b9 12,500<\/td><\/tr> 2018-2019<\/td> \u20b9 3,50,000<\/td> \u20b9 2,500<\/td><\/tr> 2017-2018<\/td> \u20b9 3,50,000<\/td> \u20b9 2,500<\/td><\/tr> 2016-2017<\/td> \u20b9 5,00,000<\/td> \u20b9 5,000<\/td><\/tr> 2015-2016<\/td> \u20b9 5,00,000<\/td> \u20b9 2,000<\/td><\/tr> 2014-2015<\/td> \u20b9 5,00,000<\/td> \u20b9 2,000<\/td><\/tr> 2013-2014<\/td> \u20b9 5,00,000<\/td> \u20b9 2,000<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<\/span>Points to remember for Rebate u\/s 87a<\/span><\/h2>\n\n\n\n\nIndividuals over 80 years of age are not eligible<\/strong> for tax rebates under Section 87A.<\/li>\n\n\n\nOnly resident individuals can claim a rebate under this section.<\/li>\n\n\n\n Section 87A rebate is applicable in both the old and new tax regimes.<\/strong><\/li>\n\n\n\nThe tax rebate is eligible to be claimed before adding the 4% health and education cess.<\/strong><\/li>\n\n\n\nThe rebate under Section 87A cannot be used for long-term capital gains tax on equity shares and equity-oriented mutual funds, as per Section 112A.<\/li>\n<\/ol>\n\n\n\n<\/span>Income Tax Rate Slabs – Old Tax regime<\/span><\/h2>\n\n\n\nIncome Tax Slab<\/th> Individuals Below The Age Of 60 Years<\/th><\/tr><\/thead> Up to Rs. 2.5 lakh<\/td> NIL<\/td><\/tr> Rs. 2.5 lakh -Rs. 5 lakh<\/td> 5%<\/td><\/tr> Rs. 5 lakh \u2013 Rs .10 lakh<\/td> 20%<\/td><\/tr> Greater than Rs. 10 lakh<\/td> 30%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<\/span>Tax Slab for New Income Tax Regime Applicable From FY 2023-24<\/span><\/h2>\n\n\n\nIncome Range<\/th> Tax Rate<\/th><\/tr><\/thead> Above \u20b915 lakh<\/td> 30%<\/td><\/tr> \u20b912 lakh to \u20b915 lakh<\/td> 20%<\/td><\/tr> \u20b99 lakh to \u20b912 lakh<\/td> 15%<\/td><\/tr> \u20b96 lakh to \u20b99 lakh<\/td> 10%<\/td><\/tr> \u20b93 lakh to \u20b96 lakh<\/td> 5%<\/td><\/tr> Up to \u20b93 lakh<\/td> No tax<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<\/span>Revised Surcharge Rates for New Tax Regime<\/span><\/h2>\n\n\n\nTaxable Income Range<\/th> Surcharge Rate<\/th><\/tr><\/thead> Above \u20b950 lakhs but up to \u20b91 crore<\/td> 10%<\/td><\/tr> Above \u20b91 crore but up to \u20b92 crore<\/td> 15%<\/td><\/tr> Above \u20b92 crore<\/td> 25%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<\/span>Frequently Asked Questions (FAQs)<\/span><\/h2>\n\n\n\n
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What is Tax Rebate u s 87a for FY 2023-24?<\/h3>\n\n\n
The maximum rebate amount under Section 87A for FY 2023-24 is Rs. 12,500 for those who opt for the old tax regime and Rs. 25,000 for those who opt for the new tax regime with net taxable income below 7 lakhs.<\/p>\n\n<\/div>\n<\/div>\n
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What are the recent changes in Section 87A tax rebate for FY 2023-24?<\/h3>\n\n\n
After Union Budget 2023, the government increased the rebate limit under Section 87A to Rs. 25,000 for those who opt for new tax regimes with net taxable income below 7 lakhs. The rebate remains unchanged for those who opt for the old tax regime.<\/p>\n\n<\/div>\n<\/div>\n
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What is the purpose of Section 87A tax rebate?<\/h3>\n\n\n
The purpose of the Section 87A tax rebate is to provide tax relief to individuals with low income and reduce their tax liability.<\/p>\n\n<\/div>\n<\/div>\n
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Is the Section 87A tax rebate available for non-resident individuals?<\/h3>\n\n\n
No, the Section 87A tax rebate is only available for resident individuals of India.<\/p>\n\n<\/div>\n<\/div>\n
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Can I claim Section 87A tax rebate in the old tax regime?<\/h3>\n\n\n
Yes, you can claim Section 87A tax rebate in the old tax regime if your net taxable income is below 5 lakhs in FY 2022-23(AY 2023-24).<\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n