Section 87a of the income tax act, 1961, provides a rebate to resident individual taxpayers, aimed at reducing their tax liability. Pay zero tax up to ₹12.75 lakhs! Learn about different types and eligibility to claim tax rebate.
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Indian residents whose income falls within rs 5 lakhs under the old regime and rs. Rebate is a tax benefit available to middle and low income earners. Income tax rebate is a benefit provided by the government to taxpayers that allows them to reduce their total tax liability.
Tax rebates provide relief for incomes up to ₹7.75 lakh, deductions lower taxable income through.
What every taxpayer should know knowing how these three words work can help you file your income tax return properly and save more. 7 lakhs under the new. Tax rebate vs deduction vs exemption: It is the reduction in the amount of tax to the taxpayers.
Understanding tax terms is crucial as the deadline approaches.
