Sec 87a Rebate For Ay 2024-25. Employers can claim a deduction of up to 190 percent of the additional employee costs incurred by hiring new eligible employees during a fiscal year. Section 87a of the income tax act, 1961, provides for a rebate in income tax payable for resident individuals with taxable income up to a certain limit.
If your total income does not exceed rs 7 lakh under the new tax regime or rs 5 lakh under the old tax regime, you can claim the rebate. The income tax rebate under section 87a provides some relief to the taxpayers who fall under the tax category of 10%.
If Your Total Income Does Not Exceed Rs 7 Lakh Under The New Tax Regime Or Rs 5 Lakh Under The Old Tax Regime, You Can Claim The Rebate.
11 new tax deductions claim in tax return ay 202425 sec 80c, c) deduction on employer's contribution to nps account is available up to 10%.
Employers Can Claim A Deduction Of Up To 190 Percent Of The Additional Employee Costs Incurred By Hiring New Eligible Employees During A Fiscal Year.
Due to the tax rebate under section 87a individuals need not pay income tax if their taxable income does not exceed the specified level or limit.
Sec 87a Rebate For Ay 2024-25 Images References :
Individuals Having Taxable Income Of Up To Rs 7 Lakh Are Eligible For Tax Rebate Under Section 87A Of Up To Rs 25,000, Thereby Making Zero Tax Payable In The New Tax.
Understand eligibility, rebate amounts, & the filing process to reduce your tax liability.
As Per Experts, It Is Expected That In Union Budget 2024, The Limit For Section 80C Will Be Raised To Rs 2 Lakhs From Rs 1.5 Lakh.
This means a resident individual with taxable income up to rs.
