Section 87A Rebate not available on incomes
Rebate u/s 87A
Rebate Income Tax
Old Tax Regime
An individual is eligible for a tax rebate under section 87A if their taxable income is below Rs 5 lakh in FY 2023-24 (AY 2024-25) - Rs 12,500 is the maximum amount of income tax rebate that is available
New Tax Regime
An individual is eligible for a tax rebate under section 87A if their taxable income is below Rs 7 lakh in FY 2023-24 (AY 2024-25) - Rs 25,000 is the maximum amount of income tax rebate that is available
Incomes eligible for tax rebate under section 87A:
1. Income which is taxable as per the slab rate (Salary / HP / Other sources / Business income)
2. Long-term capital gains under Section 112 (Tax @20%) of the Income Tax Act other than listed equity shares and equity-oriented schemes of mutual funds
3. Short-term capital gains u/s 111A (Tax @15%) for listed equity shares and equity-oriented schemes of mutual funds
4. Short Term Capital Gains (Other than covered under section 111A) - Tax Slab Apply
5. There are certain incomes which are taxed at specific rates - @30%
“Winnings from gambling, virtual digital assets (VDA), Crypto, online gaming, lotteries, game shows or betting
Incomes not eligible for tax rebate under section 87A
1. Long-term Capital Gain under section 112A from sale of listed equity shares or units of an equity mutual funds (Tax @10% on gain more than Rs 1 Lakh)
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