The Budget 2024 did not increase the tax rebate under Section 87A of the Income-tax Act, which makes tax payable zero if an individual’s taxable

Key Points:

New Tax Regime Slabs (Effective from April 1, 2023):

Up to ₹3,00,000: 0%

₹3,00,001-₹7,00,000: 5%

₹7,00,001-₹10,00,000: 10%

₹10,00,001-₹12,00,000: 15%

₹12,00,001-₹15,00,000: 20%

Above ₹15,00,001: 30%

Tax Rebate:

Under the new regime: Up to ₹25,000 (making tax payable zero for incomes up to ₹7 lakh).

Under the old regime: Up to ₹12,500 (making tax payable zero for incomes up to ₹5 lakh).

Eligibility:

Available only to Resident Individuals.

Not available to Non-resident individuals, Hindu Undivided Families (HUFs), or firms.

Filing Requirement:

ITR filing is mandatory if total income exceeds the basic exemption limit.

Basic Exemption Limits:

New regime: ₹3 lakh (for all individuals).

Old regime: Varies by age.

How to Claim:

Fill taxable income and eligible deductions in the ITR form.

The form calculates tax liability and applies the rebate, reducing the final tax payable to zero if eligible.

Hope this summary helps you understand the current tax rebate framework and how it impacts tax liability based on income and tax regime choice.