Rebate Under Section 87a For Ay 2024-25. A tax rebate on an income of rs 7 lakh has been. Introduced in the budget 2013, section 87a provides an income tax rebate to individuals.
โ 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. โ as per section 87a of the income tax act, 1961 which provides a rebate upto rupees 25,000 in case the income of an individual taxpayer is less than rupees 7 lakh.