Rebate 87a For Ay 2024-24. Tax rebate under section 87a before 5th july 2024 is available on total income up to ₹7 lakh including special rate incomes. Currently, section 87a allows individuals to claim a tax rebate of rs 12,500 under the old tax regime and rs 25,000 under the new tax regime.
A resident individual (whose net income does not exceed rs. In budget 2023, the tax rebate for individuals has been increased to inr 25,000 which means individuals having taxable income up to inr 7,00,000 can claim.