Yes definitely tax rebate u/s 87a under the new tax regime is available. For Taxable Income up to Rs.700000/-. means Rs.25000 tax rebate.
NEW TAX REGIME FORM ITR 1:-
| 1. Gross Salary Income | 750000/- | |||
| 2. Less | ||||
| STD Deduction:- | 50000/- | |||
| Agniveer Corpus Fund | Nil | |||
| 3. | Total | 50000/- | (50000/-) | |
| 4. | Total Taxable Income | 700000/- | ||
| Tax Slab | Tax Rates | Tax amt. | ||
| upto 300000 | 0% | 0 | ||
| 300001-600000 | 5% | 15000 | ||
| 600001-900000 | 10% | 10000 | ||
| 900001-1200000 | 15% | – | ||
| 1200001-1500000 | 20% | – | ||
| 1500001 and More | 30% | – | ||
| 5. Total Taxes | 25000 | 25000/- | ||
| 6. Less | Less : Ded u/s 87A IF taxable income is below Rs.7lac up to Rs.25000/- | (25000/-) |
Note:1 In some cases if Your income is more than Rs.700000/- than rebate of Rs.25000/- is not applicable and slab rate is applied on income above Rs.300000/-.
Note:2 Standard Deduction of Rs.50000/- is applicable in new tax regime.
Note:3 Chapter VI Deduction is Note Allowed. (Like mediclaim, LIC etc.)
Note: 4 Housing Loan Interest and repayment amount deduction is not allowed.
Note: 5 Section 89 deduction is allowed as income received in arrears/advance etc. (click to read in detail about form 10 e rebate)
To get precise information on tax rebates under the new tax regime for the current financial year, it’s best to refer to the latest tax laws or consult with a tax advisor. Visit Consultant
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