{"id":753,"date":"2024-03-09T19:00:07","date_gmt":"2024-03-09T12:00:07","guid":{"rendered":"https:\/\/fund-gregorio-maranon.com\/?p=753"},"modified":"2024-03-09T19:07:22","modified_gmt":"2024-03-09T12:07:22","slug":"how-to-claim-rebate-under-section-87a","status":"publish","type":"post","link":"https:\/\/fund-gregorio-maranon.com\/how-to-claim-rebate-under-section-87a\/","title":{"rendered":"How to Claim Rebate Under Section 87A"},"content":{"rendered":"
In exploring the complexities of tax laws, knowing the potential tax rebates available is essential. One such provision is the rebate under Section 87A, providing relief to certain resident individuals.<\/p>\n
While it may seem overwhelming, understanding its eligibility criteria, calculating taxable income, and knowing how to claim this rebate could result in considerable tax savings.<\/p>\n
As we delve deeper into this topic, we will uncover how to leverage this section effectively.<\/p>\n
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Section 87A’s primary function is to provide a tax rebate to resident individuals whose taxable income falls below-specified limits, acting as a financial support mechanism for those with lower taxable incomes.<\/p>\n
This tax rebate under section 87A can be claimed by eligible individuals whose total income does not exceed Rs. 7,00,000 in the financial year 2024-25 under the new tax regime. The maximum rebate permissible is Rs. 25,000 or the tax amount due, whichever is less.<\/p>\n
To leverage this benefit, taxpayers need to accurately calculate their taxable income post-deductions, ascertain their tax liability based on the relevant rates, and claim the rebate when filing their Income Tax Return (ITR)<\/a>.<\/p>\n This rebate effectively serves to lessen the tax burden for those in lower income brackets.<\/p>\n <\/p>\n Certain eligibility criteria must be met to qualify for the tax rebate under Section 87A. These criteria primarily focus on the individual’s residency status, age, and total taxable income. The tax rebate can be claimed by resident individuals, with senior citizens between 60 and 80 eligible.<\/p>\n The following points summarise the key eligibility criteria:<\/p>\n <\/p>\n Understanding how to calculate taxable income is essential in claiming the rebate under Section 87A. The process involves subtracting eligible deductions from your total income, ensuring the taxable income does not exceed the threshold limit. This calculation helps determine the rebate amount and the tax benefit you can claim.<\/p>\n Here’s a simplified approach:<\/p>\nEligibility for Tax Rebate<\/h2>\n
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Calculation of Taxable Income<\/h2>\n