Tax Rebate Section 87A with Examples | Income Tax Calculation with Old & New Tax Regime

What is Tax Rebate Section 87A with Examples | Income Tax Calculation with Old & New Tax Regime [Hindi]
In this video by FinCalC TV we will see what is tax rebate under section 87A that is applicable in old tax regime and new tax regime in hindi. Due to tax rebate 87A, you don't have to pay any tax when taxable income is 5 lakh or below with old tax regime and when taxable income is 7 lakh or below with new tax regime. We will see income tax calculation examples as well to understand how tax rebate 87A works in old and new regime, along with marginal relief examples in new tax regime.
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CHAPTERS:
00:00 Tax Rebate under Section 87A Intro
00:18 Tax Rebate 87A Limit in Old Tax Regime
00:37 New Tax Regime Tax Rebate 87A Limit
01:32 Limits with Standard Deduction included
02:19 Income Tax Calculator in Excel
02:55 Rs. 5 Lakh Income Tax Example
06:27 Rs. 7 Lakh Income Tax Example
08:04 Marginal Relief in New Tax Regime
10:28 Income Tax Calculator on FinCalC Blog
13:34 Conclusion
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After watching this video following queries will be solved:
What is Tax Rebate under Section 87A
Income Tax Slab Rates 2024-25
Old Tax Regime vs New Tax Regime
No Income Tax with new tax regime
New Tax regime income tax calculation
How To Calculate Income Tax FY 2024-25 AY 2024-25?
What are the income tax slab rates for FY 2024-25?
What is standard deduction for FY 2024-25?
Old Slab rates vs new slab rates?
Income Tax calculation FY 2024-25 using excel examples?
Tax rebate under section 87A?
What is tax rebate u/s 87a
Eligibility for tax rebate 87a
New Budget 2024 income tax
standard deduction new tax regime
NEW TAX REGIME:
- No Income Tax on Income between Rs. 0 to Rs. 3 lacs
- 5% Tax on Income between Rs. 3 lacs to Rs. 6 lacs
- 10% Tax on Income between Rs. 6 lacs to Rs. 9 lacs
- 15% Tax on Income between Rs. 9 lacs to Rs. 12 lacs
- 20% Tax on Income between Rs. 11 lacs to Rs. 15 lacs
- 30% Tax on Income above Rs. 15 lacs
OLD TAX REGIME:
- No Income Tax on Income between Rs. 0 to Rs. 2.5 lacs
- 5% Tax on Income between Rs. 2.5 lacs to Rs. 5 lacs
- 20% Tax on Income between Rs. 5 lacs to Rs. 10 lacs
- 30% Tax on Income above Rs. 10 lacs
Tax Rebate 87A with Old Tax Regime:
- The limit of Tax Rebate under Section 87A under Old Tax Regime in FY 2024-25 is Rs. 12,500., if your taxable income is less than or equal to Rs. 5 lakh.
- This means if your income tax (without applying cess) is within Rs. 12,500 in FY 2024-25, you will get this maximum tax rebate of Rs. 12,500 which will cancel out your income tax and your tax liability becomes Rs. 0.
- Note that Rs. 12,500 is the maximum limit applied, any tax less than this amount will be cancelled by this rebate.
- On the contrary, if your income tax is more than Rs. 12,500, you will not be eligible for this rebate of Rs. 12,500 and hence you have to pay it as income tax.
Tax Rebate 87A with New Tax Regime:
- The limit of Tax Rebate under Section 87A under New Tax Regime in FY 2023-24 is Rs. 25,000., if your taxable income is less than or equal to Rs. 7 lakh.
- In new tax regime, you get additional benefit of tax rebate at the cost of not claiming any deductions. Only standard deduction of Rs. 50,000 can be claimed with new tax regime. Apart from this, there are certain exemptions under new tax regime.
- This means if your income tax (without applying cess) is within Rs. 25,000 in FY 2023-24, you will get this maximum tax rebate of Rs. 25,000 which will cancel out your income tax and your tax liability becomes Rs. 0 with new tax regime.
#TaxRebate87A #IncomeTax #TaxCalculation #IncomeTaxExcel #fincalc
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DISCLAIMER:
Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown.