87a Rebate For Ay 2024 25 New Tax Regime In India. Family pensioners can claim a deduction of up to ₹15,000, and the section 87a rebate increased to ₹25,000. This means a resident individual with taxable income up to rs 7,00,000 will receive rs 25,000 or the amount of tax payable (whichever is lower) as tax relief.

This rebate can only be claimed if the taxpayer’s taxable income does not exceed the prescribed limit for that financial year. A tax rebate of up to ₹25,000 is available for taxpayers with taxable income up to ₹7 lakh, ensuring that no tax is payable for incomes below this threshold.