Webb11 apr. 2024 · Sujit Talukder Tuesday, April 11, 2024. CBDT notifies the Cost Inflation Index (CII) for the Financial Year 2024-24 vide Notification No. 21/2024 dated 10th April, 2024. The Cost Inflation Index for the FY 2024-24 relevant to AY 2024-25 is 348 for the purpose of computing capital gains. Every year CBDT notifies the CII data for each financial year. WebbThe basic exemption limit to calculate your Income Tax Liability for FY 2024-21 (AY 2024-22) and FY 2024-22 (AY 2024-23) is: Under the Old Income Tax Regime: INR 2,50,000 for Individuals below the age of 60 years. INR 3,00,000 for Senior Citizen Individuals between the age 60-80 years.
Section 87A Rebate for AY 2024-25 as per Union Budget 2024-24
WebbNotification No. 41/2024 – Income Tax [G.S.R. 375(E),] - (22/05/2024) - In the Income-tax Rules, 1962, in Appendix II, in Form No. 15H in Part II, in note 10, the following proviso shall be inserted, namely: Provided that such person shall accept the declaration in a case where income of the assessee, who is eligible for rebate of income-tax under section 87A, is … Webb2 jan. 2024 · Section 87A Tax rebate is available under both new and old tax regimes for FY 2024-21 / AY 2024-22 Individuals having taxable income of up to Rs 5 lakh will be … major world events in the 60s
Here is how to claim rebate under Section 87A of Income-tax Act
Webb23 nov. 2024 · Note 1: A resident individual (whose net income doesn’t exceed Rs. 5,00,000) will avail rebate below section 87A. It is deductible from income-tax before scheming education cess. The amount of rebate is hundred per cent of income-tax or Rs. 12,500, whichever is a smaller amount. Webb1 feb. 2024 · Section 87A Rebate under New Tax Regime for AY 2024-25 is as under. – Rebate u/s 87A limit has been increased to Rs. 25000/- for those with taxable income … Webb3 dec. 2024 · For starters, those with an annual income of upto Rs 5 lakh per annum can claim an income tax rebate under Section 87A. For this segment, income tax liability becomes zero. Section 80G: Salaried individuals can claim House Rent Allowance (HRA) exemption if they live in rented accommodations. major world events in the 70s