Sec 87a Rebate For Ay 2024-25. This rebate is applicable under section 87a of the income tax act. Individuals having taxable income of up to rs 7 lakh are eligible for tax rebate under section 87a of up to rs 25,000, thereby making zero tax payable in the new tax regime only.

It allows you to claim the refund if your yearly income does not exceed rs 5,00,000. 7 lakh will now receive a tax relief of rs.