Tax Rebate U/S 87a For Ay 2024-23. The income tax calculation is done based on the following formula: Before 5th july, the same utility and calculator were allowing rebate u/s 87a against the tax on short term capital gain on shares u/s 111a and other special rate.
Income tax = (taxable income x applicable tax. Fm nirmala sitharaman declared increase in rebate from 12500 to 25000 in case of new regime as a booster benefit for taxpayer,.