Under the proposed Union Budget 2025, a ₹60,000 rebate applies to incomes up to ₹12 lakh, enhancing the attractiveness of the new tax regime.

Income Tax Slabs – AY 2025-26: Most taxpayers, especially those earning up to ₹25 lakh, will benefit from new regime exempting incomes up to ₹12L from tax.

Income tax rebate u/s 87A: Eligible taxpayers who have income up to Rs 5 lakh/7 lakh can claim tax rebate under section 87A up to Rs 12,500/25,000. The Income Tax Dept has now updated the excel utility to allow 87A tax rebate claims. "The updated excel ut...