The exemption limit in Income Tax is the income level below which individuals are not liable to pay income tax. It represents the income amount up to which individuals are exempt from tax obligations and are not required to pay any tax on their earnings.
The exemption limit for calculating Income Tax rebates under section 87A is:
- Old regime is upto Rs 500000/-
- New regime is upto Rs 700000/-
Was this article helpful?
Related Links:
❓FAQs : To read more about Budget changes for FY 2023-24, click here.
📃Documentation :
- To learn more about the Tax Slabs of budget changes, click here.
- To learn more about the recent Budget changes for FY 2023-24, click here.
▶Video : To watch a video on Budget changes for FY 2023-24, click here.
📢Product Update- To read about the product update, click here.