REBATE OF Rs 2500 FOR INDIVIDUALS HAVING TOTAL INCOME UPTO Rs
3.5 LAKH [SECTION 87A]
In view of proposed rationalisation of tax
rates for individuals in the income slab of Rs. 2,50,000 to Rs.5,00,000,it is
proposed to amend section 87A so as to reduce the maximum amount of rebate
available under this section from existing Rs. 5000 to Rs. 2500. It is
also proposed to provide that this rebate shall be available to only resident
individuals whose total income does not
exceed Rs. 3,50,000.
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