Rebate under Section 87A under default regime is available up to:
ARs. 25,000 for income up to Rs. 7 lakhs
BRs. 12,500 for income up to Rs. 5 lakhs
CNo rebate
DRs. 1,00,000 for Rs. 10 lakhs
Answer & Solution
Correct answer: A. Rs. 25,000 for income up to Rs. 7 lakhs
1. Section 87A grants rebate from income-tax to resident individuals.
2. Default regime: Rs. 25,000 (full tax) for total income up to Rs. 7,00,000.
3. Old regime: Rs. 12,500 for total income up to Rs. 5,00,000.
_Source: ICAI BoS CA Final Paper 7, Ch 1 "Basic Concepts"_
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