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/-
Looking for More Support?
Find answers and insights across our resources. Refer to our detailed Knowledge Base for in-depth articles, explore our practical Video Guides, and stay informed with our Latest Product Updates.
Want to explore more features on greytHR? Talk to Us!
Was this article helpful?
That’s Great!
Thank you for your feedback
Sorry! We couldn't be helpful
Thank you for your feedback
Feedback sent
We appreciate your effort and will try to fix the article