Despite surpassing the basic exemption threshold, you might still evade paying any income tax, courtesy of Section 87A of the Income-tax Act, 1961. This provision grants Indian residents a tax rebate under both the old and new tax regimes, contingent upon their total income remaining within the prescribed limits. For the fiscal year 2023-24 (assessment … Continue reading Navigating Section 87A—Maximizing Tax Rebates under Indian Tax Law