The basic income tax exemption limit in India is Rs 2.5 lakh annually. Further, under Section 87A of the Income-tax Act, 1961, an individual with an annual taxable income of up to Rs 5 lakh is eligible for an income tax rebate of Rs 12,500. This provision is available under both old and new income tax regimes. This essentially means that individuals with a net taxable income of up to Rs 5 lakh, are entirely exempted from income tax. ET NOW’s Vikram Oza speaks with I-T experts Anand Rathi’s Feroze Azeez and CA Naveen Wadhwa over Income Tax slabs and exemption limit. Listen-in!!!
