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Feb 04, 2025
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Budget 2025: Rs 12 lakh annual income tax-free but you can’t include THESE incomes for benefit
The Union Budget 2025 introduced a significant tax relief for individuals earning up to Rs 12 lakh by raising the rebate limit under Section 87A, resulting in effectively zero tax. However, not all sources of income qualify for this benefit. Income from capital gains, lotteries, and other categories taxed at special rates remains ineligible for the rebate.
“…rebate is not available on income from capital gains or lotteries or any other income on which special rate has been provided in the Act. It is available only on the tax payable as per slabs under Section 115BAC,” the tax department answered responding to FAQs.
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