Give or Minus Rebate

/ Taxes / By

For lower income groups, I minus an amount called Rebate. Rebate reduces my tax to Nil for lower income groups

Thats different for Old Way Tax and New Way Tax :

  1. Old Way: When my Income is upto 5 lacs, all my Taxes on income upto 5 lac are given an off or exemption by government. So I invoke the Rebate button. My Rebate is equal to my tax subject a maximum of Rs.12,500
  2. New Way: When my Income is upto 7 lacs, all my Taxes on income upto 7 lac are given an off or exemption by government. So I invoke the Rebate button. My Rebate is equal to my tax subject a maximum of Rs.25,000