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Budget: Zero tax for residents, but NRIs will miss out on rebate
Mint Hyderabad
|February 06, 2025
Budget 2025-26 has been well received by middle-class Indians, especially due to the zero tax on income of up to ₹12 lakh under the new tax regime. But, non-resident Indians (NRIs) are not thrilled.
According to the new rules, individuals will get a rebate of up to ₹60,000 on tax paid for income up to ₹12 lakh per year under Section 87A. However, the rebate is exclusively available to residents and does not extend to those who qualify as NRIs under Income Tax Act.
This story is from the February 06, 2025 edition of Mint Hyderabad.
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