A resident individual is eligible for rebate if the net taxable income does not exceed specified limit in a financial year. A rebate of maximum up to Rs 12,500 is available under old tax regime and of Rs 25,000 in new tax regime. This means that individual having taxable income of up to Rs 5 lakh is not required to pay any taxes under old tax regime. For individuals opting for new tax regime, taxable income not exceeding Rs 7 lakh does not pay any taxes.