No Section 87A tax rebate despite ITR filing forms being updated ...
1 day ago · The Income Tax Department updated the income tax return forms for ITR-2 and ITR-3 on January 4, 2025. The ITR forms have been updated to allow the taxpayers to claim Section 87A tax rebate on short-term capital gains on equity, which they were denied during the July ITR filing. However, despite the income tax e-filing accepting the claim, the income tax department is rejecting the Section 87A ...
Last opportunity for eligible taxpayers to claim 87A tax rebate: …
3 days ago · The section 87A tax rebate issue is of special interest and debate among taxpayers. The issue became so contentious that multiple court cases were filed against the tax department’s decision to deny eligible taxpayers the benefit of 87A tax rebate. The tax department seems to have taken a stance that if special rate incomes like short term capital gains income exists in the ITR then that ITR ...
Good News For Taxpayers! Now, You Can Claim Tax Rebate
5 days ago · Rebate under section 87A is available in the form of a deduction from the tax liability. Under section 87A, the rebate will be lower by 100% of income-tax liability or Rs. 12,500.
Good news: Income tax dept to correct ITR forms to allow eligible ...
Jan 1, 2025 · The Income Tax Department has announced good news for taxpayers who are eligible to claim section 87A tax rebate for FY 2023-24 but were unable to claim it. The tax department has announced this relief on the income tax return (ITR) e-filing portal late night on December 31, 2024. As per the announcement eligible taxpayers will be able to soon file a revised or belated income tax return to ...
ITR filing for FY23-24: Taxpayers to soon get option to
5 days ago · The Income Tax Department has announced a key update for taxpayers eligible for the Section 87A tax rebate for the financial year 2023-24. On December 31, 2024, the department confirmed that affected taxpayers can file revised or belated Income Tax …
Attention taxpayers! You can now claim Section 87A rebate in
6 days ago · The Income Tax Department is allowing eligible taxpayers to claim the section 87A tax rebate in updated ITR forms. This follows a Bombay High Court directive to extend the deadline for revised or ...
Missed income tax section 87A rebate Here is your chance to …
5 days ago · The Income Tax Department has introduced significant relief for taxpayers eligible for the Section 87A rebate for FY 2023-24 who were previously unable to claim it. Announced late on December 31, 2024, via the ITR e-filing portal, the department confirmed that eligible taxpayers would soon be able to file revised or belated ITRs through the ITR ...
Income Tax Rebate Under Section 87A - ClearTax
Oct 21, 2024 · Tax Rebate Under Section 87A: Find out Who can claim Income Tax Rebate u/s 87A for FY 2023-24 (AY 2024-25) and FY 2022-23 (AY 2023-24). Know how to claim section 87A rebate in ClearTax Software.
Interim Relief for Claiming 87A Rebate AY 2024-25 - Tax Guru
Dec 25, 2024 · A resident individual whose income does not exceed Rs. 7,00,000 in the new regime and Rs. 5,00,000 in the old regime are eligible for Rebate u/s 87A.income. 3. The benefit of Rebate U/S 87A can be availed for various special rate incomes, including short-term capital gains on equity shares or equity oriented mutual funds taxable at 15% under ...
Income Tax Department to Update ITR Forms for Section 87A Tax Rebate …
5 days ago · Under Section 87A of the Income Tax Act, 1961, resident individuals with total income up to Rs 5 lakh under the old tax regime or Rs 7 lakh under the new tax regime are eligible for a tax rebate. This rebate can reduce the tax liability to zero, up to a maximum of Rs 12,500 under the old tax regime and Rs 25,000 under the new tax regime.
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