Eligible taxpayers who have income up to Rs 5 lakh/7 lakh can claim tax rebate under section 87A up to Rs 12,500/25,000. The ...

"Taxpayers can currently only file belated or revised returns, excluding new filings that incorporate the 87A rebate. The ...

The quantum of maximum rebate under Section 87A is ₹12,500. So, in case the total tax before cess is less than ₹12,500 for an ...

It is important to note that eligible taxpayers who were previously unable to claim the Section 87A tax rebate can now do so ...

The Income Tax Department has released revised Excel utilities for ITR Forms 2 and 3. Additionally, the department has ...

Following the Bombay High Court order to extend the revised and belated income tax return (ITR) deadline to January 15, 2025, ...

To claim the Section 87A rebate, taxpayers must manually update the tax rebate column in the ITR Excel utility. After editing ...

The decision comes after the Bombay High Court directed the IT department to extend the due date for claiming the benefit.

Taxpayers remain unable to claim the Section 87A rebate on STCG income due to outdated ITR processing logic, even after recent updates to filing forms by the Income Tax Department.

At present, small tax-payers with special rate income such as short-term capital gains are unable to claim the rebate under section 87A, even if their income is below the basic exemption limit, as the ...

Budget, FM Sitharaman implemented various modifications to the capital gains framework, tax deducted at source (TDS), and ...