Income Tax : Section 194P provides tax deduction relief for senior citizens aged 75 years or more having only pension and interest income. Spec...
Income Tax : The article explains why taxpayers earning Short-Term Capital Gains (STCG) under Section 111A cannot claim a rebate under Section ...
Income Tax : Learn Indian Income Tax payment methods (TDS, Advance Tax), the five heads of income, and how to calculate Total Income (taxable i...
Income Tax : This report provides a consolidated overview of the critical monetary threshold limits stipulated under various sections of the In...
Income Tax : Conflicting interpretations on Section 87A emerged as CIT(A) allowed rebate on short-term capital gains, while CBDT Circular 13/20...
Income Tax : The Finance Act, 2025, introduces new tax slabs and a higher rebate threshold for salaried individuals. This summary explains how ...
Income Tax : A PIL filed in Gujarat HC contests the denial of Section 87A rebate, highlighting unfair demands and confusion among middle-class ...
Income Tax : A PIL filed in Gujarat High Court contests the denial of the Income Tax rebate under Section 87A, impacting middle-class taxpayers...
Income Tax : ICAI requests CBDT to allow rebate u/s 87A on short-term and long-term capital gains under Sections 111A and 112, citing inconsist...
CA, CS, CMA : KSCAA addresses glitches in the Income Tax portal, highlighting challenges faced by taxpayers and professionals, in a representati...
Income Tax : ITAT ruled that a resident individual, opting for new tax regime with income below ₹7 lakhs, is eligible for full S 87A rebate, ...
Income Tax : ITAT Bangalore ruled that an omission to claim a tax rebate under Section 87A is a valid reason to file a revised return. The taxp...
Income Tax : The Ahmedabad ITAT has ruled that Section 87A rebate is applicable on STCG under Section 111A for taxpayers with income below ₹7...
Income Tax : Jayshreeben Jayantibhai Palsana Vs ITO (ITAT Ahmedabad) The case of Jayshreeben Jayantibhai Palsana vs ITO before the Income Tax A...
Income Tax : ITAT Bangalore ruled in favor of Thejaswini Jakkaraju, allowing the Section 87A tax rebate on a revised return filed to rectify an...
Income Tax : CBDT allows waiver of interest where 87A rebate was initially granted but later disallowed via CPC rectification. Taxpayers must c...
Income Tax : In the Income-tax Rules, 1962, in Appendix II, in Form No. 15H in Part II, in note 10, the following proviso shall be inserted, na...
Section 194P provides tax deduction relief for senior citizens aged 75 years or more having only pension and interest income. Specified banks compute income, deduct tax, and exempt them from filing income tax returns.
ITAT ruled that a resident individual, opting for new tax regime with income below ₹7 lakhs, is eligible for full S 87A rebate, even if their income includes STCG under S 111A3 Court held that no statutory bar existed for Assessment Year 2024-25, invalidating system-driven denial by CPC.
The article explains why taxpayers earning Short-Term Capital Gains (STCG) under Section 111A cannot claim a rebate under Section 87A, even if total income is within ₹5 lakh, and how this affects tax computation under the old regime.
Learn Indian Income Tax payment methods (TDS, Advance Tax), the five heads of income, and how to calculate Total Income (taxable income) from Gross Total Income. Covers basic exemption limits, Section 87A rebate, and surcharge with marginal relief.
This report provides a consolidated overview of the critical monetary threshold limits stipulated under various sections of the Income Tax Act, 1961, relevant for the Assessment Year (AY) 2026-27 (Financial Year 2025-26). These figures define taxability, exemption levels, eligibility for schemes, and compliance obligations for various categories of taxpayers, including individuals, corporations, and businesses.
Conflicting interpretations on Section 87A emerged as CIT(A) allowed rebate on short-term capital gains, while CBDT Circular 13/2025 restricted it to slab-rate income, leaving taxpayers uncertain.
Two CIT(A) rulings confirm the Section 87A tax rebate applies to total income up to Rs.7 lakh, even with Short-Term Capital Gains (STCG) u/s 111A, for taxpayers under the new 115BAC(1A) regime.
CBDT Circular 13/2025 addresses tax demands after ITR processing due to Section 87A rebate denial on special rate income. Interest waived if paid by Dec 31, 2025.
A summary of changes to India’s income tax rebate, from the Rs.2 lakh limit to the new Rs.12 lakh threshold. Learn how the FY 2025-26 amendment on “special income” impacts small taxpayers.
The Section 87A tax rebate controversy regarding Short-Term Capital Gains (STCG) and the ITAT Ahmedabad ruling. See the evolution of the rebate and the tax department’s handling.
