Income Tax : A consolidated guide to Income-tax Act threshold limits for AY 2026-27 covering exemptions, deductions, TDS, TCS, compliance and p...
Income Tax : This guide explains how taxable income and tax liability are computed under the Income-tax Act, from Gross Total Income to the fin...
Income Tax : Senior citizens aged 75+ with only pension and bank interest income need not file ITR if a specified bank computes income and dedu...
Income Tax : The article explains that Section 87A reduces eligible income tax liability but does not automatically eliminate interest, penalti...
Income Tax : Many taxpayers assume that income up to Rs. 12 lakh is completely tax-free under the new regime. The key takeaway is that Section ...
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 Mumbai ruled that the amended first proviso to Section 87A refers to total income and does not distinguish between normal inc...
Income Tax : ITAT Chennai held that inclusion of taxable long-term capital gains in total income does not disentitle an assessee from claiming ...
Income Tax : ITAT Rajkot held that Section 87A does not expressly prohibit rebate on tax payable on short-term capital gains under Section 111A...
Income Tax : ITAT Agra held that neither Section 87A nor Section 111A expressly prohibits rebate on tax payable on short-term capital gains for...
Income Tax : ITAT held that Section 87A rebate cannot be denied on tax payable under Section 111A where the assessee qualifies under the prescr...
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...
A consolidated guide to Income-tax Act threshold limits for AY 2026-27 covering exemptions, deductions, TDS, TCS, compliance and penalties. It serves as a comprehensive statutory reference.
ITAT Mumbai ruled that the amended first proviso to Section 87A refers to total income and does not distinguish between normal income and STCG taxable under Section 111A. The rebate was therefore held to be available.
ITAT Chennai held that inclusion of taxable long-term capital gains in total income does not disentitle an assessee from claiming Section 87A rebate for AY 2024-25. The Assessing Officer was directed to grant the rebate and recompute the tax liability.
ITAT Rajkot held that Section 87A does not expressly prohibit rebate on tax payable on short-term capital gains under Section 111A for AY 2024-25. Following an earlier Coordinate Bench ruling, the Tribunal allowed the assessee’s appeal.
ITAT Agra held that neither Section 87A nor Section 111A expressly prohibits rebate on tax payable on short-term capital gains for AY 2024-25. The Assessing Officer was directed to grant the rebate.
ITAT held that Section 87A rebate cannot be denied on tax payable under Section 111A where the assessee qualifies under the prescribed income limit and follows settled Tribunal rulings.
This guide explains how taxable income and tax liability are computed under the Income-tax Act, from Gross Total Income to the final tax payable. It also covers deductions, rebates, surcharge, cess, and prepaid tax adjustments.
The Tribunal held that rebate under section 87A could not be denied merely because LTCG exceeded Rs.1 lakh. It ruled that the relevant consideration was the tax computed on such gains, leading to deletion of the adjustment made under section 143(1).
Senior citizens aged 75+ with only pension and bank interest income need not file ITR if a specified bank computes income and deducts tax under Section 194P.
The article explains that Section 87A reduces eligible income tax liability but does not automatically eliminate interest, penalties, or late fees. Taxpayers may still receive a demand notice under Section 156 despite having income below ₹12 lakh.
