Income Tax : Analysis of Sections 87A and 115BAC(1A) of the Income Tax Act, 1961, detailing their implications for taxpayers, including rebates...
Income Tax : Explore top tax-saving options beyond Section 80C for FY 2023-24, including NPS, health insurance premiums, medical expenses, home...
Income Tax : Explore the controversial amendment to Section 87A of Income Tax Act, 1961 effective from AY 2024-25. Detailed analysis of its imp...
Income Tax : Explore potential amendments to presumptive taxation, concerns about the New Tax Regime impact, and insights on Faceless Assessmen...
Income Tax : Section 194P, which exempts senior citizens aged 75 or more from filing tax returns if they have only pension and interest income ...
Income Tax : AGFTC & ITBA urge Finance Minister to address Income Tax Portal issues, incorrect Section 87A relief interpretation, and extend IT...
Income Tax : Individual taxpayers having taxable annual income up to Rs.5 lakhs will not be required to pay any income tax. The Finance Ministe...
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...
Discover the disparities in the treatment of Old Tax Regime (OTR) followers in the Finance Bill 2023, as the Government encourages the New Tax Regime (NTR) with changes in exemptions, rates, and deductions, raising concerns for those sticking to OTR.
Discover the dark side of the Budget 2023 Trump Card- the new income tax regime. Find out the reduced tax rates & increased exemptions unveiled by FM Nirmala Sitharaman & how it differs from the old income tax regime.
In order to provide relief and lessen the burden on small taxpayers, the Government had announced the tax rebate scheme by introducing Section 87A in the Income Tax Act. Introduction of Section 87A Section 87A was introduced in Income Tax Act through the Finance Act, 2003. As per the Income Tax Act, any individual being […]
In this article I wish to give some suggestions to the Finance Minister to make the taxation of capital gain more rational by removing some anomalies. Here are my suggestions. Rebate available under Section 87 A for capital gains Section 87 A allows a resident Individual a tax rebate tax upto Rs. 12,500/- if his […]
It is proposed to amend section 87A so as to reduce the maximum amount of rebate available under this section from existing Rs. 5000 to Rs. 2500. It is also proposed to provide that this rebate shall be available to only resident individuals whose total income does not exceed Rs. 3,50,000.
As we know that the amended section 87A of Income Tax Act 1961, applicable for the FY 2019-2020 provides COMPLETE tax rebate to those having income less than 5 lacs. It raises concerns for those having income around 5 lacs. The worst hit are those having income just above the prescribed limit, say, 5,01,000 because […]
Article explains Eligibility for claiming rebate u/s 87A, ITR form applicable for LIC agent, How to file return of income, Can total deductions exceeds the Gross Total Income (GTI), Need to file Income Tax Return when all taxes been paid in advance and What to do when TDS has been deposited under wrong PAN. 1. […]
As we all aware that, section 87A is considered as one of the most important section. Since the rebate is very important to reduce the tax Burdon of assessee. But in industry there is always a confusion or doubt faced by professionals on availing the rebate. Hence today I am coverig this topic with in […]
Every Resident individuals with Total Income upto 5,00,000 is eligible for Rebate of Rs 12500. With a view to provide tax relief to the individual tax payers who are in lower income bracket, Government has increase the limit of rebate under section 87A of Income Tax Act, 1961. Since the rebate is very important to […]
In this Article we update you about the Income tax slab rates applicable to different types of taxpayers such as Individual, HUF, Partnership Firms, AOP/BOI, Co-operative Society, Local authorities, Domestic as well as Foreign Companies, etc for assessment year 2020-21 i.e. financial year 2019-20. Articles compiles Income Tax Rate Chart for Financial Year 2019-20 after […]
