Income Tax : Rebate under Section 87A includes STCG for eligibility but cannot be applied to such income. This creates a limitation in tax bene...
Income Tax : The issue is whether agricultural income affects eligibility for rebate under Section 87A. The article explains that legally, tota...
Income Tax : Learn how Section 87A rebate works with LTCG u/s 112A under the new tax regime for FY 2025–26. Eligibility, limits, and tax calc...
Income Tax : The rules clarify that special-rate incomes are excluded to test the ₹12 lakh limit, but rebate cannot reduce tax on STCG. The t...
Income Tax : The note highlights gaps in existing tax provisions affecting families, seniors, and small investors. It suggests targeted reforms...
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 : The Tribunal examined denial of rebate due to technical computation issues. It held that deduction must be granted as income was b...
Income Tax : The Tribunal held that Section 87A rebate applies to STCG and LTCG taxed under Sections 111A and 112 when income is within ₹7 la...
Income Tax : The Tribunal held that Dividend Distribution Tax is effectively a tax on shareholder dividend income and is subject to DTAA benefi...
Income Tax : The Tribunal held that Section 87A contains no exclusion for long-term capital gains and allowed the rebate since total income rem...
Income Tax : ITAT Chennai holds that Section 87A rebate is available even when total income includes capital gains taxed at special rates, reve...
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...
Explains how Section 87A rebate applies only below fixed income limits, while the standard deduction continues to reduce taxable salary irrespective of income level.
Standard deduction rises to Rs. 75,000 and Section 87A rebate threshold increases to Rs. 12 lakh, expanding zero-tax eligibility and boosting take-home pay for salaried taxpayers.
Explains the new tax slabs, higher Section 87A rebate, and standard deduction increases under the Finance Act 2025, highlighting relief for taxpayers earning up to ₹12 lakh.
The Tribunal held that Section 87A contains no exclusion for long-term capital gains and allowed the rebate since total income remained below Rs.5 lakhs. The order of the lower authorities was set aside.
ITAT Chennai holds that Section 87A rebate is available even when total income includes capital gains taxed at special rates, reversing CIT(A)’s denial.
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.
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.
