Income Tax : Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrati...
Income Tax : Understanding the applicability of Section 87A rebate for capital gains under both the old and new tax regimes post-Budget 2025....
Income Tax : Learn about Section 87A rebate, new income limits, and tax relief updates for FY 2026-27, including increased rebates for taxpayer...
Income Tax : Budget 2025 brings new income tax slabs with benefits for the middle class, including higher exemptions, marginal relief, and a st...
Income Tax : Explore why the Income Tax Department is disallowing Section 87A rebate on capital gains under the new tax regime, leading to unex...
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 : आयकर पोर्टल की तकनीकी गड़बड़ियों के कारण करदाताओ...
Income Tax : Bombay HC clarifies that rebate under Section 87A can be adjudicated during assessment, not restricted at the threshold based on S...
Income Tax : Bombay HC examines Section 87A rebate issues due to ITR software changes post-July 2024, affecting taxpayers’ rights. Interim re...
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...
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 […]
Article analyses Proposed Changes in income tax rates for Individuals & HUF (Section 115BAC) proposed by Budget 2020-21 which will be applicable from Financial Year 2020-21
Section that Section 87A is applicable to Individuals who is resident in India. Total Income shall mean Total Income from various Sources less deductions under Chapter VIA which should be less than or equal to 3,50,000/- Rebate under section 87A is applied on total tax before adding Education Cess and Secondary Higher Education Cess / Health and Education Cess as applicable.
In Budget 2019, Honorable Finance Minister announced that ‘Those having taxable income of up to Rs 5 lakh will not have to pay any tax for FY 2019-20’. An individual who is resident in India and whose taxable income does not exceed Rs. 5,00,000 is entitled to claim rebate under section 87A. Rebate is available in […]
It is expected that FM will announce a number of big decisions considering the focus of Interim budget on small taxpayers. The Government could throw several surprises to please the biggest drivers of economy which are middle class citizens and salaries class taxpayers. Their expectations from Full Budget 2019 are elaborated in following paragraphs.
General Exemptions & Deductions available for salaried employees for FY 2018-19 i.e. AY 2019-20 includes House Rent Allowance, Interest on Home Loan, Standard Deduction and Chapter VI-A deductions which includes- Section 80C, Section 80CCC – Pension Funds, Section 80CCD – National Pension Scheme (NPS), Section 80CCE, Section 80D – Medical Insurance, Section 80DD – Maintenance […]
As per the existing provisions an Individual tax payer who is resident under the tax laws is entitled to a rebate of upto Rs. 12,500/- provided his total taxable income does not exceed Rs. 5 lakhs for the year after all the available deductions and exemptions.
