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...
Understand the application of the Section 87A tax rebate on Short-Term Capital Gains (STCG) under Section 111A. Learn about recent court rulings and a new amendment.
Introduction When I wrote an article on this topic last year, for the very first time, I stated that rebate was not being allowed from 5th June 2024. After that, I received many mails and comments asking what happened to the writs or appeals on it. Later, we taxpayers won that appeal in the High […]
Jayshreeben Jayantibhai Palsana Vs ITO (ITAT Ahmedabad) The case of Jayshreeben Jayantibhai Palsana vs ITO before the Income Tax Appellate Tribunal (ITAT), Ahmedabad, arose from an appeal against the order of the Commissioner of Income Tax (Appeals)-2, Delhi [CIT(A)], dated 15.04.2025. The appeal concerned the assessee’s eligibility to claim rebate under Section 87A of the […]
The Finance Act, 2025, introduces new tax slabs and a higher rebate threshold for salaried individuals. This summary explains how these changes aim to provide financial relief and potentially boost consumption.
ITAT Bangalore ruled in favor of Thejaswini Jakkaraju, allowing the Section 87A tax rebate on a revised return filed to rectify an omission in the original filing.
Understand India’s capital gains tax evolution, including legislative history, special tax rates, and the Section 87A rebate, with recent amendments and ongoing issues.
KSCAA urges CBDT to clarify the disallowance of Section 87A rebate on Short Term Capital Gains, citing taxpayer hardship and inconsistencies in tax processing.
Understand income tax rebate u/s 87A and LTCG tax u/s 112A under the new tax regime for FY 2024-25 with calculation rules, limits, and examples.
Know how rebate under Section 87A and short-term capital gains u/s 111A apply under the new tax regime for FY 2024-25, with examples and tax rules.
Erroneous application of Section 87A rebate has led to tax demand notices for eligible taxpayers, while others receive undue benefits. Urgent rectification needed.
