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...
Section 87A tax rebate on STCG led to disputes after ITD software changes. Bombay HC & CIT(A) rulings clarify eligibility. Learn about legal and tax implications.
Learn about Section 87A rebate applicability on short-term capital gains under the new tax regime for FY 2023-25. Explore legal challenges and taxpayer implications.
Explore major income tax updates for FY 2025-26, including revised tax slabs, TDS/TCS rules, rebates, and benefits for startups. Stay informed to plan effectively.
Recent changes in India’s income tax structure, particularly the introduction of rebates, have led to some confusion among taxpayers regarding their obligations to file Income Tax Returns (ITRs). A prevalent misconception is that individuals with incomes up to ₹12 lakh are entirely exempt from income tax and, consequently, from filing ITRs.
Bombay High Court, in Chamber of Tax Consultants v. Director General of Income Tax (Systems) (2025), ruled that flaws in the ITR utility should not prevent taxpayers from making valid claims, particularly rebate under Section 87A of Income Tax Act.
Compare the New and Old Tax Regimes for FY 2025-26. Learn about tax rates, exemptions, deductions, and which regime suits your income and financial goals.
Compare tax on ₹12 lakh income in FY 2024-25 and FY 2025-26. See new tax slabs, rebates, and savings introduced in Budget 2025 for individual taxpayers.
Budget 2025 introduces new income tax amendments, including changes in tax slabs, TDS limits, and rebates under sections 115BAC and 87A.
Budget 2025 raised the Section 87A rebate limit to ₹12 lakh but restricted its use on special rate income. Learn about key changes and their impact.
Understand tax rules for debt mutual funds based on purchase date. Learn about slab rates, LTCG tax, indexation, and rebate eligibility under Section 87A.
