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...
Explore how new tax rebate under Section 87A allows individuals to avoid tax on incomes up to Rs 12 lakh. Learn through illustrations and FAQs about eligibility, calculations and impacts on special rate incomes.
Petitioner No.1 is a society registered under the Societies Registration Act of 1860 and the Bombay Public Trusts Act of 1950. It has more than 3800 members comprising of Advocates, Chartered Accountants, and tax practitioners.
Understanding the applicability of Section 87A rebate for capital gains under both the old and new tax regimes post-Budget 2025.
Learn about Section 87A rebate, new income limits, and tax relief updates for FY 2026-27, including increased rebates for taxpayers under the new regime.
Budget 2025 brings new income tax slabs with benefits for the middle class, including higher exemptions, marginal relief, and a standard deduction for salaried individuals.
Bombay HC clarifies that rebate under Section 87A can be adjudicated during assessment, not restricted at the threshold based on Section 115BAC tax calculation.
Explore why the Income Tax Department is disallowing Section 87A rebate on capital gains under the new tax regime, leading to unexpected tax demands for taxpayers.
Bombay HC grants interim relief allowing taxpayers to claim Section 87A rebate for AY 2024-25. Revised ITR deadline extended to 15 Jan 2025; final ruling pending.
Bombay HC examines Section 87A rebate issues due to ITR software changes post-July 2024, affecting taxpayers’ rights. Interim relief granted; final hearing on Jan 2025.
Arjuna (Fictional Character): Krishna, I recently heard about a case where rebate under Section 87A was allowed on short-term capital gains. Krishna (Fictional Character): Yes, Arjuna. It’s a noteworthy Beena Manishbhai Fofaria V/s CIT(Appeals) case that clarifies the application of Section 87A, especially after the amendments brought by the Finance Act, 2023. This ruling is […]
