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...
Faulty Income Tax Return (ITR) Filing Utility are currently enforcing incorrect income tax liability by not allowing legitimate claim for rebate under section 87A of the Income Tax Act for certain incomes.
The recent changes in the ITR filing utilities have created significant challenges for taxpayers eligible for the section 87A rebate. The Ministry of Finance needs to address this issue promptly to ensure fair and accurate tax assessments and avoid unnecessary disputes.
KSCAA addresses technical issues in the Income Tax Portal, urging CBDT for prompt resolution to ensure smooth filing of returns before the July 31 deadline.
Analysis of Sections 87A and 115BAC(1A) of the Income Tax Act, 1961, detailing their implications for taxpayers, including rebates and the new tax regime options.
AGFTC & ITBA urge Finance Minister to address Income Tax Portal issues, incorrect Section 87A relief interpretation, and extend ITR filing deadline for AY 2024-25.
Explore top tax-saving options beyond Section 80C for FY 2023-24, including NPS, health insurance premiums, medical expenses, home loan interest, electric vehicle purchases, charitable donations, savings account interest, and rebates.
Explore the controversial amendment to Section 87A of Income Tax Act, 1961 effective from AY 2024-25. Detailed analysis of its impact on tax liability and potential issues addressed. Learn how a drafting error may lead to unintended consequences.
Explore potential amendments to presumptive taxation, concerns about the New Tax Regime impact, and insights on Faceless Assessment in the recent interim budget. Understand the proposed withdrawal of outstanding demands and its implications.
Learn about marginal relief in the new income tax regime and how it benefits small taxpayers. Explore examples and understand how even a small increase in income above ₹ 7 lakh can result in higher tax liability.
Presently, rebate is allowed u/s 87A of Rs. 12,500/- in old regime of Income Tax, if any resident individual whose total income during the previous year does not exceed Rs. 5,00,000. Rebate is available only to the extent of Rs.12,500, and if total income exceeds Rs. 5,00,000 no rebate will be available.
