No Section 87A tax rebate despite ITR filing forms being updated ...
12 hours ago · The Income Tax Department updated the income tax return forms for ITR-2 and ITR-3 on January 4, 2025. The ITR forms have been updated to allow the taxpayers to claim Section 87A tax rebate on short-term capital gains on equity, which they were denied during the July ITR filing. However, despite the income tax e-filing accepting the claim, the income tax department is rejecting the Section 87A ...
Last opportunity for eligible taxpayers to claim 87A tax rebate: …
2 days ago · The section 87A tax rebate issue is of special interest and debate among taxpayers. The issue became so contentious that multiple court cases were filed against the tax department’s decision to deny eligible taxpayers the benefit of 87A tax rebate. The tax department seems to have taken a stance that if special rate incomes like short term capital gains income exists in the ITR then that ITR ...
Good News For Taxpayers! Now, You Can Claim Tax Rebate Under Section …
4 days ago · As per the Income Tax Department guidelines, an individual who is a resident of India and whose total income does not exceed Rs. 5,00,000 is entitled to claim a rebate under section 87A . Rebate ...
Good news: Income tax dept to correct ITR forms to allow eligible ...
5 days ago · The Income Tax Department has announced good news for taxpayers who are eligible to claim section 87A tax rebate for FY 2023-24 but were unable to claim it. The tax department has announced this relief on the income tax return (ITR) e-filing portal late night on December 31, 2024. As per the announcement eligible taxpayers will be able to soon file a revised or belated income tax return to ...
ITR filing for FY23-24: Taxpayers to soon get option to claim section ...
4 days ago · The Income Tax Department has announced a key update for taxpayers eligible for the Section 87A tax rebate for the financial year 2023-24. On December 31, 2024, the department confirmed that affected taxpayers can file revised or belated Income Tax …
ITR Filing: Taxpayers can file revised ITR with rebate under Section ...
3 days ago · New Delhi: The Income Tax department has shared that taxpayers who were unable to file their ITR correctly in the absence of the Section 87A rebate option can now do so. This comes after a Bombay High Court verdict directed the Income Tax department to extend the tax filing deadline in such cases. After announcing an ITR filing deadline extension, the Income Tax department has announced that ...
Attention taxpayers! You can now claim Section 87A rebate in
5 days ago · The Income-Tax (I-T) Department is allowing taxpayers who qualify for the section 87A tax rebate for FY24 to now claim it in the updated Income-Tax Return (ITR) forms — ITR-2 and ITR-3 ...
Interim Relief for Claiming 87A Rebate AY 2024-25 - Tax Guru
Dec 25, 2024 · 3. The benefit of Rebate U/S 87A can be availed for various special rate incomes, including short-term capital gains on equity shares or equity oriented mutual funds taxable at 15% under Section 111A. 4. A peculiar situation happened on July 5, 2024. Until 4th July 2024, Income Tax Utility correctly calculated the amount of rebate.
Income Tax Rebate Under Section 87A - ClearTax
Oct 21, 2024 · Tax Rebate Under Section 87A: Find out Who can claim Income Tax Rebate u/s 87A for FY 2023-24 (AY 2024-25) and FY 2022-23 (AY 2023-24). Know how to claim section 87A rebate in ClearTax Software.
New Changes in Section 87A Rebate Post-July 2024 - CAclubindia
Jul 18, 2024 · Recent change in ITR utility for rebate u/s 87A has caused confusion and concerns among taxpayers and professionals. Last date to file ITR for FY 2023-24 is 31st July 2024. But recently there has been a drastic change in income tax portal.
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