NEW DELHI: As per Income Tax Law, any individual who is resident in India and whose total income does not exceed Rs 5 lakh is entitled to claim rebate under section 87A. The finance minister, Arun ...
Budget 2025: Last week, Finance Minister Nirmala Sitharaman announced that there will be no taxes on normal income up to Rs 12 lakh starting from the financial year 2025-26 under the New Tax Regime.
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, according to a ...
New Delhi: In a major relief for small taxpayers, the Income Tax Appellate Tribunal (ITAT) Chennai has ruled that Section 87A rebate can also be claimed on long-term capital gains (LTCG). Why is this ...
The Central Board of Direct Taxes (CBDT) has recently announced a significant change to the tax rebate calculation under Section 87A for the fiscal year 2025-26. According to the latest guidelines ...
Chartered Accountant Abhas Halakhandi, writing on X (formerly known as Twitter) has recently brought attention to a concern regarding the denial of the Section 87A tax rebate to eligible taxpayers.
Tax rebate under Section 87A helps taxpayers lower their tax liability under both tax regimes – old and new. Before July 5, taxpayers were allowed to claim this rebate on even special-rate incomes, ...
For the financial year 20-21 my income, after various deductions under Section 80C, 80 D and 80TTA etc. is ₹4,88,000/-. The income includes short term capital gains of Rs. 17,000/- and gross long term ...
Section 87A, in its entirety, was proposed in the Finance Bill of 2013 to provide a tax relief to individual taxpayers who fall under the tax slab of 10%. Since then, the act has undergone significant ...
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