Good news for taxpayers: ITR forms updated to allow 87A tax rebate claims, but there's a catch
Eligible taxpayers who have income up to Rs 5 lakh/7 lakh can claim tax rebate under section 87A up to Rs 12,500/25,000. The ...
ITR forms have been updated but Section 87A tax rebate is still being denied
"Taxpayers can currently only file belated or revised returns, excluding new filings that incorporate the 87A rebate. The ...
Income Tax dept updates ITR Forms 2 and 3 for claiming 87A tax rebate
It is important to note that eligible taxpayers who were previously unable to claim the Section 87A tax rebate can now do so ...
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Throwing light on income tax rebate under Section 87A
The quantum of maximum rebate under Section 87A is ₹12,500. So, in case the total tax before cess is less than ₹12,500 for an ...
Wait until I-T portal glitch is resolved before revising returns, CAs tell tax-payers
At present, small tax-payers with special rate income such as short-term capital gains are unable to claim the rebate under ...
ITR FY2023-24: I-T dept updates ITR forms to claim 87A rebates; check steps how to go about the process
The Income Tax Department has released revised Excel utilities for ITR Forms 2 and 3. Additionally, the department has ...
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ITR filing for FY23-24: How to claim section 87A rebate now with updated forms
To claim the Section 87A rebate, taxpayers must manually update the tax rebate column in the ITR Excel utility. After editing ...
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ITR filing: Technical glitch keeps Section 87A rebate unavailable for taxpayers
Taxpayers remain unable to claim the Section 87A rebate on STCG income due to outdated ITR processing logic, even after recent updates to filing forms by the Income Tax Department.
Run-up to Budget 2025: Need for some deduction-related relief in new regime
India's Budget 2025 may potentially abolish the old tax regime. The new tax regime, default since 2020-21, offers simplified, ...
ITR filing: Income Tax dept now allows you to lodge rectification requests online for incorrect ITR processing
Taxpayers now have the option to submit rectification requests online, even if their Income Tax Returns (ITRs) are under review by the Assessing Officer (AO).