Good news for taxpayers: ITR forms updated to allow 87A tax rebate …
1 day ago · Finally good news is there for those taxpayers who are eligible to claim section 87A tax rebate but were prevented from claiming it post July 5, 2024. The Income Tax Department has now updated the excel utilities for ITR Forms 2 and 3 to exercise the option to update tax rebate under section 87A for FY 2023-24 (AY 2024-25). The department also said the HTML utilities will be made available ...
Good News For Taxpayers! Now, You Can Claim Tax Rebate
6 days ago · Rebate under section 87A is available in the form of a deduction from the tax liability. Under section 87A, the rebate will be lower by 100% of income-tax liability or Rs. 12,500.
ITR FY2023-24: I-T dept updates ITR forms to claim 87A rebates; …
1 day ago · ITR FY2023-24: Taxpayers who qualify and were unable to claim the Section 87A tax rebate for the assessment year 2024-25, for the financial year 2023-24, because of recent updates in software, now ...
Income Tax dept updates ITR Forms 2 and 3 for claiming 87A tax rebate
1 day ago · Taxpayers, who are eligible for the Section 87A tax rebate but were unable to claim it after July 5, 2024, can now exercise the option to update the rebate. The Income Tax Department has updated the Excel utilities for ITR Forms 2 and 3, allowing taxpayers to claim the rebate for Assessment Year (AY) 2024-25. The department also announced that ...
No Section 87A tax rebate despite ITR filing forms being updated ...
2 days 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: …
4 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 ...
ITR filing for FY23-24: How to claim section 87A rebate now with ...
1 day ago · To claim the Section 87A rebate, taxpayers must manually update the tax rebate column in the ITR Excel utility. After editing, they need to validate the entry to apply the rebate, as reported by Economic Times. Experts warn that if taxpayers leave the rebate column auto-filled, they will not receive the rebate, despite multiple tests.
ITR filing for FY23-24: Taxpayers to soon get option to
6 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 …
Attention taxpayers! You can now claim Section 87A rebate in
Jan 1, 2025 · The Income Tax Department is allowing eligible taxpayers to claim the section 87A tax rebate in updated ITR forms. This follows a Bombay High Court directive to extend the deadline for revised or ...
Missed income tax section 87A rebate Here is your chance to …
6 days ago · With updates to ITR forms underway, eligible taxpayers can claim Section 87A rebates through revised filings by the extended deadline of January 15, 2025. The IT Department has introduced relief for taxpayers eligible for the Section 87A rebate for FY 2023-24 who couldn't claim it earlier. (Photo: GettyImages)
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