Those earning below Rs 7 lakh can claim Section 87A tax rebate for STCG income under new tax regime, rules ITAT Ahmedabad ...

Chartered accountants differ over whether small taxpayers will be able to obtain section 87A rebate on their STCG income for FY 2024-25 (AY 2025-26) based on the Ahmedabad tax tribunal’s recent order.

Introduction When I wrote an article on this topic last year, for the very first time, I stated that rebate was not being allowed from 5th June 2024. After ...

The ITAT held that the assessee, being a resident individual with total income of less than Rs.7 lakh under Section 115BAC (1A), was entitled to rebate under Section 87A even though the tax arose on ...

Chartered Accountant Abhas Halakhandi, writing on X (formerly known as Twitter) has recently brought attention to a concern ...

Section 87A rebate allows an salaried individual to not pay any tax for income up to Rs 12.75 lakh but this rebate is not ...

The decision in the case of Miss Jayshreeben could impact individuals whose income falls below the ₹7 lakh threshold but ...

Ahmedabad has once again sparked debate on whether small taxpayers can claim rebate under Section 87A if they have short-term ...

The Finance Act, 2025, clarified that the rebate under Section 87A is not available for income taxed at special rates.

Those with taxable income of Rs 12.75 lakh or less can get a tax rebate of up to Rs 60,000, bringing their tax down to zero.

The government has amended the Income Tax Act, 1961, to reinstate the Rs 75,000 standard deduction for salaried individuals ...

There has been certain ambiguity on whether small taxpayers' special rate income, especially short-term capital gains tax is going to be eligible for the rebate under section 87A under the new tax ...