The Rebate u/s. 87A reduces tax burden for low-income taxpayers, whereas marginal relief ensures that the tax does not exceed the excess taxable income over the rebate threshold. With the Budget 2025 announcements, significant changes have been introduced to tax …
Bombay High Court directed the Central Board of Direct Taxes (CBDT) to extend the deadline for revised and belated ITR filings to January 15, 2025. This extension applies to taxpayers eligible for the section 87A rebate. Bombay High Court’s Order …
Following the July 5 update, the ITR filing utilities are not allowing the rebate under section 87A for various special rate incomes. The income tax rebate under section 87A of the Income-tax Act, 1961, provides a significant benefit by reducing …
Income Tax Slabs & Rates Applicable to Individuals in FY 2023-24 (AY 2024-25) For the financial year 2023-24, the default tax regime is the New Tax Regime, offering individuals a lower rate of taxation under section 115BAC. However, those individuals …