Akshay's Blogs

Interim Relief for Claiming 87A Rebate AY 2024-25  1. Hon’ble Bombay High Court vide interim order dated 20/12/2024 directed CBDT to issue the requisite notification and extend the deadline for the revised and belated ITR filing date till 15/01/2025. 2. This deadline is being extended for those taxpayers who are eligible to claim Rebate U/S 87A . A resident individual whose income does not exceed Rs. 7,00,000 in the new regime and Rs. 5,00,000 in the old regime are eligible for Rebate u/s 87A.income. 3. The benefit of Rebate U/S 87A can be availed  for various special rate incomes, including short-term capital gains on equity shares or equity oriented mutual funds taxable at 15% under Section 111A.  4. A peculiar situation happened on July 5, 2024. Until 4th July 2024, Income Tax Utility correctly calculated the amount of rebate. However, an update to the Income Tax Utility on 5th July 2024 prevented new regime taxpayers from claiming rebate under 87A from Short Term ...