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WHATS IS 115BAC
Tax Dept gives relief to income taxpayers regarding Section 87A tax rebate claimThe CBDT's circular 13/2025 addresses issues arising from taxpayers incorrectly claiming Section 87A tax rebates on special rate incomes li...25 Sep, 2025, 11.25 AM IST- Don’t submit an ITR right away after filling the form to get one last chance to fix the errorsTaxpayers filing their income tax returns (ITR) are advised to save a draft before submitting to allow for corrections. Once submitted, cha...12 Sep, 2025, 10.45 AM IST
- After STCG ruling, now LTCG also allowed to get Section 87A tax rebate, rules ITAT ChennaiOn August 20, 2025, Chennai ITAT allowed Section 87A tax rebate on long term capital gains (LTCG). This decision favors taxpayers with inco...27 Aug, 2025, 04.01 PM IST
- 87A and STCG: Will recent ITAT ruling on Section 87A allow taxpayer to claim 87A rebate on Short term capital gains while filing ITR?A recent ITAT Ahmedabad ruling has sparked hope for taxpayers seeking Section 87A tax rebates on short-term capital gains (STCG) for FY 202...26 Aug, 2025, 04.55 PM IST
- Section 87A tax rebate can be claimed for short term capital gains income under new tax regime, rules ITAT AhmedabadIn a significant win for taxpayers, the ITAT Ahmedabad has ruled that Section 87A tax rebate is applicable on short-term capital gains (STC...26 Aug, 2025, 04.55 PM IST
- Four critical changes in Income Tax Act: Standard deduction, UPS, income tax search, and other changes to be applicable in FY 2025-26Finance Minister Nirmala Sitharaman announced four key amendments to the Income Tax Act, 1961, addressing tax exemptions for sovereign weal...21 Aug, 2025, 12.37 PM IST
- Why is the tax-free income Rs. 12.50 lakh and not Rs. 12.75 lakh under the new tax regime for salaried taxpayers?Standard deduction in the new tax regime: Due to an error in Budget 2025, a salaried employee may not be able to avail of the standard dedu...25 Apr, 2025, 03.15 PM IST
- Can you change tax regime while filing income tax return?Income tax regime: Many individuals are confused about whether income tax rules allow a taxpayer to choose any tax regime during the income...17 Apr, 2025, 01.44 PM IST
- Tax-free interest up to Rs 7000: Post Office Savings Accounts still offer relief under new tax regime; Here's how to claim itTax-free interest from post office: Many individuals will opt for the new tax regime for FY 2025-26. This is due to the new income tax slab...08 Apr, 2025, 04.46 PM IST
- Section 87A tax rebate on STCG income allowed by CIT (Appeals); Know how this legal battle was wonSection 87A: Tax rebate under Section 87A was not given on special rate income like STCG since July 5, 2024. Many taxpayers who could claim...06 Mar, 2025, 11.31 AM IST
- 87A rebate will fail to make your tax nil despite income below Rs 12 lakh in these cases, Budget 2025Budget 2025: No Section 87A tax rebate on special rate incomes like short term capital gains, long term capital gains, and others, said Bud...02 Feb, 2025, 10.22 AM IST
- Taxpayers can now claim 87A tax rebate on special income as ITR utility software has been fixed; but it's subject to disputes and litigationsFinal judgement on 87A tax rebate claim: The 67 page Bombay High Court judgement says yes taxpayers should be given the option to file thei...28 Jan, 2025, 06.18 PM IST
- Claimed 87A tax rebate for STCG in your ITR? You may get tax demand noticeIncome tax rebate: Income tax rebate under section 87A is not available for Long Term Capital Gains (LTCG). "Earlier the Income Tax Utility...27 Sep, 2024, 10.45 AM IST
- Received tax refund? You can still file revised ITR by December 31, 2024 for FY 2023-24Revised ITR: You can file a revised Income Tax Return (ITR) even if your ITR filed by the deadline (original ITR) is processed successfully...30 Aug, 2024, 03.04 PM IST
- What is Section 115BAC of the Income-tax Act?Section 115BAC of the Income-tax Act deals with the new tax regime introduced in the Union Budget 2020. The income tax slabs in the new tax...31 Jul, 2023, 04.03 PM IST
- Rombac plane, owned by Romanian ex-dictator Nicolae Ceausescu, fetches $146K at auctionThe winning bidder was a foreign collector passionate about Romania's history.29 May, 2021, 01.30 PM IST
- New tax regime doesn't allow LTC cash voucher tax benefit: ExpertsAs per existing income tax law, an employee can claim tax-exempt payment of LTA/LTC (if provided by employer) equal to the fare of domestic...17 Oct, 2020, 10.04 AM IST
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