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

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

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

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

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 ...

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 ...

Even with income below Rs 7 lakh, capital gains must be reported in ITR. Know when to file ITR-1, ITR-2 or ITR-3, updated tax ...

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.

For example, if a senior citizen has an income of Rs 11 lakh, they won’t have to pay income tax thanks to the Section 87A tax rebate under the new tax regime for FY 2025-26.

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