Income Tax Rebate u/s 87A – Anomaly cleared by High Court
Hi Friends! Good news for Income Tax Payers! On 5th July 2024 ITR application had suddenly blocked rebate under section 87A on income taxable at special rates under new regime, for taxable income upto Rs. 7 Lakhs. The maximum rebate of Rs. 25000 for taxable income upto Rs. 7 Lakhs was not considered on such special rate incomes. Siting an example – Short Term Capital Gains were taxed at 15%…
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