News Muncher - searching for 87a

20 hours, 11 minutes ago

Income Tax Deadline! With last two days to go, you can you claim 87A rebate with new ITR forms; check details

With only two days to go before the deadline to file revised income tax return for FY 2023-24 expires, taxpayers can claim tax rebate under section 87A. Notably, the income tax department recently released excel utilities for ITR forms ITR-2 and ITR3 to exercise the option to claim rebate u/s 87A. This resulted in several taxpayers not being able to …

Income Taxpayers Tax Rebate Itr Forms Section 87A Claim 87A

1 week, 1 day ago

ITR filing: Technical glitch keeps Section 87A rebate unavailable for taxpayers

India Today

Despite recent updates to ITR-2 and ITR-3 forms by the Income Tax Department on January 4, 2025, taxpayers are still unable to claim the Section 87A tax rebate on short-term capital gains. The delay in updating the ITR processing software has left many eligible taxpayers struggling to claim their rightful rebates, with the January 15, 2025, deadline for filing revised …

Tax Filing Itr Claim Rebate Revised Taxpayers

Missed income tax section 87A rebate? Here's your chance to claim it for FY 2023-24

India Today

The Income Tax Department has introduced significant relief for taxpayers eligible for the Section 87A rebate for FY 2023-24 who were previously unable to claim it. Announced late on December 31, 2024, via the ITR e-filing portal, the department confirmed that eligible taxpayers would soon be able to file revised or belated ITRs through the ITR filing utility or online …

Tax Itr Rebate Eligible Taxpayers Section 87A Eligible Taxpayers

1 week, 6 days ago

Attention taxpayers! You can now claim Section 87A rebate in updated ITR-2 and ITR-3 forms

Live Mint

The Income-Tax Department is allowing taxpayers who qualify for the section 87A tax rebate for FY24 to now claim it in the updated Income-Tax Return forms — ITR-2 and ITR-3, according to a report by Business Today. Eligible taxpayers will soon be able to submit a revised or belated income tax return to benefit from the section 87A tax rebate. …

Tax Income Itr Claim Rebate Taxpayers Section 87A

5 months, 3 weeks ago

New income tax regime: Check how much tax you will pay now

India Today

Finance Minister Nirmala Sitharaman announced key changes to the New Income Tax regime, tweaking tax slabs and increasing the standard deduction. Read Full Budget 2024 Coverage The Finance Minister highlighted that over two-thirds of tax filers chose the new personal income tax regime in the last fiscal year. New Tax Regime after revision The revised tax slabs under the New …

Income Tax Nil Lakh Regime Standard Deduction Rs 3 Lakh

5 months, 4 weeks ago

Budget 2024: What income tax benefits can taxpayers expect on July 23?

India Today

Taxpayers are eagerly waiting for July 23 when Finance Minister Nirmala Sitharaman will present the full budget for the ongoing financial year. Income tax exemption limit There is speculation that the government may raise the income tax exemption limit from Rs 3 lakh to Rs 5 lakh. If implemented, individuals earning up to Rs 8.5 lakh annually could potentially pay …

Finance Tax Income Increase Deduction Limit Nps

6 months, 3 weeks ago

ITR Return Filing: Should you file ITR if your income is less than ₹7 lakh?

Hindustan Times

If your gross taxable income exceeds basic exemption limit, it is mandatory for you to file an income tax return. But this does not mean you have to pay income tax as there is a tax rebate under section 87A of the Income tax Act, 1961 owing to which you are eligible if your net taxable income does not exceed …

Income Tax Lakh Regime Itr

9 months, 3 weeks ago

Major Income Tax Reforms Effective From April 1: What You Need To Know

ABP News

In the wake of the new fiscal year, April 1, 2024, sweeping changes in the tax landscape herald major implications for personal finances. Streamlined Slabs & Expanded Basic Exemption Limit Under the new tax regime, the minimum tax threshold has been raised from Rs 2.5 lakh to Rs 3 lakh. Increased Tax Rebate Threshold Individuals opting for the new tax …

Tax Lakh Regime

11 months, 2 weeks ago

Budget 2024: No change in tax regime this year; check old, new tax slabs

India TV News

Union Finance Minister Nirmala Sitharaman, during the presentation of the interim Budget on Thursday, announced that there would be no changes to taxation, and she proposed to retain the same direct and indirect tax rates, including import duties. Income between Rs 3-6 lakh taxed at 5 per cent. Income between Rs 6-9 lakh taxed at 10 per cent. Income between …

Budget Income Senior Citizens Lakh Sitharaman 5 Per Cent Rs 5 Lakh

1 year, 7 months ago

Are You Filing ITR AY24 For Salary Income? Here's All You Need To Know

News 18

Online ITR For Salary Income: Even as the income tax department has enabled the online filing for ITR 1 and ITR 4, individuals can now start filing their income tax returns for the assessment year 2023-24 or the financial year 2022-23. Rebate: Resident individuals whose total income does not exceed the threshold limit of Rs 5,00,000 or Rs 7,00,000 can …

India Financial Tax Income Case Total Form

1 year, 9 months ago

From new Tax regime, to costlier cars- Changes to kick in from April 1

India TV News

Income Tax Rules Change April 1: As the new financial year begins on April 1, several significant changes are set to come into effect, affecting various sectors of the economy. From a new tax regime to increased costs of cars, the changes are expected to have an impact on the daily lives of Indian citizens. New Tax regime Under the …

Insurance Tax Changes Senior Citizens Lakh Regime Senior

1 year, 11 months ago

New income tax regime: How to save tax if annual income is above ₹7 lakh?

Live Mint

New income tax regime: In the union budget 2023, finance minister Nirmala Sitharaman made some changes in the new income tax regime to make it more attractive for a taxpayer going to file income tax return in the financial year 2023-24. Speaking on the new income tax regime, Pankaj Mathpal, MD & CEO at Optima Money Managers said, "Section 87A …

Tax Income Regime Annual Claim Taxpayer New Tax Regime

1 year, 11 months ago

Budget 2023: What are the changes in new tax regime? Expert explains

Hindustan Times

Union finance minister Nirmala Sitharaman said the new tax system will be the default, with the old system remaining an option. Presenting the last full budget of the Narendra Modi government before the 2024 Lok Sabha election, Sitharaman raised the income tax rebate cap under the new tax system from ₹5 lakh to ₹7 lakh. Hindustan Times spoke to Abhishek …

Tax Budget Income Tax Income Crore Lakh Annual

1 year, 11 months ago

New Tax System Less Complicated…Every Indian Should Make A Choice: FM to News18

News 18

Terming the new tax system “better" and “least complicated", Union Finance Minister Nirmala Sitharaman, speaking exclusively to Rahul Joshi, Group Editor-in-Chief, Network18, two days after she presented Budget 2023-24 in Parliament on February 1, said the government has not set a timeframe for the new regime. I believe at least 50% people will shift": FM #NirmalaSitharaman on New Tax Regime …

Finance India Income Tax Lakh Regime Taxpayer Rs 5 Lakh

1 year, 11 months ago

Key Aspects And Analysis Of Union Budget 2023

Live Law

The Union Finance Minister Ms.Nirmala Sitharaman has presented the budget for the year 2023-24, the last full budget before the 2024 polls. New Regime From Assessment Year 2021-22 to 2023-24 Total Income of an individual or HUF Rate of tax Up to 2,50,000 From 2,50,001 to 5,00,000 From 5,00,001 to 7,50,000 From 7,50,001 to 10,00,000 From 10,00,001 to 12,50,000 From …

Business India Appeal Tax Budget Income 2023

1 year, 11 months ago

Union Budget 2023-24: Modi government tweaks tax provisions to make new tax regime attractive

Firstpost

The intent of the government is to make the new tax regime more attractive to salaried and small taxpayers. The intent is also to relieve small taxpayers from all hassles of tax planning using investment schemes in order to reduce tax liability The Union Budget 2023 has amended tax slabs for the new tax regime and has increased income tax …

Tax Budget Income Table Old Lakh Regime

1 year, 11 months ago

Budget 2023: New vs Old Income Tax Regime

News 18

Union Budget 2023 has amended income tax slabs for the new tax regime and has increased rebate under Section 87A for the new regime for income up to Rs7 lakh. While these amendments have been made in the new tax regime, all tax slabs and rebates under Section 87A for income tax assesses opting for the old tax regime remain …

Tax Budget Income Table Old Regime Deductions

1 year, 11 months ago

Budget 2023: Check The Difference Between Income Tax Exemption, Deductions, Rebate

News 18

Income Tax Exemption Vs Rebate Vs Deductions: The Union Budget 2023, which will be tabled in Parliament on Febuary 1, will be keenly watched by taxpayers as they look forward to relaxations in taxability of their income. Various exemptions have been given under the Income Tax Act, 1961, from income under the head salary like house rent allowance and from …

Tax Budget Income Tax Income Lakh Deductions Rebate

3 years, 8 months ago

Income tax rebate under Section 87A for income up to ₹5 lakh - Explained

Live Mint

The government has not changed the basic exemption limit of 2.50 lakh for some time as the government does not want people to go out of the tax net and be exempt from filing ITR. 2.50 lakh is applicable for all Individuals and HUFs whether resident or non-resident but the rebate under Section 87A is available only to an individual …

Income Capital Mutual Funds Liability Term Lakh Gains

5 years, 6 months ago

Decoding income tax rebate. Will you get this benefit?

Live Mint

In the 2019 interim Budget, income tax rebate under Section 87A of Income tax Act was increased to ₹12,500, from ₹2,500. The amount of rebate is 100% of income tax payable on the total taxable income of up to ₹5 lakh. For this financial year, assessees with taxable income of up to ₹5 lakh this financial year can claim the …

Income Tax Income Lakh Deduction Rebate Taxable Income Tax Rebate

5 years, 6 months ago

Budget unlikely to up Rs 2.5 lakh income tax exemption limit

India Today

The current basic income tax exemption limit of Rs 2.5 lakh is unlikely to be raised in the forthcoming full Budget 2019-20, according to informed sources, as the Finance Ministry has already announced a provision whereby individuals earning up to Rs 5 lakh can get full tax rebate under Section 87A. Though there is an expectation among salaried class that …

Finance Tax Budget Income Tax Limit Exemption Rs 5 Lakh

5 years, 9 months ago

Income tax slab for FY 2019-20: A ready reckoner

Live Mint

New Delhi: With the start of the new financial year 2019-20 from this month, it is time to start your financial planning for saving taxes. Your tax outgo calculation might however change as there has been some changes in rebates and standard deduction. Individuals below the age of 60 will continue to enjoy tax-free income of up to ₹2.5 lakh, …

Tax Income Lakh Ready Reckoner

5 years, 11 months ago

Small businesses with turnover up to ₹1.5 crore can become income tax free due to full rebate

Op India

In the interim budget presented by caretaker finance minister Piyush Goyal on February 1, a major relief has been provided to the income taxpayers, with the increase in the threshold for the rebate. Due to this, small businesses and traders having an annual turnover up to ₹1.5 crore may not need to pay any income tax. The section 44AD of …

Business Tax Income Tax Income Small Businesses Crore Businesses

5 years, 11 months ago

5 income tax changes announced in Budget 2019

Live Mint

Finance Minister Piyush Goyal in Budget 2019 proposed many changes in income tax rules for the year 2019-20. Budget 2019: Here are 5 changes proposed on the personal tax front 1) The rebate under Section 87A of the Income tax Act, 1961, has been raised to ₹12,500. So in the next fiscal year, if an assessee has a net taxable …

Tax Budget Income 2019 Lakh Benefit Standard

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Search results for 87a

Income Tax Deadline! With last two days to go, you can you claim 87A rebate with new ITR forms; check details

ITR filing: Technical glitch keeps Section 87A rebate unavailable for taxpayers

Missed income tax section 87A rebate? Here's your chance to claim it for FY 2023-24

Attention taxpayers! You can now claim Section 87A rebate in updated ITR-2 and ITR-3 forms

New income tax regime: Check how much tax you will pay now

Budget 2024: What income tax benefits can taxpayers expect on July 23?

ITR Return Filing: Should you file ITR if your income is less than ₹7 lakh?

Major Income Tax Reforms Effective From April 1: What You Need To Know

Budget 2024: No change in tax regime this year; check old, new tax slabs

Are You Filing ITR AY24 For Salary Income? Here's All You Need To Know

From new Tax regime, to costlier cars- Changes to kick in from April 1

New income tax regime: How to save tax if annual income is above ₹7 lakh?

Budget 2023: What are the changes in new tax regime? Expert explains

New Tax System Less Complicated…Every Indian Should Make A Choice: FM to News18

Key Aspects And Analysis Of Union Budget 2023

Union Budget 2023-24: Modi government tweaks tax provisions to make new tax regime attractive

Budget 2023: New vs Old Income Tax Regime

Budget 2023: Check The Difference Between Income Tax Exemption, Deductions, Rebate

Income tax rebate under Section 87A for income up to ₹5 lakh - Explained

Decoding income tax rebate. Will you get this benefit?

Budget unlikely to up Rs 2.5 lakh income tax exemption limit

Income tax slab for FY 2019-20: A ready reckoner

Small businesses with turnover up to ₹1.5 crore can become income tax free due to full rebate

5 income tax changes announced in Budget 2019