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HC pulls up I-T dept for software: Taxpayers can now claim 87A tax rebate

Business Standard LogoBusiness Standard1d ago

HC pulls up I-T dept for software: Taxpayers can now claim 87A tax rebate - Business Standard

Quick Summary:

Taxpayers with a taxable income of up to Rs 5 lakh under the old tax regime or up to Rs 7 lakh under the new tax regime can avail of the rebate, reducing their liability to zero.

The court criticised the department for restricting taxpayers from using the Section 87A tax rebate on special rate incomes.

It was argued that a rebate under the proviso to section 87A cannot be claimed for other income under Chapter XII of the IT Act dealing with tax with respect to certain special income such as short term capital gains, long term capital gains, etc.


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Article Details

Category: BusinessFinance

Markets:

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Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-01-29 @ 16:51:40 (1 days ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 640 words

Reading Time: 4 minutes read

Sentences: 20 lines

Sentence Length: 32 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 25603428

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Main Topics: BusinessFinance

Official Website: business-standard.com

Update Frequency: 295 posts per day

Year Established: 1975

Headquarters: India

News Last Updated: 2 hours ago

Coverage Areas: India

Ownership: Independent Company

Publication Timezone: GMT +5:00

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Website Security: Secure (HTTPS)

Publisher ID: #49

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  • URL: https://beamstart.com/news/hc-pulls-up-i-t-17381501356185

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