Rebate Under 87a of Income Tax | Section 87a of Income Tax Act | 87a Rebate for AY 2024-25

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Rebate Under 87a of Income Tax

A small correction - special tax in case of marginal relief should be 180000 (by mistake i have mention 108000) There is no change in conceptual understanding

In this video, we dive into a crucial update on the Income Tax Portal that affects how rebates under section 87A are calculated. Recently, the Income Tax Portal has modified the rebate calculations, specifically impacting taxpayers who have opted for the new tax regime. Under this update, the rebate is no longer available on tax levied at special rates, which marks a significant shift from previous rules.

We cover the following key points in detail:
Understanding Section 87A Rebate: A brief overview of what the section 87A rebate is and who is eligible for it.
Previous Calculation Method: Detailed explanation of how the rebate was calculated before this update, including examples and scenarios.
New Calculation Method: In-depth analysis of the updated calculation method, highlighting the specific changes introduced by the Income Tax Portal.
Impact on Taxpayers: Discussion on how these changes affect taxpayers, especially those opting for the new tax regime.
Comparison with Special Rate Income: Clarification on why the rebate is now excluded for special rate income under the new tax regime.
Practical Examples: Step-by-step comparison of tax calculations before and after the update to illustrate the differences.
Tips for Tax Planning: Advice on how to adjust your tax planning strategies in light of these changes to maximize benefits and compliance.
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Комментарии
Автор

Sir maine 31 july 2024 ko ITR bhari thi New regime me. kya ab old regime me convert ho jayega 🙏

naseebsingh
Автор

Sir maine 2 july ko itr file kiya hai mujhe 25000 ka rebate mila hai lekin abhi thak mera itr processing hi dikha rha hai ab kya kare sir

pranjaldewangan