TAX REBATE UNDER SECTION 87A

She sold her house for Rs 2.7 crore to buy seven new flats and paid no income tax, wins case in ITAT Delhi; Know how

Saroj sold her Punjabi Bagh house for Rs 2.7 crore. She then bought seven apartments in Greater Noida. She reported Rs 5 lakh income in ITR and claimed Rs 2.2 crore LTCG tax exemption. The tax department partially denied the exemption. Then Saroj appealed to ITAT Delhi. ITAT Delhi ruled in her favor.

BJP resolution urges businesses to pass on GST cut benefits to consumers

A BJP resolution, lauding PM Modi's GST rate cut, urges manufacturers and traders to pass on the benefits to consumers, fostering fairness and growth. The resolution emphasizes that lower prices will drive demand, boosting prosperity and strengthening the nation.

How to file ITR if you have sold house or land in FY 2024-25

For AY 2025-26, individuals and HUFs selling property can save on capital gains by reinvesting in another property under Section 54/54F. Choosing the correct ITR form, like ITR-2 or ITR-3, is crucial. Depositing unutilized gains in the CGAS before filing the ITR is essential to avoid taxation. Taxpayers must report sale details and claim exemptions accurately in Schedule CG.

No stimulus payment in September for US citizens? Check which states are sending out inflation rebate checks

Are US citizens receiving a stimulus payment from the Trump administration in 2025? Speculations are rife that the US government might provide $1,390 stimulus payment to Americans but IRS has denied these rumours. However, despite no payment from IRS residents of New York and other states can expect deposits for inflation rebates.

Asking an educated, earning wife to contribute to household expenses is not 'cruelty': HC

The Calcutta High Court has stated that expecting an educated, working wife to help with household costs isn't 'cruelty' as defined by Section 498A of the IPC. This ruling came as the court dismissed criminal proceedings against a GSI employee and his family.

Do you need to pay tax on inherited gold jewellery? CAs explain when you may

In India, inheriting gold jewellery is tax-free, but selling it incurs capital gains tax on the earnings. The tax is determined based on the indexed cost of acquisition, which includes the initial purchase price or fair market value as of April 1, 2001.

From Rs 21,350 tax demand to zero tax; How a taxpayer won Section 87A case in ITAT Bengaluru

In a taxpayer-friendly ruling, the ITAT Bengaluru allowed Mr. Jakkaraju's Section 87A tax rebate claim, even though it was filed in a revised ITR. The tribunal emphasized that the initial failure to claim the rebate constituted a valid reason for revision. This decision aligns with a Bombay High Court ruling, ensuring taxpayers can rectify omissions and avail of entitled benefits.

Have foreign income or income from equity? Know how to report this in ITR form for AY 2025-26

Reporting foreign income in ITR: Individuals who have assets and income from overseas sources are mandated to utilize either ITR 2 or ITR 3 forms when filing their tax returns. This is because Schedule FA, which is specifically designed for reporting foreign assets and income, can be found in these forms.

How to pay zero or lower income tax on your residential property sale using Sections 54 and 54F

Indian income tax laws offer exemptions on long-term capital gains (LTCG) from selling residential property and land. Sections 54 and 54F of the Income Tax Act allow individuals and HUFs to avoid LTCG tax by reinvesting the gains into a new residential property, subject to specific conditions and timelines for purchase or construction.

New stimulus checks in September 2025? IRS clears the air amid speculations and check eligibility

The IRS has refuted rumors circulating about potential $1,390 direct deposit relief payments or new stimulus checks in September 2025. Officials confirmed that these speculations are false, with no support from Congress or the IRS. The previous three stimulus checks were tied to COVID-era programs, with the last claim deadline on April 15, 2025.

A comprehensive guide to saving LTCG Tax on property sale: Understanding Sections 54, 54EC, and 54F

US citizens getting a fourth round of stimulus payments in September 2025? Check latest update

Despite social media rumors, the IRS confirms no new stimulus checks are planned for September 2025. The IRS is focused on processing tax refunds for fiscal year 2024, not issuing additional stimulus payments. Taxpayers can track their refund status using the "Where's My Refund?" tool on the IRS website, while some states have issued relief checks to combat inflation.

Husband has to pay income tax for wife’s Rs 17-crore land sale deal due to this reason; ITAT Bangalore ruling explained

In a recent ruling, the Income Tax Appellate Tribunal (ITAT) Bangalore held that a wife is exempt from income tax on the ₹17.26 crore sale of land gifted by her husband. The ITAT cited Section 64(1)(iv) of the Income Tax Act, stating that income from assets gifted between spouses is taxable in the hands of the transferor, not the recipient.

Select black money holders to get relief: Income tax dept. to not not apply penalty and prosecution in these situations

The Income Tax Department offers relief regarding unintentional black money. Individuals failing to disclose foreign assets up to Rs 20 lakh may avoid penalties and prosecution. This applies to assets excluding immovable property. The Central Board of Direct Taxes amended its instructions. The new rule aims to provide relief for unintentional omissions. It focuses enforcement on significant cases of non-disclosure.

Has the promised zero penalty privilege for small taxpayers been taken away in the New Tax Act 2025? Here’s what experts say

The Lok Sabha approved the Income Tax Act 2025. It clarifies rules for late ITR filing and tax refunds. A select committee suggested changes to Section 263. The bill removes sub-clause (1)(ix). Taxpayers can now claim refunds even with delayed returns. This resolves confusion for those filing after the deadline. The new rules aim to provide flexibility for refund claims.

Father receives Rs 4 lakh as cash gift in son’s marriage and wins income tax case of unexplained income; ITAT Ahmedabad ruling explained

Manubhai faced tax issues over cash gifts received before his son's wedding. The tax department alleged undisclosed income. Manubhai contested, providing guest lists and wedding details. Initially, his appeals were rejected. However, ITAT Ahmedabad ruled in his favor. They noted the assessing officer (AO) did not adequately investigate his evidence. The tribunal allowed his appeal, providing relief.

Extend ITR and tax audit deadlines due to tax portal glitch, data mismatch in AIS and Form 26AS, new ICAI format, says CCTAX

ITR Filing Deadline Extended?: The Chandigarh Chartered Accountants Taxation Association (CCTAX) has urged the CBDT to extend the ITR and tax audit deadline for AY 2025-26, citing persistent glitches on the ITR filing portal, data mismatches, and recent ICAI format changes. CCTAX highlights that natural calamities and delayed utility releases have further complicated compliance. Read more.

ITR filing due date for FY 2024-25 is September 15, 2025, but is it also deadline to pay self-assessment tax without penalty?

The government extended the income tax return filing deadline for FY 2024-25 to September 15, 2025, offering relief to many taxpayers. Experts suggest that with the ITR filing due date for FY 2024-25 (AY 2025-26) extended to September 15, 2025, the revised date will be considered as the 'due date' for the purposes of Section 234A.

After STCG ruling, now LTCG also allowed to get Section 87A tax rebate, rules ITAT Chennai

On August 20, 2025, Chennai ITAT allowed Section 87A tax rebate on long term capital gains (LTCG). This decision favors taxpayers with incomes under Rs 7 lakh. The ruling references a Bombay High Court decision. Venkatraman, a taxpayer, initially faced denial of the rebate. ITAT Ahmedabad also allowed the rebate on STCG income on August 12, 2025.

87A and STCG: Will recent ITAT ruling on Section 87A allow taxpayer to claim 87A rebate on Short term capital gains while filing ITR?

A recent ITAT Ahmedabad ruling has sparked hope for taxpayers seeking Section 87A tax rebates on short-term capital gains (STCG) for FY 2024-25. The ruling states that Section 87A doesn't explicitly exclude STCG, potentially allowing the rebate if total income is within the specified limits. Read below to know more about Section 87A on STCG.

Section 87A tax rebate can be claimed for short term capital gains income under new tax regime, rules ITAT Ahmedabad

In a significant win for taxpayers, the ITAT Ahmedabad has ruled that Section 87A tax rebate is applicable on short-term capital gains (STCG) under the new tax regime for AY 2024-25. This decision allows taxpayers with total income up to Rs 7 lakh to claim the rebate on STCG, nullifying tax department notices denying such claims. Read more.

FD rate up to 8.4% for senior citizens investing for five years; Know the list of banks

Senior citizens can still find attractive fixed deposit rates, with some small finance banks offering up to 8.4% for five-year terms. Tax Deducted at Source (TDS) applies to FD interest exceeding Rs 1 lakh. Submit Form 15H if your income is up to Rs 12 lakh under new tax regime. Read more to know about FD rate.

Section 87A rebate rule correction: No income tax till income of Rs 12.75 lakh for salaried individuals except this income

For FY 2025-26 (AY 2024-25) 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 allowed on short term capital gains income under new tax regime. However, a drafting error in standard deduction limited it to Rs 50,000 instead of Rs 75,000 as announced in Budget 2025. This drafting error is now fixed.