Section87A

ITR Glitch Causes Rebate Miscalculation, Invites Penalties

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ITR Glitch Causes Rebate Miscalculation, Invites Penalties

Beware: ITR Glitch Could Lead to Penalties for Capital Gains Earners Thousands of taxpayers could face penalties for unknowingly claiming an incorrect tax rebate, warns tax advisory platform efiletax. The culprit? A default setting in the Income Tax Return (ITR) utility that miscalculates eligibility for the ₹12,500 rebate under Section 87A. Section 87A offers a … Read more

₹7 Lakh Tax Exemption Gone? New ITR Rules Hit Retail Investors with Capital Gains

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₹7 Lakh Tax Exemption Gone? New ITR Rules Hit Retail Investors with Capital Gains

Important Tax Alert for Retail Investors: Capital Gains Can Now Erase Your ₹7 Lakh Tax Exemption New Delhi: A critical update to the Income Tax Return (ITR) utility, effective July 23, 2024, means that the widely publicized “zero tax on income up to ₹7 lakh” under the new tax regime is no longer universally true … Read more