πŸ’₯ Big Update on Tax Rebate u/s 87A!

 πŸ’₯ Big Update on Tax Rebate u/s 87A!

πŸ€” Confused about the recent changes in the Income Tax Utility regarding Section 87A?
Here’s what you need to know:

🧐 What’s the Update?

  • The Income Tax Department updated the Excel Utility for ITR Forms 2 and 3, introducing an option to manually edit the rebate u/s 87A for AY 2024-25.
  • Despite this change, it doesn’t imply that the rebate has been officially allowed for special income categories.

πŸ” Key Observations:

  • Earlier Utility: The rebate amount was non-editable.
  • Updated Utility: Taxpayers can now manually adjust the rebate amount, but only to the extent of tax.
  • JSON Schema: It still permits claiming the rebate even after July 5th, though such ITRs are processed with a demand notice, including tax on special income and interest for delayed payment.

⚠️ What Does This Mean?

  • Taxpayers need to be cautious while manually editing the rebate.
  • These updates may lead to discrepancies if not handled carefully.

πŸ’¬ Do you think this change simplifies filing or adds complexity? Share your thoughts!

πŸ“Œ Disclaimer: These are personal views based on the recent updates.

#IncomeTax #TaxRebate #Section87A #TaxFiling #FinanceUpdates #ITR2024 #TaxTips

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