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By CRM Social Media
- In Income tax
What’s the Update About?
The Income Tax Department will soon update ITR-2 and ITR-3 forms to make sure eligible taxpayers can claim the Section 87A rebate for the Financial Year 2023-24. This correction aims to fix earlier issues where some taxpayers couldn’t claim their rightful tax rebate.
What is Section 87A Rebate?
If your income is below ₹5 lakh (Old Regime) or ₹7 lakh (New Regime), you can claim a tax rebate.
Maximum rebate: ₹12,500 (Old Regime) and ₹25,000 (New Regime).
This rebate ensures zero tax liability for eligible taxpayers.
What Was the Issue with ITR Forms?
The older ITR-2 and ITR-3 forms didn’t allow taxpayers with certain incomes (e.g., short-term capital gains under Section 111A) to claim the rebate.
This caused higher tax payments, even when taxpayers were eligible for rebates.
What’s Changing Now?
The updated ITR-2 and ITR-3 forms will allow taxpayers to correctly claim the rebate under Section 87A.
If you’ve already filed your return, you’ll be able to revise and claim your rebate using the new forms.
Who Will Benefit?
Taxpayers earning below ₹7 lakh annually.
Those with short-term capital gains on stocks or mutual funds.
Anyone who missed out on claiming the 87A rebate earlier.
What Should You Do Now?
✅ Check Eligibility: Verify if your income qualifies for the Section 87A rebate.
✅ Revise Your Returns: Use the corrected ITR-2 or ITR-3 forms to file or revise your returns.
✅ Seek Expert Help: Contact eTaxMentor for error-free filing and expert assistance.
✅ File Revised Returns: Ensure your rebate is applied correctly without delays.
How Can eTaxMentor Help You?
Accurate ITR Filing: Ensure all rebates are correctly applied.
Eligibility Check: Verify if you qualify for the 87A rebate.
Revised Returns Support: Help with filing ITR or revising your return.
Expert Advice: Clear answers to all your tax questions.
Peace of Mind: Save time, avoid errors, and maximize your rebate.
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