Rebate u/s 87a on STCG / LTCG - New tax regime

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There's discussion regarding the availability of the Section 87A rebate for Short-Term Capital Gains (STCG) and Long-Term Capital Gains (LTCG) under the new tax regime. While there's hope it's now available, the specific utility for STCG rebates hasn't been released yet. A Bombay High Court order from December 20, 2024, has directed the CBDT to extend the tax return filing deadline to January 15, 2025, to ensure taxpayers can claim their Section 87A rebate rights.

Hari Vignesh

Hari Vignesh (Querist)

23 December 2024 Is there any update on rebate u/s 87a on STCG / LTCG for New tax regime. I heard it's available now.

If yes, shall we file revised or rectification return to claim back the demand paid?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

23 December 2024 The new utility for the rebate for STCG is not released yet. The presently available utility is not allowing the rebate.

Hari Vignesh

Hari Vignesh (Querist)

23 December 2024 Thank you so much sir

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

23 December 2024 You are welcome.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

24 December 2024 In an order dated December 20, 2024, Bombay High Court said: "“…By way of interim relief, the respondent, Central Board of Direct Taxes is hereby directed to forthwith issue requisite notification under Section 119 of the Act extending the due date for e-filing of the income-tax returns in relation to the assesses who are required to file a return of income by December 31, 2024, at least to January 15, 2025. This extension is to ensure that all taxpayers eligible for the rebate under Section 87A are afforded the opportunity to exercise their statutory rights without facing procedural impediments.""

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