Total income =4,91,049 (IFOS=4,48,349; STCG=41655,Ltcg=1045)
Tax on Normal income =7418
Tax on special income=7902
only rebate available is 7418 , tax payable after rebate is =7902.
Why not full 12,500 rebate is available ?
even in old regime no 87 A benefit is not available, even if income is less than 5,00,000.
Experts please elaborate What I am missing ?
ITD has removed rebate u/s. 87A on income charged at special rates (like STCG u/s. 111A etc.). Even after Mumbai High court's judgement against it, it was denied last year to so many assesses.
but some people are getting it under old regime.
even some CAs also vouch for the same.
I am getting rebate only on Normal income.
I am wondering am I the only person facing this issue.
Gone are the days when it was available in Old regime. Last year we filed ITRs in both regime where the rebate over STCG u/s. 111A was available (before 5th July, 2024), but the department raised demand while processing the ITRs. (or reduced refund to that extent).
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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