STCG on Shares-In Budget FM didn't made any declaration & afterwards,ITD started taxing it-any court

There have been significant developments regarding the taxability of Short-Term Capital Gains (STCG) on shares. Although the Finance Minister didn't make any declarations in the budget, the Income Tax Department started taxing STCG. Recent Court Decisions: Two notable court decisions have provided clarity on this issue: - *Bombay High Court Decision*: The court ruled in favor of taxpayers, directing the Central Board of Direct Taxes (CBDT) to update its software to allow rebate claims under Section 87A for taxpayers with income below ₹7 lakhs, including those with short-term capital gains.¹ - *CIT(A) Decision*: In another case, the Commissioner of Income Tax (Appeals) directed the Assessing Officer to allow rebate under Section 87A on short-term capital gains, providing relief to taxpayers who were denied this rebate earlier.² ³ These decisions have significant implications for taxpayers who have been denied the rebate or have paid excess tax. Taxpayers can now claim relief by filing revised returns or rectification requests. Next Steps for Taxpayers: If you're affected by this issue, consider the following steps: - *File Revised Returns*: If you've paid excess tax, file revised returns under Section 139(5) to claim the rebate. - *Submit Rectification Requests*: If you've already filed your returns, submit a rectification request under Section 154 to claim the rebate. - *Claim Refund*: If you've been denied the rebate, claim a refund by filing revised or rectified returns. Keep in mind that these decisions may have varying implications depending on individual circumstances.

There have been significant developments regarding the taxability of Short-Term Capital Gains (STCG) on shares. Although the Finance Minister didn't make any declarations in the budget, the Income Tax Department started taxing STCG. Recent Court Decisions: Two notable court decisions have provided clarity on this issue: - *Bombay High Court Decision*: The court ruled in favor of taxpayers, directing the Central Board of Direct Taxes (CBDT) to update its software to allow rebate claims under Section 87A for taxpayers with income below ₹7 lakhs, including those with short-term capital gains.¹ - *CIT(A) Decision*: In another case, the Commissioner of Income Tax (Appeals) directed the Assessing Officer to allow rebate under Section 87A on short-term capital gains, providing relief to taxpayers who were denied this rebate earlier.² ³ These decisions have significant implications for taxpayers who have been denied the rebate or have paid excess tax. Taxpayers can now claim relief by filing revised returns or rectification requests. Next Steps for Taxpayers: If you're affected by this issue, consider the following steps: - *File Revised Returns*: If you've paid excess tax, file revised returns under Section 139(5) to claim the rebate. - *Submit Rectification Requests*: If you've already filed your returns, submit a rectification request under Section 154 to claim the rebate. - *Claim Refund*: If you've been denied the rebate, claim a refund by filing revised or rectified returns. Keep in mind that these decisions may have varying implications depending on individual circumstances.