Quick Summary
The Income Tax Department has announced a major relief for resident individuals eligible to claim the Section 87A tax rebate for FY 2023-24 but were unable to do so earlier. In a late-night update on December 31, 2024, the department stated that eligible taxpayers would soon be allowed to file a rev
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FAQ :
Section 87A allows resident individuals with a total income up to Rs 5 lakh (old regime) or Rs 7 lakh (new regime) to claim a tax rebate, potentially reducing their tax liability to zero, up to a maximum of Rs 12,500 (old regime) or Rs 25,000 (new regime).
Only resident individuals who were eligible to claim the Section 87A tax rebate for FY 2023-24 but were unable to do so earlier are eligible for this extended filing option.
The deadline for furnishing revised or belated income tax returns to claim the Section 87A rebate has been extended to January 15, 2025.
The updates are to address issues where taxpayers with special rate incomes were denied the 87A rebate due to backend software changes on the e-filing portal, which caused confusion and led to the Bombay High Court's intervention.
Updated utilities for ITR Forms 2 and 3 will be released to enable eligible taxpayers to file revised or belated returns for claiming the rebate.
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