Great news for taxpayers! On August 12, 2025, the Income Tax Appellate Tribunal (ITAT) Ahmedabad bench allowed a taxpayer to claim Section 87A tax rebate on short term capital gains (STCG) under the new tax regime.
The Bombay High Court has paved the way for eligible taxpayers to claim the rebate under Section 87A of the Income Tax Act, 1961, for the assessment year 2024-25 and beyond. A bench of Justices MS Sonak and Jitendra Jain passed the order while deciding a PIL challenging software changes that restricted such claims on the Income Tax Department’s online filing platform.
The Ministry of Finance announced a key revision in Section 87A of the Income-tax Act, 1961. This section now offers…
