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Nothing New happened on 5th July 2024 and no change in law was made on that date hence it is unjustified to restrict the rebate of Section 87A on short term capital gain on shares without any change in law since Lakhs of Assesses has already filed their returns.
The income tax rebate u s 87A was introduced in 2013. This tax benefit was introduced to relieve certain taxpayer categories.
Following an update in the ITR filing utility on July 5, 2024, experts have noted that many taxpayers were denied the benefit of tax rebate under section 87A if they had a special rate income.
The Ministry of Finance announced a key revision in Section 87A of the Income-tax Act, 1961. This section now offers…