New Update on Income Tax Portal: Rebate u/s 87A Calculation Changes Explained
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- čas přidán 28. 08. 2024
- A small correction - special tax in case of marginal relief should be 180000 (by mistake i have mention 108000) There is no change in conceptual understanding
In this video, we dive into a crucial update on the Income Tax Portal that affects how rebates under section 87A are calculated. Recently, the Income Tax Portal has modified the rebate calculations, specifically impacting taxpayers who have opted for the new tax regime. Under this update, the rebate is no longer available on tax levied at special rates, which marks a significant shift from previous rules.
We cover the following key points in detail:
Understanding Section 87A Rebate: A brief overview of what the section 87A rebate is and who is eligible for it.
Previous Calculation Method: Detailed explanation of how the rebate was calculated before this update, including examples and scenarios.
New Calculation Method: In-depth analysis of the updated calculation method, highlighting the specific changes introduced by the Income Tax Portal.
Impact on Taxpayers: Discussion on how these changes affect taxpayers, especially those opting for the new tax regime.
Comparison with Special Rate Income: Clarification on why the rebate is now excluded for special rate income under the new tax regime.
Practical Examples: Step-by-step comparison of tax calculations before and after the update to illustrate the differences.
Tips for Tax Planning: Advice on how to adjust your tax planning strategies in light of these changes to maximize benefits and compliance.
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fintaxpro,gst update,income tax update,rebate u/s 87a,87a rebate in new tax regime,tax rebate under section 87a,87A wrong,wrong 87A rebate,rebate 87A issue,87A calculation,87A rebate update,New calculation for Rebate us 87A,No Rebate for special rate income
A small correction - special tax in case of marginal relief should be 180000 (by mistake i have mention 108000) There is no change in conceptual understanding
@@FinTaxPro in that case Rebate shall be 1,79,000 (1,80,000-1000) right ?
Yes sir
But marginal relief mei it portal pe v dusri paid software ki tarha max cap 25000 tha before 5th july and also after 5th july,
@@paraschetry4446lekin ab marginal relief nahi milega
Normal income 101000/-
Special rate income 600000/-
Total 701000/-
Tax payable 180000/- as latest calculator update income tax portal
@@advocatearpandeb8403yes agreed but that was not aling with the provision of clause b as there is no max cap in this clause.
Lekin ye tarika to bilkul galat hai, Ye thoda ki Act ko side karke Govt. Apni Approach chalane lagr, Aur portal Mai kisi bhi change se pehle koi notification ya clarification ana jaruri tha, Ye Thoda ki rato raat apki approach change ho Jaye aur jiska nil tax ban Raha ho uska 25000 tax ban jaye, Ye to bilkul galat tarika hai, Aur jinki returns hamne 5 Se pehle file ki aur unhe 87a mai rebate mil gayi it means unka Refund ki jagah demand notice Ane wala hai, Pata nahi kya befkufana chize chal rahi hai
Many of the individuals having their small business income and also having STCG on lucky received IPO Allotment. Currently 87A rebate is not available on special rate of income.. and such individuals have to mandatorily report such share transactions as such information is also reported in AIS.. Government is encouraging small retail participants in share market to generate STT Revenue. Such non availability 87A rebate on such STCG discouraging retail investors..one of the major concern is gov't forced those businessman to go with new regime by providing only one time option to switch on /off option..kindly provide your input on this..
HATS OFF YOU MAN. ....👏..
I WAS SEARCHING FOR THIS ISSUE FOR 2 WEEKS... MANY TAX FILING AGENTS AND CHARTERED ACCOUNTANTS ARE NOT EVEN KNOW ABOUT IT AS THEY ARE USING ONLY PAID SOFTWARES.. TO IDENTIFY THE CHANGE IN THE INCOME TAX, ONE HAS TO DO THE ITR FILING HIMSELF, WITHOUT USING ANY PAID SOFTWARES......WE HAVE TO BE SELF SUFFICIENT...... A BIG SALUTE TO YOU MAN....🤝
Worst govt. Worst FM
00:02 Update on Income Tax Portal: Changes to rebate u/s 87A explained
02:04 Income Tax Portal updated with changes in section 87A calculation
04:35 Explanation of changes in rebate u/s 87A calculation
06:46 Changes in Rebate Calculation under Clause A of 87A
08:46 Changes in the new update on Income Tax portal
10:50 Changes in rebate calculation under 87A explained
12:56 Explanation of rebate u/s 87A calculation changes
15:17 The latest update on the income tax portal brought changes to rebate under section 87A.
17:21 Changes in Income Tax Portal Workflow Explained
19:37 Changes on Income Tax Portal after 5th
thank you
It's takes courage to make video. Most personals not even ready to show their face.
Sir kahi na kahi govt. Ko ye baat hazam ni ho rhi hogi ki Mostly Income of Online gaming is Much Higher than in any other Field/profession with Returns are multiplied with min.. 2X to 10X . Whereas mostly the big Politicians/Personalies in our Country have There Reserves/Investment in Stocks market they want us to change our profession with stock market so that they could generate huge Profits... so they just wanted to Make us Feel so insecured with our Profession in order to Gain some...
And PLZ sir this is INDIA and mostly people are too Concerned with their insecurities.
The GOV'T. finds here a big Loophole.
Of our Mentality so they Targeted te SPECIAL INCOME one's.
Well explained the errors thrown by portal prior to clarification
Best video on this topic I have ever seen. Keep up the good work
The so called aim of the Govt has been to simplify IT computation, but the fact remains that many complications are being introduced in every budget that is beyond the comprehension of a commoner. This obviously enhances the dependability on a tax consultant. Why not the Govt do away with all these exemptions and charge reduced flat rates of tax that will ease the work of the tax payer and perhaps increase tax revenues .
Sir, probe your memory. After 87A threshold expiry, in old regime, the normal slab rate above 5.0 lakh was 20%. Slab rate above 10 lakh was 30%. But, Spl rate for equity LTCG was 0% or 10%. Spl rate for equity STCG was 15%. Note that the spl rates, in view of very high risk, were always kept LOWER than slab rates. Now trickery starts. In new regime, slab rate upto 12 lakh is 5%, 10%, 15%. Thus, slab rate is now lower but spl rate is now higher. Equity LTCG and STCG rates have not been reduced proportionately in new regime to keep them lower as earlier. Thus, the LTCG and STCG rates are rendered NOT LOWER than slab rates. The high risk evaporates. Equity is treated like a shopkeeper commodity. Equity investors, who are special voters, notice the trickery. Income is gained from salary, interest, and equity LTCG, STCG. New Tax threshold is 7.0 lakh. You do not tax below 7.0 lakh interest or salary income but levy tax on below 7.0 lakh equity CG income. This is pure discrimination, not permitted under Constitution. Equal treatment is being denied. Those who make discriminatory rules or law, are reneging on their Constitutional oath. You have power to make only those rules, which are compliant with Constitution.
Please make one video about the problems delay and issue due to server busy error in the portal. By this way all general people will be aware about the problems of income tax site and there will be pressure upon government yo rectify it
Guys i have 6.1 lakh stcg income last .thats my total income how much tax i need to pay .is 87a applicable in my case
Old regime me b Special Rate Income pr rebate nai milega?
My STCG is 5 lakh but I have no other source of income. Do I need to pay taxes on that profit? I am filling under new tax regime.
Yes
Go with old regime. There 87A is still there
@@alokkumarnyati 5 lakh k upar hai income
Please create video for normal audiance insted for only CA
Sir plz tax audit ki series laiye
Please sir audit ki full series laiye😊
Sure
No other income taxable at a special rate, apart from
the long-term capital gains on equity shares or equity-oriented mutual funds (taxable at
a special rate of 10% without indexation under Section 112A), includes any restriction
or condition preventing the rebate under section 87A. Only sub-section (6) of Section
112A specifies that the rebate under section 87A shall not be available for long-term
capital gains on equity shares or equity-oriented mutual funds taxable at 10% under this
section.
So the view of department by not allowing rebate on special rate income is not legitimate..
I am filing ITR2 with old tax regime, where total income is 4.8lacs with all deduction and LTCGA 112A on mutual fund is 80000, and here i am not getting rebate of 87A, although income is less than 5lacs and ltcga is also less than 1lacs, it is still calculating tax of Rs 13500, after basic exemption limit of 2.5lacs that is 2.3lacs x 5% = 11500 + cess + charges ~ 13500 tax,
Any clarification on this ??
Normal Income with LTCGA income is more than 5 lac than no 87A Rebate
@@MohdZubaiR-z1d thanks for clarification as i thought that LTCGA income will not get added to Normal income as ltcga is less than 1lacs but here it is getting added and the tax will be calculated. So no rebate.
@@MohdZubaiR-z1d mera cyrpot ka profit ₹1000 old regime se karunga tho mil ajyega na rebate , aur kisne ne mujhe 30usdt di kuch kaam kiya tha maine , tho vo kis mei ayega , prfoit , salary aur kase show karu????
Now, if you file the ITR in the new tax regime, your income tax payable will become zero. Normal income up to 7 lakh will not attract any tax, and under section 112A, you will also get the benefit of a 1 lakh exemption.
Pr bhaiya maine to kl hi itr file ki h or mujhe stcg pr 25000 ki rebate mili h..
Sir, Good morning, My return filing is over for AY 2024 25
My question is for the next
Fy 2024 25( AY 2025-26)
sir,if my Salary income+ Bank Intt= 7.75 lakh and LTCG is
₹85000/ then shall I be allowed to take rebate u/s 87A, for FY 2024 25 (Ay 25 26)
and if yes then how much, and if NO then please clarify
thanks 🙏
Please provide knowledge about full time share market trader tax regimen with ltcg stcg and f&o taxes
If you only have income charged at special rate then under new tax regime there is no relief sought. 25000 rebate gone
Hello sir i want to ask while calculating rebate under sec 87/a under new regime we have to consider agricuture income also
Government ka kam hai public paresan karna unko khudo hi nahi pata vo kar kya rahe hai
Thanks For sharing Helpful Information 👍👌
Can one file a revised return of income when you have received intimation u/s 143(1) and there is a tax demand. Please elaborate.
But sirji if total income is 1lakh then to basic exemption limit hi mil jayegi na??? So Tax to banega hi nahi
Important and informative lecture ❤
Sirji apko to Govt ki aur se ek post de deni chahiye...
ITR INDIA COMMISSIONER JUDGMENT
💫🙏👍
Can you recommend any free ITR filing software?
Sir agar 5000000 se uper ki koi property joint me purchase ho tu income tax ka notice confirm aata hai kya
Thanks sir
Hello sir agar humne itr 30 june ko file ho but abhi tk processing nhi hui ho to 25000 ki rebate milegi kyaa ??
Old regime se itr file karne pe crypto income me revbate milegi???
WIll the ITD refer the cases processed before 5 july 24 and rectify the mistake and give refund of excess amt collected by taking into ac the inclusion of special rate while computing tax with rebate under 87A. In my case they had given me refund for AY 2021-2022 Rs 3990 and collected Rs 6700 in 2023 by suo moto rectification under 154.
Considering the purpose of this section was to provide relief to small taxpayers, this situation is the opposite. This section may get amended in the next budget.
Sir mjhe 23.24 ka itr file krna he salary +stcg konsa itr file kru... or sabse important ye ki konse regime me file kru.... old me ya new me... kya isme choice hai?
Sir Mera salary 652000 stcg 47000 ltcg 340000 hain.konsa regime main jana chahiye.deduction de sakhta hoon 150000 ki
File ITR 2. Sr.Citizen Government pensioner. Pension Income Rs.640000, s/f fd intt.24000/ Mismatch in AIS Intraday turnover of Rs145000/ of which profit Rs.1500/. Please guide me to show Intraday turnover to match with AIS?
Nicely explained. 👏🏻
sir mujhe intimation letter received hua hai mail par lekin jab hum site par check kar rahe hai toh waha hame wait for processing dikh raha hai kuch guide kar sakte hai sir
Sir, Aab Income Tax Calculator mein 87A ka 115BAC ka update aa chuka hain...
Sir where to find this notification?
Sir jaise paid software purane tarike se kr rha h to error kyo ni aa rhi
Itr process bhi ho rhi h or t
Rebate mil bhi rhi h or tax refund me message bhi aa rhe h
Sir allen career institute is eligible or only school university are eligible in 80e and also in 80c-allen career is fees is eligible for any of 80e or 80c or not for both
Scenerio -2, assessee will get benefit of maximum exemption limit.hence no tax on special income..
Please correct me
Sorry, your analysis is incorrect.
Special rate incomes are taxed at flat rates irrespective of their amount being less than the maximum amount not chargeable to tax.
Sir if kisi ki total income 2lakh h with stcg itr fill karni compulsory h ?
But Ye Galat Hai ACT Me likha hai TI Upto 700000 hai tb rebate milega , Naki Normal income upto 700000 tb rebate mile
10:46 no sir wrong computax ab new approach se tax calculate kar rha hai ……problem bad gya hai saare return latak gya hai
Thanks 👍 for sharing.
Share link to this page.
Hello Sir, I have one query if you can clear.
If a salaried individual with special income File ITR-2 using old regime then does he need to file form 10-IEA also? Or form 10-IEA is only for business or professional income?
Request you to clear this doubt.
@@Ankur-uc7vi You are not required to file form 10-IEA,it is required when u have PGBp income
No, only in case of ITR - 3 and ITR-4 we need to file 10-IEA
Sir Update Hote Hote hum
7G Ho gaye hai
Government kya kar rahi hai
Portal update kare to bhi acha hai😂😂😂
Form 10E filling issue
Adhar OTP issues
Lot of Bug hai poratl me
Kuch Hona chahiye
Why this type of juglery in financial budget of the Nation for Financial Year 2024-2025?
Hello 👋 Sir
I hope you are very well 💐
2023-24
INR 7,00,000 (New Tax
Regime) INR 25,000 (New Regime ( Note: Rebate on crypto income not allowed)
INR 5,00,000 (Old Tax Regime) INR 12,500 (Old Regime)
Sir🙋My Capital Gain income Rs 69000 Hai New Regime me Rs 25000 ki Rebate nahi mil Rahi hai. Kya shi hai. Kya 30 % Tax dena ho kya
Please 🙏 reply
I file revised return before processing of original....now is it completely substitute original ITR??or dono hi ITR process hoga... can't understand
In your case, the original return will be discarded and only the revised return will be processed.
Govt thinks that people are fool
Bhaiya please share this ppt and thanks a lot for clearing this issue
My spl.rate income is only 3.5L (stcg), and the normal rate income is just 1.50L, but I'm not getting 87A rebate in the new tax regime?
Kindly clarify?
Bhai kul mila ke yahi hai ki special income (Stcg) pe ab koi revate nahi hai 87 A rebate ke karan mera koi tax nahi bana rha par ab pakka demand notice ayegi aur tax patana padega😭😭
Bhai kul mila ke yahi hai ki special income (Stcg) pe ab koi revate nahi hai 87 A rebate ke karan mera koi tax nahi bana rha par ab pakka demand notice ayegi aur tax patana padega😭😭
Aapka course bhi update ho ga ya nhi
y topic add karna rehta h 1-2 din m add karta hu
baaki updated hai sir
Very nice
Sir 10E me old tax regime me kese upload kre automatic new tax calculate ho raha he
Manually tax calculate karke fill karna padega.
Sir debt fund ka income ko special rate income mana jayega kya?
No
Debt fund are covered under slab rate
Its all because of not putting correct inputs in the system since its inception by ITD.
Interst income normal hai ya special
Normal
Sir only course of income crypto h jisme mujhe 2 lakhs ka earning h to mujhe konsi regime opt krni h OLD ya New and koi rebate milegi esme ??
Example:
Buyback ke wajah se mujhe 10000 ka long term capital gains hua hai.
Toh Buyback ki entry 112A mein skip karke EI section mein entry kar denge, kya yeh sahi tarika hai?
In Simple word ab online gaming valo ko jo 25k ka rebate mil raha tha o vi nahi milaga😭
Pls send ppdt sir
Ye government hi gadab he bhai ek form banav individual ke liye uspe simple sab special, normal, f&o ki sale and buy ki field lo aur calculation karo.
Ye kitna confused he itr bharna
jisse ek normal insan bhi itr bhar sake
To phir government bhi badl ni padegi profit me aa jate hei loss hua to tera 😮😮
Mera 1 lakh ka tds hai special rate me kitna bapas mil jayega sirf special income hi hai other invome 0 hai
@@harshmalhotra7838 bro old me mil rha hai 12500
25k mil jayega new regime
@@harshmalhotra7838 kaise 0 dikh rh ahai
Sir or anyone plz suggest me what can I do...i filled itr1 but got defective notice 139/9 and that notice i replied with disagree that I have already filled itr2 with correct details...but really I didn't fill itr2 .... what happened next....if I fill new ITR but showing notice under proceedings...I want to fill correct ITR2 ...plz suggest anyone... what can I do
@@shantilal2292 for which AY?
Marginal relief part apne thik se explain nahi ki...
Sir maine 28 june ko itr file kiya tha apne crypto income k upar 87A rebate mili thi abhi tak return processing he dikha raha hai toh kya intimation meh demand ayegi?
Nahi aayegi bus rebate remove ho jayegi refund ni aayega
Demand ku aayegi bhai department ne portal par late update kiya ha humari galti ha kya labbhag har user ne rebate li hogi
Bhai na coinswitch per buying selling kerta hu,,,, mera tax psl mera mere or account statement mai,,,kafi coin ka defrent a raha hai,,,,
@Qdgjufvjj lekin bhai gaming company to pahle hi tax kat kar paisa de rahi ha like dream 11 to dobara tax dena hoga hume
Bhai nahin milata even normal tax is under 7 lakhs..mere sath hua he
इस सरकार को पोर्ट करो
अलबेली सरकार
wrong
Sir gross income 31024 online gaming thi TDS 9420 cut hua, maine itr2 bhar di hai 12 July ko old regime,status mei refund show ho rha hai 9420 par acknowledge receipt email mein last mei +0 aa raha hai 😢 kya karu ‽ Kya mujhe refund milega kyuki refundable - 9420 show hona chahiye mere hisab se but +(0) show ho Raha hai please kuch bataye
@@skyupintheair8619 acknowledgement me -9420 show hone ka Matlab refund hi hain
@@sahdevyadav5214 aap ne late reply Kiya 😁 Maine confirm Kr liya tha but thanks 🙏👍 Haan refund mil raha hai
Mera Normal 7 lakh se kam hai aur special ka income 4800 hai fir bhi 1300 ka tex dikha raha hai.
If it is done after 1st april 2024 then it should be applicable from next year if it is bound to applicable then it is a bad practice
Tanashahi chal raheee hai
Sir ,,,only crypto income hai,, meri , 30% tax lga hai profits per usper ,kya sir crypto tax per 25000 ki rebat milegi ya nhi
@@02FITNESSNUTRITION nhi... Old slab me 12500 mil jayegi
thank you sir