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87A Rebate in New Tax Regime | Rebate not available on special rate income | Income Tax Update
ฝัง
- เผยแพร่เมื่อ 17 ส.ค. 2024
- In this video, we dive into the recent update on the income tax portal concerning the rebate under Section 87A. Specifically, we discuss the implications for taxpayers with special rate income that is not chargeable under Section 115BAC (Normal Tax Rate). Stay informed about how this change might affect your tax calculations and planning.
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Video Timeline
0:00 Intro to Topic
0:36 Income Tax Calculation in New Regime
3:03 87A Rebate calculation in New Regime
5:45 Amendment in Sec 87A
10:47 Income Tax Calculation through online calculator
13:24 Notes on Sec 87A availability
15:36 Outro
Topics covered in video
Income Tax Calculation in New Regime
87A Rebate calculation in New Regime
Amendment in Sec 87A
Income Tax Calculation through online calculator
Notes on Sec 87A availability
gst update
income tax update
income tax notice on dream 11
dream11 tax deduction
income tax notice
87A rebate not coming
Income Tax Calculation in New Regime
87A Rebate calculation in New Regime
Amendment in Sec 87A
Income Tax Calculation through online calculator
Notes on Sec 87A availability
87a rebate in new tax regime
tax rebate under section 87a
rebate u/s 87a
Rebate not available on special rate income
Hi All,
Initially, I planned to make a video highlighting a potential glitch in the income tax portal in 87A rebate calculation. I spent two days researching and checked hundreds of clients with special rate income, finding only one reason for the change.
Despite my efforts, this video has received many negative comments, with some calling it a " _pathetic interpretation_ ." Please understand the hard work that goes into making a 15-minute video or an infographic.
Tax matters are always open to different opinions, and I respect everyone’s views. However, having a different opinion does not mean one is wrong.
Thank you for understanding i will soon make a new video soon and *this video is also 100% correct as confirmed by income tax department and income tax calculator is now calculating as per this video only.*
Regards,
Vivek Awasthi
@@FinTaxPro but how ITD will justify someone who Would have got this in old regime & filed new regime bcos it was offering 25k in new regime... Now suddenly in between how ITD can change this?... In that case they should also allow change of revised filing under old regime... Otherwise they can be challenged in court of law!!
@@shankhajitsrimani763 You don't know you can revise the ITR. You don't nee to go court to revise your return..
@@fintaxproadvisoryllp3135... In revised ITR, is regime change selection allowed if someone has already filed with new (default) regime for fy23-34?... since regime change is allowed only once in NY FY?
Sir pl help in this case
Salary Income 650000/-
LTCG 250000/-
Interest 28000/-
Total Income 92800/-
Std deduction 50000/-
Net Total Income 878000/-
As per Income Tax portal Total Tax Approx 34000/-
Rebate us 87A 18000( on other than LTCG Tax)
Net Payable Tax Rs 16000/-Aprrox.
But while checking with winman there is no rebate available and total Tax is payable of Rs 34000/-
What should I do ?
Go with Income Tax Portal or winman ?
Pl suggest any solution?
@@FinTaxPro sir pl reply
Even being a CA, I too got confused "What is happening?". Thanks for the interpretation and clarification with the video.
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.
Exactly yehi problem tha last 2 days se... aapne clear kar diya
Thank you ❤
Worst Tax Structure of Indian Govt. 😡
Excellent explanation. So far the best teacher to teach us all this complicated things in very easy to understand way. Respect you Sir.
Absolutely relevant topic nowadays, I am also facing difficulties regarding this matter for few days . thanks for this discussion.
Strange,found that STCG on Equity, which should have been included under 87a ,is no longer reflecting
Agreed sir, but in Section 115BAC (1A) they have written as "total income" and not "other than special rate income" so as per this rebate u/s 87A should be allowed for special rate of income as well.
Thank you bhai, one week se videos dekh raha hoon aaj correct information mili hai.
tax calculated by you is incorrect for STCG 111A, it will be @15%= 60000 without any slab rate benefit.
Since 15 days i was searching about this only this video clear tnanx a lot sir ❤ for this information now we r clear to fill old regime
kya detailed samghaya, very nice!!! Small investor who use to earn some money with small capital will now suffer.
This is a hot topics,,,,last two days i am trying to short out the problem
With the respect grievance raise by you, as checked your case with higher officials, if your total taxable income includes special income which are chargeable to special rates of taxes is upto 7 lakhs as per new tax regime then rebate u/s 87A will be available only to the extent taxable income which is chargeable to normal rates of taxes as "Rebate u/s 87A(1A) is not allowed for any special rate income"
So, accordingly kindly proceed to file the return.
I got these reply from the department. It means it is not an error of income tax site.
So this thing is applicable only in case of new tax regime and not in old tax regime?
Because in old tax regime rebate is available for special income also.
@@Ankur-uc7vi yes but in old regime rebate is available only for upto rs 12500
Sir what about ltcg exemption of 1 lakh on shares &mf.that is also covered under special rate .?
Plz halp on stcg tax
I have 31k profit in stcg In Last FY DO I NEED TO PAY 15% on it or not
There is no other sources of income In this PAN
Sir, The power Grid Invt. Ltd is paying a 3% dividend every quarterly, which consists of taxable Dividend, tax free dividend, Interest and SPV loan repayment amount etc. Can you please make a video, on how to show these amounts in ITR 2 in the column Imcome from other sources? What are the amounts in these categories are taxable and tax free in the hands of the investor & how to show in ITR 2? Thanks sir
I have total income including STCG of 5500, is below 250000 although income tax is charged on STCG by the portal.
Sir if we claim this rebate 87A through old regime so will it be correct? or there is a chance of getting notice for claiming that. Asking this as its getting applied automatically so just wanted to confirm with you once.
Even in old regime , its showing as 0
@@abhishekagarwal1476 yes same here
Exactly same issue I paid tax on short term capital gain....even I was confused how it is payable
Income of spl rate of tax is not to be added in total income for 87A rebate purpose . It means on income of spl rate of tax we have to pay tax and balance income chargeable to 115BAC we will get rebate max 25000 if that income is below 7 lacs. Am I right ?
Yes, stcg is not being adjusted in rebate
will i get rebate if my salary is 527750 and stcg is 20000 ltcg is 8000 , and VDA is 1199, and dream11 is 15000 , if not how much tax i have to pay?
Sir, you have explained very smartly and and my confusion is over, thank you sir hatta of❤
Wrong interpretation, wahan total income bhi likha hai plus "special rates" mentioned nahi hai. Infact sec- 87A ke under specifically likha hai ki 112A ke against rebate nahi milegi for old n new regime. Infact CA final may2024 attempt ke study mat. questions mein pura pura 25000 liya hua hai. Ye glitch ke karan hai...
I am using Winman Software and it is showing full rebate but where as i also encountered the same issue in Income Tax portal. lets wait foe few days so that there may be any update from department.
Thank you sir aapne sara doubt clear kar diya ...
Brother Sidha batao na ki Income under capital gain me rebate nahi milega
Winman software me to returns uplaod ho rahe hai with benefit of Rebate for STCG 111A and winning from gaming
Sir but Computax still allows Rebate 87A and also in computation it shows rebate u/s 87A so is it any possibility of demand if we file through computax..??
Thank you. Finally found video, I was searching for😊
You are right Sir according to 87a.
Great discussion. I'm searching this issue .
Income tax Calculator also give wrong calculations.
my short term capital gain is 2.4 lakh ,intraday 1.25 lakh with 65 thousand other income and zero salary income ,will i get tax rebate under section 87a in itr 3 old regime
Wrong interpretation of Act...please read Sec 87A again and interpret it correctly.
Earlier Sec 87A used to talk about old tax regime(5lakhs), but after proviso was inserted, it talks about new tax regime(7lakhs).
[11/07, 11:33 AM] Vinay Kumar: 1 person staying in dubai & India in fy 2023-2024...got salary as foreign remittance of around 11 lakhs...how it can be shown in IT Return, In India also he had done consultancy job of around 2.5 lakh
[11/07, 11:34 AM] Vinay Kumar: How to show in IT Retuen & which form ITR..
please guide how to show treasury Bill gain as STCG on portal,
which is income other than capital gain where STT not paid
You are real gem...you save 2600
Income from units of a business trust (Section 194LBA) , I had shares of Embasy REITS. I am not finding where to fill this income in ITR 3. Please help.
Very important point discussed. Thank you ❤
Thanks Brother ❤
Bhagavan Aapka Bhala Kare Aapne Hamara Bhala Kiya Hai😊
I have one question if you can answer. This new logic of rebate 87A under new tax regime is applicable from this year only or it will be applicable for previous years as well?
It is applicable for AY 2024-25 sir.
@@FinTaxPro Thank you for the reply and one more query if we claim this rebate 87A through old regime so will it be correct? or there is a chance of getting notice for claiming that. Asking this as its getting applied automatically so just wanted to confirm with you once.
@@FinTaxPro will we get rebate 87A through old tax regime? If it is applying in old tax regime?
I have a simple solution for those who have more LTCG and STCG.You can file ITR3 under the head PGBP. Then you total will be charged under normal businessman slab rate and you will end up paying zero tax up to 7 lac
Or jo notice aayega 😂
Dikha sakte ho but long term m agar client ki income 5 crore ho jati hai.
Tab PGBP m lagega 30% and Cap Gain m lagega 10% or 15%
Thoda bada socho aap baar baat change nahi kar sakte.
Sir on the 1st April in win from dream 11 15000 then they cut 30% tds and give me 10500 and after that I loss 50000 during same financial year then on income tax portal showing my income of 15000/- but overall I am in loss then how I show loss in my books......
mutual fund LTCG par jo 1.0 lac ka rebate milta hai wo to milega na?
Very nice report.
Tax estimatior me TCS ka figure total amount credited ka aa raha hai but only TCS ka amount ana chahiye
Sir, pls share itr computation
CIRCULAR OR NOTIFICATION, DATE ?
PL SAY..
PL COME WITH INCOME TAX OFFICIAL CIRCULAR OR NOTIFICATION
Sir I am not getting 87a rebate on salary income even in old tax regime that's also in total is less than 12500/- from salary income. Other stcg is 1100/- extra. Total rebate under 87a in my case is 0.can u explain why
Sir , my gst no is suomoto cancelled and 270 dayds over , so no revocation option . What can i do ? Please sir
Govt. Ne jhatka maar diya . Jor ka jhatka dhire se laga diya.❤❤❤❤
Sir please make another video on
Marginal relief, income tax calculator also calculate relief however portal does not
Sir new regime opt karne se last year ka short term capital loss show nhi kar raha
Nice sir, similar problem I faced and then switched over to old regime.By and large Modi government is cheater government.
I will appeal finance minister nirmala ji to take full 100% income tax from every taxpayer. zero tax from Ambani and Adani.
So if my normal income is Rs. 695000 and STCG u/s 111A is 50000. My total income goes to 745000, but i will get rebate u/s 87A for normal income as it is less than 700000 and tax liab will be 15% of 50000 plus cess. Right?
Also, if my normal income remains 695000, and my special rate income goes to say 50,00,000 , i will be still getting rebate for normal income as it is less than 700000. But a rebate on tax when your total income is 56,95,000 does not sound logical.
@@harshitarora4465 yes in one of my clients its normal income is 6.95 lacs and capital gain income is 7 lacs and still he is getting rebate
Very important and informative lecture ❤ you sir ji 👌👏
And what about assessee who filed itr 10 days before and got rebate 87A
Sir,
87A Rebate Marginal Relief is applicable with Form 10E or Not?
Nice video,
So if we have both income- special rate and non special rate then tax on non special rate we will get rebate u/s 87A and remaining we have to pay (special rate) ?
Fark kya h dono short term capital gain mein jismein 87a benefit milega or jismein nhi milega section nhi details mein btao
Sari savings hata di govt ne, Tax nahi loot hai
Very informative . . Thank you sir🙏
Sir plz tell me where to show sbi life maturity income which is reflected in AIS and tds deducted u/s 194DA.should I take the amount credited shown by AIS or some other amount for showing in ITR1?
Agar LTCG, 1 lac se kam hai to new tax regime mein tax dena hoga?
Aur kya 87A rebate milega if LTCG is less than 1 lac but tax liability ban rahi hai from other incomes heads
Sir NRI return filing ka bhi video share kare rebate, exemption deduction related
Thank you aapne saara confusion dur kar diya
My employer have filed for New Tax Regime.
But, while filing ITR, I opted for Old Tax Regime by filling 10IEA. Now, there I don't know why Rebate under 87A is showing 0 and not 12500.
Even though I opted for Old Regime, can I fill for New Regime with default option "No"??????????
Please 🙏🙏🙏 reply 😢😢😢😢
Or, I have to opt for New Regime again
does salary person or normal individual also needs to file 10IEA? or is it for only business purpose?
Bro, in case of female 87a reduction is coming under special rates too. please check it once
Thank you so much sir ,
Absolutely relevant topic recently , I am also facing difficulties regarding this matter for few days . thanks for this discussion
Thank u sir me 3 days se calculation kar raha hu but rebate ke baare me koi book me nhi mioa or icai ke module me bhi nhi dikha
सीधी सरल भाषा में समझाने का प्रयास करें तो बेहतर।
Only income short gain tax aata hai 7 lacs so tax aayega🎉🎉🎉 please suggest
Very very good video
10:22 that is 5 thousand not five lakh
Sir fir ab stcg me total 3.15 lack profit hua h to kitna tax lgega.....?
Sir could you pls tell us if we have claimed under 87 A before this change. then do we have to revise the ITR before any intimation or demand comes further ?
yes 28 june ko rebate mil gaya tha jab reture file kiya tha. ab kya ho ga form me bhi rebate mention hai
Sir ek client ka actual sales tha 2cr exempt sales hain unka milk sales but bank loan ke liye usne sales dala 5 cr to uska gst portal pe adjustment ya amendments kise Kare pls reply
Govt se request hai ki aap tax to le rahe ho but plz portal par bhi kharch kardo last dino me itna hang hoti hai website itne mat pareshan karo plz...
5 july se before itr file kiya hai vo kya kare sir
I think sir, this will be applicable from the financial year 24-25, as per my knowledge currently the income tax portal allowing the rebate under section 87A on special rate taxable income also. Please check it again thanks
Kindly watch complete video it is allowed in old regime but not in new regime (which is default regime)
I have made video after consulting 100 of clients having income from online gaming this year.
@piyushbodkhe9415 no they are not allowing on special rates, I just did a case today. If u r getting then let's connect
Old tax regime me bhar le kya ?
New me bhar ne se 7590 ka tax lag rha hai due to section 111A
@@bhabanisp3769same question
Thank you sir
Thanks For Sharing Helpful Information 👍👌
Well researched topic sir.. highly useful...
Server very down, my office friends trying but since morning he failed
12 k baad full speed chalta h
Form 16 old tax regime mein file hua hai, kya ab ITR New tax regime se file kar sakte hai...?
Dear sir the link of notes provided by you is not opening
I have filed returns from clear tax total income around 480000 with stcg on listed equity 112000.... I have got 87a rebate around 19000.
I can share form downloaded from ITD Site.
Filed on 1st july
No rebate is giving on STCG 😢 suddenly why??
Proviso inserted from 1st April 24 so its mean it will applicable from fy 24 25 and not 23 24...? Please answer.
Yes
You should take our practice course if you are confused in this basic point 😅
Jokes apart this is added by FA 2023 and applicable from AY 2024-25. Rest you can refer memo to Finance Act 2023.
Rest i have already explained these basics in our practical course.
Please provide the memo link@@FinTaxPro
Sir please provide link for download
Sir, STCG par ab 20% hai
Bhai sidhe Bol de ITR1 me hi bas rebate mileage new regime choose karne pe
New tax regim me agricultural income par rebate Milegi ya nhi?
Sir sab thik hai Mera new regime me tax 13500 tha aur after 3 day I hv revised my return in old tax regime than my refund 0f 13500
@@MS-mm3io Bhaiya tumara Old TDS return hua hai kya ??? Hua Hai toh kitna paisa mila ???? Or Old kitna paisa ke liye IT file banaya hai ??
@@ArnabMaity1947 Bhai new tax regime me RS.13500/- ka tax tha after 3 days file kiya tha old regime me now 13500/- full refund hai per REFUND ABHI NAHI MILA OR RETURN BHI PROCESS NAHI HUA HAI.
Bhai mane new regime me file kar diya June me ab old
regime me kar sskte ha kya dobara
@harshmalhotra7838 non salary ja sakta hai. Salary wala bhi ja Sakata hai per non salary again new tax me switch nahi Kar sakta. Also ask some other expert
Sir crypto main 91 Thousand ka profit hai magar maine New tax regime se file ki hai and total income mera dikha raha hai 1lakh 65 thousand toh main old tax se revised kardun kya??
Old tax main toh rebate mil jayega na??
Good information Sir
Thank you 👍 sir
This calculation is flawed- you have used normal tax slabs to calculate special income- STCG is taxed at flat 15%, its not to be treated like income based on slabs.