Controversy over tax rebate on capital gains Under the new tax regime, a resident individual taxpayer is entitled to a tax rebate of up to Rs.25,000 under Section 87A of the Income-tax Act, if his taxable income does not exceed Rs. 7 lakhs. In view of the above, the common understanding prevalent amongst taxpayers has been that if their taxable income is less than Rs. 7 lakhs, tax payable by them is Zero!
The provisions of Sec. 112A, dealing with tax on long-term capital gains from listed equity shares and units, clearly state that rebate is not applicable. However, there is no such explicit restriction under Sec. 111A and Sec. 112, which prescribe tax on short-term capital gains from listed equities and other long-term capital assets. The Income-tax utility initially followed this interpretation and allowed rebate to the taxpayers, until the unexpected and abrupt change that was brought about in the utility software from July 5, 2024.
Esta historia es de la edición December 30, 2024 de Ahmedabad Mirror.
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Esta historia es de la edición December 30, 2024 de Ahmedabad Mirror.
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