87A

Budget 2024: When was the last time income tax rates were altered? A timeline

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Budget 2024: When was the last time income tax rates were altered? A timeline

The entire country is eagerly waiting for Budget 2024 wherein Union Finance and Corporate Affairs minister Nirmala Sitharaman to announce changes in income tax rates to reduce the tax outgo of masses. Changes in tax slabs is something that takes place once in a blue moon. The last time these tax rates were changed was seven years ago … Read more

ITR filing: What is income tax rebate under section 87A and why are some taxpayers unable to claim it?

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ITR filing: What is income tax rebate under section 87A and why are some taxpayers unable to claim it?

Taxpayers are entitled to claim a rebate under section 87A of the Income Tax (I-T) Act, 1961, which enables them to pay ‘nil’ tax when their income is up to ₹5 lakh in the old tax regime and ₹7 lakh in the new tax regime. However, a number of taxpayers and chartered accountants have expressed … Read more