Topic
ITAT ruled that the rebate under Section 87A can be claimed on tax payable on short-term capital gains taxed under Section 111A even when the assessee opts for the new tax regime (Section 115BAC). The decision confirms eligibility for AY 2024-25, benefiting taxpayers with STCG.
ITAT Ahmedabad rules that an assessee who files Form 10-IE after the due date but before the CPC processes the return under Section 143(1) is still entitled to the new tax regime benefits. This clarifies that substantial compliance, not strict timeliness, governs the opt-in mechanism-protecting taxpayers from automatic disqualification due to administrative delays.
ITAT Surat rules that rebate under Section 87A is available on short-term capital gains taxed at 15% under Section 111A, even for assessees opting for the new tax regime (Section 115BAC), provided total income does not exceed ₹7 lakh. This clarifies a critical ambiguity for taxpayers navigating the interplay between rebate provisions and capital gains taxation.