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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Disclaimer- Although all provisions, notifications, updates, and live demos are analyzed in-depth by our team before presenting to the public. We hereby provide our point of view only and tax matters are always subject to frequent changes hence advisory is only for the benefit of the general public. Hence neither Fintaxpro Advisory LLP nor its designated partner is liable for any consequence that arises on the basis of YouTube videos.
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