Overview
The income tax return extends to those residing in Bombay which emphasizes the submission deadline of revised tax audits for the fiscal year spanning the range of 2023-2024 starting from January 15 2025.This has also been noted by the Central Board of Direct Taxes and informs eligible taxpayers for Section 87A to utilize the tax incentive and net their tax amount to nil.
In case the eligible taxpayers file the form tax claims up to a limit is availed to them: However, proceedings in this case have been postponed multiple times and a verdict to this would be expected by 16 January 2025 unfortunately after ITR deadlines.
How do Eligible Tax Payers Feel they Must Proceed?
Due to the ever changing tax rules, there seems to be alteration in the policies. Therefore specialists suggest amending the revised ITR audit along with filing deadlines by January 15, 2025.
Why Should Taxpayers Transition Towards This Now?
1. Judgement of the Court:
– Based on the ruling of Bombay High Court for the intervention tax rebate taxpayers would have filed revised Tax.
– If there are adverse rulings then demands from tax notices would be provided, however even then it would be clipping false to say a time opportunity wouldn’t be given after the deadline for all.
2. **Avoiding Missed Opportunities:** – Not filing a revised ITR could completely compromise the rebate irrespective of the court ruling. Expert Opinions Bimal Jain, Founder, A2Z Taxcorp LLP: “Taxpayers are eligible to file revised ITRs to avail the Section 87A tax rebate with regard to certain types of income such as short term capital gains. Rightful claims should be made while it is still legal to do so. Possibility of a negative court order is minimal and taxpayers should not miss this opportunity because of administrative transactions.” Prabhakar K S, Founder & CEO, Shree Tax Chambers: “Wait for the court’s final ruling before the 15th of January, 2025 at midnight and electronically submit your revised or belated ITR. All appropriate taxpayers have interim relief and more extensions are still unknown.” Hardik Kakadiya, President, CAAS: “Those taxpayers who had claimed the Section 87A rebate but were rejected are permitted to file revised ITR. Also those taxpayers who omitted this and did not claim the rebate are now suggested to claim it. The issue will however be adjudicated by the court in its usual course, and it would be prudent for these taxpayers to support their claims in time to the court.” Key Takeaways Deadline: The revised or belated ITRs are to be filed on or before 15th January 2025. Eligibility: Don’t forget to check the eligibility requirements for claiming the Section 87A tax rebate for either old tax regime or the new tax regime.
-Action: Take advantage of this opportunity to claim partial rebate with the intention of paying no tax.
This is the last opportunity for you to protect your rebate claim so hurry up and file it.