Last opportunity for eligible taxpayers to claim 87A tax rebate File revised/belated ITR before January 15, 2025
Last Opportunity for Eligible Taxpayers to Claim Section 87A Tax Rebate
In a significant development for taxpayers, the Bombay High Court has issued an order extending the deadline for revised and belated Income Tax Returns (ITR) to January 15, 2025. This extension is particularly crucial for individuals eligible to claim the Section 87A tax rebate, which can offer substantial savings on your tax liabilities.
Understanding Section 87A Tax Rebate
The Section 87A rebate is designed for individual taxpayers with a total taxable income of up to ₹5 lakh. If you fall within this income bracket, you can claim a rebate of up to ₹12,500, effectively reducing your tax liability to zero. However, to avail of this benefit, you must ensure your ITR is filed correctly.
Why You Should File Your Revised/Belated ITR
With the new deadline set, eligible taxpayers have the perfect opportunity to rectify any errors in their previous returns or file belated ones. This is not just a chance to claim your rebate; it’s also a safeguard against potential penalties and interest charges that can arise from late filing.
Steps to File Your Revised or Belated ITR
- Gather all necessary documents, including Form 16, bank statements, and any other relevant income proofs.
- Visit the official Income Tax e-filing portal.
- Log in to your account and select the option to file a revised or belated return.
- Follow the prompts to input your corrected information and submit the return.
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Final Thoughts
Don’t let this opportunity slip away! Ensure you file your revised or belated ITR before January 15, 2025, and claim your Section 87A rebate. Stay informed and save smart!
