No Section 87A tax rebate despite updated ITR filing forms: Claim by Jan 15, 2025 ITR-2 and ITR-3 utilities updated, but JSON schema still reflects July 2024 logic
No Section 87A Tax Rebate Despite ITR Filing Forms Being Updated Recently
The tax season is upon us, and with it comes the crucial task of filing your Income Tax Returns (ITR). However, taxpayers hoping to claim the Section 87A tax rebate may face a hiccup this year. Although the ITR filing utilities for ITR-2 and ITR-3 were updated on January 4, 2025, the JSON schema remains stuck in the past, reflecting the logic as of July 5, 2024.
Understanding Section 87A Tax Rebate
For those unfamiliar, Section 87A offers a tax rebate for individuals earning up to ₹5 lakh annually. This means that if your total taxable income is ₹5 lakh or less, you can get a rebate of up to ₹2,500, effectively making your tax liability zero. It’s a great incentive for taxpayers, but it seems that this year, claiming it may not be as straightforward as anticipated.
How to Claim Your Section 87A Tax Rebate
If you qualify for the rebate, here’s how you can claim it:
1. **File Your ITR**: Ensure you file your ITR before the deadline of January 15, 2025.
2. **Select the Right Form**: Use the updated ITR-2 or ITR-3 forms for reporting your income.
3. **Check Your Total Income**: Confirm that your total income does not exceed ₹5 lakh to avail the rebate.
4. **Fill in the Details**: While filling out the forms, make sure to include all relevant income and deductions accurately.
5. **Submit on Time**: Don’t forget to file before the deadline to ensure you’re eligible for the rebate!
Looffers.com – Your Tax Filing Companion
Navigating tax filing can be overwhelming, but you don’t have to do it alone. Looffers.com offers a range of services to assist you in filing your taxes efficiently and accurately. With expert guidance and user-friendly tools, you’ll be on your way to maximizing your tax benefits in no time.
In conclusion, while the updated forms may not yet fully support the Section 87A rebate, taxpayers should ensure they’re prepared to claim it. Don’t let this tax season pass you by—file your ITR today and take advantage of the benefits available to you. Happy filing!
