US EditionNo Tax Rebate Under Section 87A On Short-term Capital Gains, Taxpayers Asked To Clear Dues By December: CBDT
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4 Articles
The Central Board of Direct Taxes (CBDT) has clarified once again that special rated income such as short-term capital gains will not be exempt under section 87A. Many taxpayers also claimed tax breaks on short-term capital gains in fiscal year 2023-24, but the Department of Income Tax has rejected these requests and asked them to pay the outstanding tax. Now, the Income Tax Department has asked such taxpayers, who were previously given a rebate…
CBDT clarified that short-term capital gains will not be eligible for Section 87A exemption - Business League
The Central Board of Direct Taxes (CBDT) has stated that taxpayers cannot claim tax exemption under Section 87A of the Income Tax Act on income that is taxed at special rates, including short-term capital gains (STCG). Several taxpayers had claimed exemption on short-term capital gains in the 2023-24 financial year, but the Income Tax Department rejected their requests and demanded the outstanding taxes. The department has now asked such taxpaye…
CBT says no tax rebate on short-term capital gains - News Today
New Delhi, Sept 24: The Central Board of Direct Taxes (CBDT) has clarified that taxpayers cannot claim a rebate under Section 87A of the Income Tax Act on income taxed at special rates, like short-term capital gains (STCG). In the financial year 2023-24, many taxpayers claimed a rebate on STCG. However, the Income Tax department denied these claims and raised demands for pending taxes. The department has now asked taxpayers to clear their dues b…
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