New Tax Regime Big Mistake Sec 87A Rebate FROM AY 2024-25 I INCOME TAX UPDATE I CA Satbir Singh

New Tax Regime Big Mistake Sec 87A Rebate FROM AY 2024-25 I INCOME TAX UPDATE I CA Satbir Singh
If the TAxpayer opt new tax regime then he may be required to pay higher tax even if his income is below Rs 7 Lakh and in some cases if Income is above Rs 7 lakh then Taxpayer may be required to pay less tax even is he opt new tax regime. This is due to the difference between tax rebate and Marginal relief concept of Section 87A of Income Tax Act from AY 2024-25
Rebate under Section 87A
For the old tax regime - In the case of a resident individual, a rebate of up to Rs. 12,500 is allowed under Section 87A from the amount of tax if the total income of such individual does not exceed Rs. 500,000.
For the new tax regime - A resident individual paying tax as per the new tax regime under Section 115BAC shall be allowed a higher amount of rebate under Section 87A if the total income is up to Rs. 7,00,000. Further, if the total income of the resident individual marginally exceeds Rs. 7,00,000, he will be eligible for the marginal rebate.
0:00 Mistake in New Tax Regime from AY 2024-25
1:46 Example of Tax liabiity if Taxpayer takes rebate in new Tax regime and his Income is below Rs 7 Lakh
4:28 Example of Tax liabiity if Taxpayer takes marginal relief in new Tax regime and his Income is above Rs 7 Lakh
7:00 Comparion of Tax Liability if person takes tax rebate or marginal relief under New Tax Regime
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DISCLAIMER ***
This video is merely a general guide meant for learning purposes only. All the instructions, references, content or documents are for educational purposes only and do not constitute a legal advice. We do not accept any liabilities whatsoever for any losses caused directly or indirectly by the use/reliance of any information contained in this video or for any conclusion of the information. Prior to acting upon this video, you're suggested to seek the advice of your financial, legal, tax or professional advisors as to the risks involved may be obtained and necessary due diligence, etc may be done at your end.

[@casatbirsingh]

Subscribe our Whatsapp Channel CA Satbir Singh Taxheal whatsapp.com/channel/0029VaElCCbA89MphpBXhB10

[@rasee100]

I downloaded ITR 2 for AY 2024-25 Excel from IT website. My taxable Income is 6.56 lacs include STCG of 19300/-. Under New Regime the excel is not deducting rebate u/s 87A and mentioning Tax payable of around 16000/-. Whereas upto 25k tax, ie, Income upto 7 lacs should be nil.

[@casatbirsingh]

rebate not allowed from short term capital gains on shares

[@rasee100]

Sir, I think ​ Short-term capital gains u/s 111A (Tax @15%) for listed equity shares is allowed rebate. Only Long-term Capital Gain under section 112A from sale of listed equity shares are not eligible. Please clarify.

[@iitaspiringstudents4186]

Explained in a very nice way and to the point . Very very educative .keep it up

[@casatbirsingh]

Thanks a lot. please like and share

[@aashishshah9873]

I got the point sir, thanks for reply yesterday 👍🏻

[@casatbirsingh]

Welcome 👍pls like and share

[@yeshguruji]

Thanks for information

[@casatbirsingh]

Welcome. pls like and share

[@Ajaybhardwajssc]

Sir i have query
I filled ITR 2 for long term capital gain of Rs 4,20,000 umter new regimen and and at the time of filling in the month of June my tax liability was showing zero
And now govt made the change in the rebate of 87a so will i need to pay tax on 1,20,000 at 20% or my return will be okay?
And suggestion needed show i fill new revised return under old tax regime to get a deduction of 12,500. As I'm senior citizen then my tax liability will reduce to only 12000 approx

[@casatbirsingh]

Wait for ITR processing

[@Ajaybhardwajssc]

@@casatbirsingh to file in the old regime last date is 31 July.
So please reply according to that

[@jayeshthakkar6548]

Sir: ise "galti" na kahe jo taxpayer ke laabh me ho...

[@casatbirsingh]

ok thanks. pls like and share

[@devs1742]

87a rebate not available on capital gains I think please confirm

[@casatbirsingh]

marginal relief is available from capital gains. 87a rebate is available from capital gains but not from LTCG on listed shares

[@DineshKumar-jw9pn]

@@casatbirsingh Sir, Please check under the new regime, only the 87A rebate is available on Short Term Capital Gains-Slab Rate (in Special rate items)

[@bholulaxmikumar2243]

Sir Government ko khud hi nhi pata kya kar rhi h and thanks this information

[@casatbirsingh]

thanks for comment, please like and share

[@mukeshgarg1909]

अरे वाह ....

[@casatbirsingh]

thanks, please like and share

[@adilmalik5804]

Paaji aap kyu ummed karre ho govt correct kare, humein jamke fayda uthane do na.. 🤣

[@casatbirsingh]

thanks for comment. please like and share

[@jitendrakaya8808]

Thanks C. A. Sir. For very good information🌹

[@casatbirsingh]

Always welcome. please like and share

[@payalvikas3084]

Paji ne t shirt par tie laga ke Naya trend Bana diya😂

[@casatbirsingh]

THANKS FOR COMMENT

[@kamalbardia8203]

Very nicely explained by you

[@casatbirsingh]

thanks. please like and share

[@PremSingh-bk8qb]

Very confused video. Capital gains income is different concept, income tax is other one

[@casatbirsingh]

capital gains tax on special income and taxx on Normal income is different

[@bhavisarts]

Very informative video

[@casatbirsingh]

thanks , please like and share

[@sudhirkulkarni1014]

Sir please send it to ministry of finance for correction through recommendation. Thanks

[@casatbirsingh]

taxpayer can take benefit of mistake of govt

[@mayurghelani4383]

Sir I feel something is wrong in calculation

[@casatbirsingh]

please inform where is the mistake

[@guruprasadgoelgoel4852]

समझ नहीं आता कि सरकार सरल आयकर कानून क्यों नहीं बनाती है

[@casatbirsingh]

To Tax ricn at higher rate but sometime fails in its objective . thanks for comment

[@ADTGAURAV]

Agar easy kar dege to CA's aur Tax Advocate kya karege?

[@surendergambhir6086]

Excellent

[@casatbirsingh]

Thank you so much 😀 please like and share

[@anandsinghthakur1154]

👍👍👍

[@casatbirsingh]

THANKS. PLS LIKE AND SHARE

[@ManjitSingh-py4ro]

Good explanation

[@casatbirsingh]

thanks. please like and share

[@somduttkaushik1621]

धन्यवाद सर बहुत ही अच्छी जानकारी दी आपने आप आईटीआर भरते हैं जी मुझे आईटीआर भरवानी है क्या फीस लेंगे मार्गदर्शन करें🙏💕

[@casatbirsingh]

Thanks yes, please send detail on email on [e-mail]

[@musicchennal9562]

Sir plz help mera nunber do plz

[@casatbirsingh]

PLS EMAIL ON [e-mail]

[@iftekharkazi8101]

Itane bade sarkari officer aur itani badi galati😊

[@casatbirsingh]

Error is the nature of human . thanks for comment