Calculation of tax liability is wrong. Tax on lottery [50000*30%] 15000 Tax on balance income. 3450 ---------- Total Tax. 18450 Less: rebate u/s 87A. 12500 ----------- 5950 Add: health and edu. 238 --------- Final tax. liability 6188 Less: TDS 15000 ------------ TAX REFUND. 8812 Hope you will will understand.
Thank you ,for your valuable explanations,But most of people are getting notices for rebate u/s 87A Even in filing under old tax regime after 5th July 2024 ,INCOME FROM ONLINE GAMING ,gambling,VDAs,that are taxed at special rates will not eligible for rebate ,exemption,and deduction .Although it’s matter of conflict in various opinion . It will be reconsidered very soon in upcoming videos . Thank you Aarya Chandra . Once again ❤
@@rajeshsirgalaxyclasses yes sir I know that income tax department sends demand notice to taxpayers for rebate u/s 87A for claiming rebate for special rate income in default tax regime u/s 115BAC(1A). but. The problem is solved under optional tax regime I. e. Old regime. So we can claim rebate U/s 87A for special rate ( lottery u/s 115BB, long term capital gains u/s 112) incomes but in old regime we can't claim rebate for long term capital gains covered u/s 112A. Income tax department sends notice for rebate in case of new regime u/s 115BAC(1A), not for old regime ( optional tax regime) Hope you understand. Thank youu for replying sir😊
Calculation of tax liability is wrong.
Tax on lottery [50000*30%] 15000
Tax on balance income. 3450
----------
Total Tax. 18450
Less: rebate u/s 87A. 12500
-----------
5950
Add: health and edu. 238
---------
Final tax. liability 6188
Less: TDS 15000
------------
TAX REFUND. 8812
Hope you will will understand.
Thank you ,for your valuable explanations,But most of people are getting notices for rebate u/s 87A Even in filing under old tax regime after 5th July 2024 ,INCOME FROM ONLINE GAMING ,gambling,VDAs,that are taxed at special rates will not eligible for rebate ,exemption,and deduction .Although it’s matter of conflict in various opinion . It will be reconsidered very soon in upcoming videos . Thank you Aarya Chandra . Once again ❤
@@rajeshsirgalaxyclasses yes sir I know that income tax department sends demand notice to taxpayers for rebate u/s 87A for claiming rebate for special rate income in default tax regime u/s 115BAC(1A). but. The problem is solved under optional tax regime I. e. Old regime. So we can claim rebate U/s 87A for special rate ( lottery u/s 115BB, long term capital gains u/s 112) incomes but in old regime we can't claim rebate for long term capital gains covered u/s 112A.
Income tax department sends notice for rebate in case of new regime u/s 115BAC(1A), not for old regime ( optional tax regime)
Hope you understand. Thank youu for replying sir😊