ITR Filing 2024: Taxpayers Face Rebate Issues Due to E-Filing Glitches

CosmicTaco · 2024-07-19T07:58:37.257773+05:30

- Taxpayers eligible for a rebate under the new tax regime are facing issues due to recent updates in the e-filing utility on the income tax portal. - The rebate of up to Rs 25,000 is being denied to those with short-term capital gains, despite the Income Tax Act, 1961 allowing it. - Chartered accountants highlight that the anomaly affects hundreds of low-income earners and needs correction. - Tax experts note that the rebate was available for returns filed before July 5, 2024, but the updated utility now denies it. - The issue arises from different interpretations of 'total taxable income,' causing genuine taxpayers to miss out on rightful benefits. Source: Moneycontrol

Taxpayers eligible for a rebate under the new tax regime are facing issues due to recent updates in the e-filing utility on the income tax portal.
The rebate of up to Rs 25,000 is being denied to those with short-term capital gains, despite the Income Tax Act, 1961 allowing it.
Chartered accountants highlight that the anomaly affects hundreds of low-income earners and needs correction.
Tax experts note that the rebate was available for returns filed before July 5, 2024, but the updated utility now denies it.
The issue arises from different interpretations of 'total taxable income,' causing genuine taxpayers to miss out on rightful benefits.

Source: Moneycontrol