For availing 87A rebate

Taxation
1

@Quicko
Official Announcement from
@IncomeTaxIndia

ITR utilities to be updated for :-
:pushpin: For availing 87A rebate for special rate Income (STCG u/s 111A, LTCG u/s 112 etc.)
:pushpin:For allowing Assesses to file revised/belated returns till 15th Jan as per extension provided by Circular 21

As per directions of Bombay High Court in matter of S.87A!!

Big Victory for all the Tax Payers/Professionals who raised the issue, especially ones who took the legal way through Court.

CBDT CIRCULAR 21/2024 31ST DECEMBER 24 31st December 2024 to 15th January 2025

For Resident (Not for NRI) For Individual (Not for Pvt Ltd, LLP, HUF, AOP, BOI, Trust

Revised 139(4)
Belated 139(5) (with Fee 1000 and 5000)

Rebate 87A For STCG Only (Not for all)

Scenario 1. ITR not file: File ITR take 87A rebate under New Tax Regime

Scenario 2. Demand: File revised return u/s 143(1) Demand Zero.

Scenario 3. Tax Paid: File revised return u/s 143(1) claim refund.

@Quicko I have paid tax via Quicko, and when I received the demand, I had already paid that via the Incometax website. Now, tell me how to submit a revised return to claim a refund.

2

Hello @hiren_parekh

ITD have extended the due date to file a revised / belated ITR for FY 2023-24 to January 15, 2025 in order to facilitate tax payers to claim rebate u/s 87A if it was not allowed while filing their original tax return.

However, ITD is yet to release the updated utilities for ITR 2 and 3 to enable taxpayers to file their revised / belated ITR.

We recommend you to wait till the utilities are out and then you can file a revised ITR to claim the rebate.

Thanks

3

@Quicko
Please post here when the utility is published by income tax department.

4

Hello @hiren_parekh,

The Income Tax Department has released the updated Excel utilities for ITR 2 and ITR 3 to file a revised/belated ITR for FY 2023-24.

You can now proceed to file your revised ITR and claim the rebate u/s 87A.

Let us know if you need any assistance!

Thanks.

5

@Quicko
but I filed tax via Quicko, when will that utility be available on your website?

6

@Quicko
I think they have also updated the online utility, right? will it be available on your website to claim a refund I will have to use the income tax website only

7

Hello @hiren_parekh

Yes, ITD have updated the utilities for ITR 2 & 3 to file a revised return and claim rebate u/s 87A.

We will be updating our system shortly.

However, since the due date is near, you can drop us an email on [email protected] and our team shall assist you in filing a revised ITR and claim rebate u/s 87A.

Thanks

8

@Quicko
so I will have to pay 1999rs to get back my money, which I have filed tax via Quicko only.
kya scheme hai, 25 din mai paisa double

9

Hello @hiren_parekh Since due date is near and we are yet to make the changes to our app, we request you to drop us an email from your registered email ID through which you filed your tax return on Quicko and our team shall assist you at no cost.

Thanks

10

@Quicko
I have already dropped mail but in return, Akash Jhaveri has sent me the ITR Notice Plan link
my email is [email protected]

11

Hi @hiren_parekh,

We understand your concern. This is something ITD has changed recently and our team is working on the same to make it live for all the users.

Since you are a DIY user, our team had shared advisory plan with you so one of the tax experts can help you file a revised ITR within the due date.

However, for better customer experience and looking at the shorter deadline, our team will assist you at no cost. We have shared an email to book a slot with our tax expert, where team will assist you to revise ITR.

Thank you.

12

Hey @hiren_parekh

We have an update. Our team helped you to file a revised ITR at no cost.

Feel free to reach out for any tax related query, we would be happy to help.

Thank you.

13

@Quicko
yes, it was fast
thanks a ton

14

Why you didn’t update your app or website to avail 87a rebate ? I was trying to file my itr before deadline through your website. But it shows 87a not available. Tommorow is the last date…

15

Hi @binil_george

We are awaiting a copy of High court order where it has been instructed to allow Rebate u/s 87A which was scheduled for yesterday, post which we will make the changes to our app.

You can download the JSON file from IT portal and re-file the ITR. In case you need our help, please email us on [email protected] and our team shall assist you to file a revised ITR claiming rebate u/s 87A.

Thanks