Claimed a capital gains tax refund under section 87A. Demand notices are sent by the income-tax department.

Taxpayers were no longer eligible to claim rebates under Section 87A for a variety of special rate incomes, including as short-term capital gains on stocks or mutual funds that were subject to Section 111A taxation, according to the ITR filing utilities. claimed a capital gains tax refund under section 87A.

Demand notices are sent by the income-tax department. Section 87A tax rebates assist taxpayers in reducing their tax obligations under both the old and new tax systems. This rebate was available to taxpayers on even special-rate revenues, including short-term capital gains, prior to July 5. After July 5, however, the tax authorities changed the guidelines for taxpayers to prevent them from claiming a refund under 87A for short-term capital gains.

Read More