Tax Utility updated to allow Tax Rebate 87A as per Bombay HC decision - what to do now?

[@hiteshgehi4413]

Very detailed and cover all scenarios. Thank you sir

[@Healthystan365]

I generally dont like and comment but quality of information in this video is great. No one else on internet had given this information about whether we can file return by switching regime or not and in which cases. Keep up the good work. Now looking for details like return to be filed in section 139(5) or something else. If possible, please clarify

[@knowledgeupdates6940]

Glad it was really helpful to you. Return to be filed u/s. 139(5).

[@JigneshVanra-ji6uv]

Very Much helpful Video Sir. The Way you Simplified the Things is Awesome. Whenever I stuck in some issues, I always search weather you have posted something on that or not. Thanks and Keep going.

[@knowledgeupdates6940]

Glad to hear that

[@caashishnboda2828]

Thanks you sir for this guidance🙏

[@knowledgeupdates6940]

Always welcome

[@jalakvora1746]

Rather than filling revised return can abnormaly issued demand set off through reprocessing of return through exercising rectification u/s 154 ???

[@knowledgeupdates6940]

Yes, can be done.

[@CaAmardeepgupta87]

Sir, wonderful session. What option available for Assessee who had paid demand against such notices and how claim refund for the same.

[@knowledgeupdates6940]

Thanks. Once you file revised return, the refund will be processed.

[@kantilaljain7271]

In cases where demand is raised by not allowing rebate u/s 87A and demand is not paid .in revised return nothing is to be corrected.so what should be done whether to file revised return or file rectification application with reprocess option.before judgement in three cases we had filed rectification but it is rejected .what is safer side whether to file revised return or rectification because after 15th revised return may not be permitted.pl advise

[@knowledgeupdates6940]

File revised return

[@pratikshah7627]

Sir what will be the effect of assessee opts to reprocess instead of filing revised return?

[@knowledgeupdates6940]

It can be done.

[@JOHNISHPATEL]

But sir, portal not allowed to file revised return in new regime if original return was filed in old regime with form 10IEA.

[@knowledgeupdates6940]

Kindly check again in updated utility.

[@gpjain8937]

Thank you for the detailed video. Had income from LTCG on property sold, 87A was not allowed and refund was reduced and paid accordingly. Can we revise and claim it. Thank you.

[@knowledgeupdates6940]

Yes, revised return can be filed.

[@akshaydoshi2335]

​@@knowledgeupdates6940Tax on LTCG was never allowed for rebate u/s 87A earlier.

[@knowledgeupdates6940]

Rebate u/s 87A is available on sale of long-term capital assets, but it is not applicable in case of long-term equity shares and mutual funds i.e. on Long Term Capital Gains from equity or others as specified under section 112A

[@DarshanPanchasara-c7s]

Great Cover Thanks. sir tell me one thing can i reply to demand raised as disagree with demand as i already filed revised return

[@knowledgeupdates6940]

File revised return.

[@Ashis80h94]

Sir if we have paid the demand now can claim refund for it ?

[@knowledgeupdates6940]

yes, you can claim refund by filing revised return.

[@idhardhyando]

How to Claim the Regular Assessment Tax paid under the hear 400, while filling the return now ?

[@knowledgeupdates6940]

Yes, you can claim refund by filing revised return and show paid tax under self assessment tax

[@devangprajapati6501]

What if I paid amount of Demand Notice ? Can I claim my tax paid due to 87A disallowance back?

[@knowledgeupdates6940]

you can claim refund by filing revised return

[@krishnaanjirwala2976]

If we HV paid tax of demand notice,then can we claim refund?

[@knowledgeupdates6940]

yes, file revised return and claim refund of tax paid

[@DarshanPanchasara-c7s]

return filed before 5th july 2023 and refund due in ITR currently ITR is still under processing and claim 87A rebate against special rate of taxes can i filed revised return or reprocessed the return ?? or not to do anything ITR file in New tax Regime

[@knowledgeupdates6940]

File either of revised return or reprocess.

[@natwarlalsarda7521]

If demand raised and paid under 400 code then can we claim refund back sir

[@knowledgeupdates6940]

Yes, you can claim refund by filing revised return and show paid tax under self assessment tax

[@RAMESHTAK-et5ht]

SIR I FILED MY ITR BEFORE 5 JULY NEW REGIMN, BUT DEMAND RAISED ON STCG AND I HAVE PAID DEMAND IN SEP MONTH.SO I WANT TO KNOW THAT CAN I CLAIM REBATE 87A ?IF YES THEN HOW TO CLAIM ONLINE EXCEL UTILITY ??

[@knowledgeupdates6940]

If you have get less rebate as allowed u/s. 87A, you can file revised return in updated utility and get refund, if tax already paid.

[@rpfamily4755]

Sir ji Mujhe already 7422 ka refund mila hai,I think voh FD interest ke jyda TDS cut hua tha uspe mila hai 1k belated itr ki penalty cut karke mujhe 6422 ka refund claim hua hai mere bank account me Abhi Mai eligible hu kya 87A rebate ke liye? Aur agar eligible hu toh abhi mai Under section 87A me 25000₹ dalu ya 7422 joh mujhe tds refund dikha raha tha pahle voh 25k se minus karke bacha hua amount joh ki 17578 banta hai voh dalu 87A ki rebate me?

[@knowledgeupdates6940]

Rebate is not fixed Rs. 25,000. Pls check in government utility based on your total income and nature of income, whether you are eligible or not.

[@jatinGauba]

I had filed itr under onld scheme with stcg of 150000, ltcg of 3.2L, other income of 1 lakh and deduction under 80 c of rs 1 lakh. My total income was 470000 and have to pay 8k tax. Since total income is less than 5 lakh i will be eligible for 87 a rebate ?

[@knowledgeupdates6940]

Yes, rebate eligible

[@ankitmonapara4044]

Sir, what if we have made payment of demand? Can we get refund of that payment?

[@knowledgeupdates6940]

Yes, you can get refund, if payment is already made.

[@mohitagrawal4712]

What will happen to the outstanding demand amount which I have already paid. how will I get refund of it

[@knowledgeupdates6940]

Once you file revised return, the refund will be processed.

[@neerajks21]

What if return is not yet processed

[@knowledgeupdates6940]

file revised return.

[@rahulsiddhishah]

Wat if demand paid sir in 400 code? I paid demand of stcg 24500

[@knowledgeupdates6940]

Yes, you can claim refund by filing revised return and show paid tax under self assessment tax

[@KaranBansal.97]

But demand is paid , now how i can get that back

[@knowledgeupdates6940]

You can claim refund by filing revised return and show paid tax under self assessment tax

[@VishvasMistri]

In my opinion, one can reprocess the original return for the said issue. It will not be mandatory to revise the return to claim the said rebate.

[@knowledgeupdates6940]

Reprocessing can be done.

[@harishsuthar4065]

Demand raise ho gai or demand paid bhi kar di now what is do. Revised n rectification

[@knowledgeupdates6940]

If you file revised return with updated return, than refund will be processed if amount is paid in excess.

[@balkishangoyal2]

Demand 87a under regular assessment tax 400 paid what I do

[@knowledgeupdates6940]

Yes, you can claim refund by filing revised return and show paid tax under self assessment tax

[@Adarsh-qj2rq]

Sir who has paid the outstanding demand, how could they reclaim their paid tax demand?

[@knowledgeupdates6940]

File revised tax return and show tax paid in self assessment

[@Adarsh-qj2rq]

@knowledgeupdates6940 Thank you so much sir

[@balkishangoyal2]

Demand pay how I claim

[@knowledgeupdates6940]

you can claim refund by filing revised return.