Excel Utility to Update the Rebate u/s 87A released by Income Tax Department had changed
The Income Tax Department had changed Excel Utility to Update the Rebate u/s 87A.
Now, the utility allows to place the figure of rebate U/s 87A manually too. Taxpayer can file the ITR by placing 87A figure manually which was not available under earlier utility.
It may be noted that the release of the utility doesn’t means Department had allowed Rebate u/s 87A and that’s why the wording in the income tax portal were “The updated utilities for ITR Forms 2 and 3 to exercise the option to update 87A rebate for AY 2024-25 will be made available shortly.”
Here are few screen shot of the issue from income tax portal.
Pic 1
The Utility is calculating tax without giving rebate against special income as earlier but the tax payer can edit the rebate manually
Pic 2
Edited the Rebate amount manually to the extent of tax
Pic 3
Screenshot of earlier utility where rebate amount was non editable
If my view is correct then the department will not change the JSON Schema because JSON Schema allows you to claim rebate even after 5th July and such ITR got processed with demand due to the extent of tax on special income + interest on delayed payment
