Tag Archives: CPC

Revision under Section 264 cannot be invoked to amend a return after the statutory time limit expires.

By | August 18, 2026
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Revision under Section 264 cannot be invoked to amend a return after the statutory time limit expires. Issue Whether a taxpayer who failed to claim a statutory deduction/tolerance limit under Section 43CA in their original return, and did not file a revised return within the prescribed statutory period, can seek to amend their income/tax liability… Read More »

Section 87A rebate is available against tax on short-term capital gains under section 111A.

By | July 16, 2026
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Section 87A rebate is available against tax on short-term capital gains under section 111A. Issue Whether a resident individual governed by the default tax regime under section 115BAC(1A) is entitled to a tax rebate under section 87A against the tax payable on short-term capital gains chargeable under section 111A, provided their total income does not… Read More »