An amendment from the Income Tax Department permits taxpayers to file amended or late ITRs in order to receive the 87A tax refund for FY 2023–2024. This action, which complies with an order from the Bombay High Court, provides relief to qualifying taxpayers who make ₹5,00,000 or less a year. The distinctions between the rebate limitations under the previous and current tax regimes are also highlighted in the update. Discover how to make your rebate claim and make sure you're in compliance with this updated framework.

Tax experts suggest that the government may need to raise the threshold for the highest Personal Income Tax (PIT) rate, currently set at 30% and applicable from Rs 15,00,000 to at least Rs 20,00,000.