ITR Revision for claiming Income Tax Rebate Benefit: FAQs

Today is the due date for the revision of Income Tax Return (ITR) for Financial Year 2023-24.

This due date was extended from December 31, 2024, to January 15, 2025, on an interim order of the Bombay High Court to ensure that all taxpayers eligible for the rebate under Section 87A are allowed to exercise their statutory rights without facing procedural impediments. This miss, if you miss revising your ITR, you will miss the chance to claim the Income Tax Rebate.

Now many Taxpayers have a query that do we need to revise ITR in all the cases related to Income Tax Rebate? Answer to this question is given below:

ITR Revision is required for claiming rebate benefit under the new income tax regime on special income like Equity short term capital gain only in cases where earlier ITR was filed without claiming a rebate and now you want to claim the same.

What if ITR was filed claiming the rebate benefit and you got a demand notice from the department and you have paid the demand?

Wait for the order of the Bombay High Court. Check if the Department agrees to it or goes for further litigation. Even if Department agrees to it, there are less chances that they will issue refund for the demand paid.

What if ITR was filed claiming the rebate benefit and you got a demand notice from the department and you have not paid the demand?

Wait for the order of the Bombay High Court. Check if the Department agrees to it or goes for further litigation. If Department agrees to it, then obviously no need to pay the demand.