ICAI Requests Rebate u/s 87A for Income Tax on Short-term and Long-term Capital Gains

The ICAI has requested a rebate under Section 87A of the Income Tax Act for short-term and long-term capital gains. This section provides a rebate to individuals with taxable income up to ₹5 lakh, reducing their tax liability. The ICAI's proposal aims to extend this benefit to capital gains, which currently are not covered under this rebate. The recommendation seeks to alleviate the tax burden on taxpayers and encourage investment. The request reflects the ICAI's ongoing efforts to simplify tax compliance and support individuals in managing their financial obligations more effectively.