Section 87A Rebate Issue: CBDT to Extend ITR Deadline to Jan 15 after Bombay HC Order

The CBDT is set to extend the deadline for filing Income Tax Returns (ITR) to January 15, 2024, in response to a Bombay High Court order regarding Section 87A rebates. The Bombay High Court had ordered that the deadline for ITR filing should be extended to accommodate taxpayers claiming the rebate under Section 87A. The extension allows more time for individuals to file their returns and claim the rebate, which is available for taxpayers with a net taxable income below a certain threshold. This decision provides significant relief to taxpayers, ensuring that they will not miss out on important tax benefits due to the earlier deadline. The move is expected to reduce last-minute rushes and help in smoother processing of ITRs.