Income Tax Rebate: "The updated utilities for ITR forms 2 and 3 giving effect to the Circular No. 21 dated 31st December 2024 and including the option to update 87A rebate will be made available shortly," said the Income Tax Department. This means you can soon expect to file a revised ITR or belated ITR to claim 87A tax rebate if eligible. By claiming 87A tax rebate, your total tax liability gets reduced and in some cases it gets nil.
