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Time of India
21 hours ago
- Business
- Time of India
Taxable income below Rs 7 lakh: Will you pay zero income tax if this income includes LTCG and STCG for FY 2024-25?
Tax experts' view on tax rebate availability under Section 87A on LTCG, STCG Academy Empower your mind, elevate your skills NTR (No rebate u/s 87A on Capital gains, Adjustment against Basic exemption available) OTR (Rebate u/s 87A on Capital gains available except Covered U/s112a, Adjustment against Basic exemption also available) 1. No tax payable if the total taxable income(excluding any Capital gains) is upto 7 lakhs. Rebate u/s 87A is only available on income other than capital gains 1. No tax payable if the total taxable income(including any Capital gains) is upto 5 lakhs. Rebate is also available for STCG & LTCG(except Covered U/s112a) 2. On any capital gains. The tax is payable at applicable rates even if the taxable income is below 7 lakhs. NO rebate available 2. The taxable income should be below 5lakhs without giving the benefit of exemption of 1.25 under LTCG. Refer case 9 & 10 3. The adjustment of Capital gain is only available if the taxable income is below exemption limit i.e 3lakhs in NTR for FY 2024-25 3. The adjustment of Capital gain is available even if the taxable income is above basic exemption limit i.e 2.5 lakhs in OTR for FY 2024-25, but below 5lakhs 3. The chronology of adjustment against basic exemption will be STCG first & followed up by LTCG 4. The chronology of adjustment against basic exemption will be STCG first & followed up by LTCG New Tax Regime STCG LTCG u/s 112A LTCG Rebate u/s 87A No No No Adjustment against Basic exemption Yes Yes Yes Old Tax Regime STCG LTCG u/s 112A LTCG Rebate u/s 87A Yes No Yes Adjustment against Basic exemption Yes Yes Yes What if your total taxable income (excluding LTCG and STCG) is below the basic exemption limit? The income tax laws applicable for FY 2024-25 allow zero tax payable under the new tax regime if your net taxable income is under Rs 7 lakh. Just a heads up, last year, when you filed your ITR, the Income Tax Department did not allow tax rebates on special incomes such as short-term capital gains and long-term capital gains. Plus, Budget 2025 has clarified that starting from FY2025-26, you won't be able to claim the tax rebate under Section 87A on incomes taxed at a special rate. But what about this assessment year? Can you still get a tax rebate on special incomes when you file your ITR this year for FY 2024-25 (AY 2025-26)?To understand this better, picture this: Let's say your taxable income, not counting LTCG and STCG , is Rs 4.5 lakh. For FY 2024-25 (AY 2025-26), you have LTCG of Rs 75,000 and STCG of Rs 30,000 from equity mutual funds. This brings your total taxable income to Rs 5.55 lakh for FY 2024-25. Since your total taxable income (including LTCG and STCG) is under Rs 7 lakh, can you claim a tax rebate, or do you need to pay tax on LTCG and STCG?ET Wealth Online reached out to tax experts to find out if the tax rebate under Section 87A applies to all incomes, including special incomes, when filing the ITR for FY 2024-25 (AY 2025-26).Suresh Surana, Practising Chartered Accountant, says, "If a resident individual's total taxable income for FY 2024-25 (AY 2025-26) is below the specified threshold, then they may be eligible for a full tax rebate under Section 87A, subject to conditions."Also Read | Capital gains tax ready recknor for house property, listed equity The threshold income to be eligible for 87A rebate under new tax regime for income earned in FY 2024-25 is Rs 7 lakh. This threshold under old tax regime is Rs 5 lakh. The income tax laws allow tax rebate of Rs 12,500 under the old tax regime and of Rs 25,000 under the new tax regime under Section 87A. Due to the tax rebate, there is no tax payable on net taxable incomes up to Rs 5 lakh in the old tax regime and Rs 7 lakh in the new tax regime for FY 2024-25 (AY 2025-26).But the next big question is whether this threshold income will include LTCG and STCG."Such a tax rebate cannot be claimed against LTCG and STCG on equity-oriented mutual funds and listed shares, as these are taxed at special rates under Sections 112A and 111A, respectively, under the new tax regime. Even in such cases, a taxpayer can utilise the basic exemption limit to reduce the taxable portion of capital gains," explains the selection of tax regime will play the most crucial role in determining whether you will get LTCG and STCG included in income for considering 87A tax rebate Kaushik, Co-founder & CEO, Taxspanner (a Zaggle company), says, "The ITR utilities enable tax rebates under Section 87A on all incomes, including LTCG (except those covered under Section 112A) and STCG, if the taxpayer has opted for the old tax regime for FY 2024-25. What it means that LTCG and STCG income can be included to determine threshold for 87A under old tax regime for all asset classes except for LTCG on equity and equity-oriented mutual funds. However, if the taxpayer has chosen the new tax regime for AY 2025-26, then tax rebate under Section 87A is not allowed on the incomes taxed at special rates. What it means that all LTCG and STCG income which are calculated at special rates are not eligible to be included in income for determining the threshold for 87A rebate."Abhishek Soni, CEO of Tax2Win, an ITR filing website, says, "The Income Tax Department's utility for ITR filing for FY 2024-25 does not allow the rebate under Section 87A under the new tax regime if the income is taxed at special rates. However, under the new regime, the rebate can still be claimed if capital gains are taxed at normal slab rates (STCG on property or gains on debt mutual fund purchased on or after April 1, 2023). Under the old tax regime, the rebate under Section 87A is allowed on all types of income (except long-term capital gains under Section 112A) as long as the total income does not exceed Rs. 5 lakh."Also Read | ITR-1, ITR-2 or ITR-3: Which tax return form applies to your income? Vishwas Panijar, Partner, Nangia Andersen LLP, says, "For FY 2024-25 (AY 2025-26), individuals opting for the new tax regime with total income not exceeding Rs 7 lakh are eligible for a rebate of Rs 25,000 under Section 87A. The rebate is available even in case of LTCG/STCG other than LTCG arising from listed securities taxable under Section 112A. In other words, if the long- term capital gains (LTCG) that are part of your total income do not come from selling listed stocks or equity mutual funds, you can get a tax rebate of up to Rs 25,000. Similarly, a taxpayer can claim tax rebate on STCG from equity and equity mutual funds."Akhil Chandna, Partner, Global People Solutions Leader, Grant Thornton Bharat, says, "In our view, a resident taxpayer is entitled to claim rebate on income up to Rs 7 lakh (under new tax regime) on STCG arising from equity shares and/or equity mutual funds. However, such rebate is not available for LTCG on equity shares and/or equity mutual funds."Source: TaxspannerSource: TaxspannerThe basic exemption limit under the old and new tax regimes is different for FY 2024-25 (AY 2025-26).The basic exemption limit is Rs 2.5 lakh (Rs 3 lakh for senior citizens and Rs 5 lakh for super senior citizens) under the old tax regime and Rs 3 lakh (for all individuals) in the new tax regime for FY it is important to note that STCG and LTCG from listed equity shares and equity mutual funds are taxed at special says, "If someone earns less than the basic exemption limit (i.e., Rs 3,00,000 for the new tax regime and Rs 2,50,000 for the old tax regime for FY 2024-25), then the resident taxpayer can benefit from this exemption on special-rated income. Accordingly, if a resident of India has income solely from STCG and LTCG and other income is less than Rs 7 lakh, the taxpayer should look at the relief options available, like the basic exemption limit and rebate (as applicable). In these cases, not all of the LTCG and STCG will necessarily be taxed at special rates."The income tax laws allow taxpayer to claim exemption of up to Rs 1.25 lakh in a financial year on long-term capital gains from listed shares and equity mutual funds. This means that LTCG tax will be payable only in situations where LTCG exceeds Rs 1.25 lakh in a financial says, "The Income Tax Act allows a resident individual whose total income (excluding STCG and LTCG) is below the basic exemption limit to adjust STCG under Section 111A and LTCG under Section 112A against the unutilized portion of the basic exemption limit. This benefit is applicable regardless of whether the taxpayer opts for the old or new tax regime, provided certain conditions are met.""In either regime, if the total income (excluding STCG, LTCG, casual income) falls below the basic exemption threshold, the shortfall w.r.t. to such LTCG and STCG can be adjusted against such basic exemption limit. As such, taxpayers can adjust STCG and LTCG from equity mutual funds and shares under Sections 111A and 112A against the basic exemption if one's total income, including these gains, is below the basic exemption limit, in both the old as well as the new tax regime," Surana told to ET Wealth Online.
Associated Press
2 days ago
- Health
- Associated Press
New Book Empowers Dementia Care Partners to Navigate Challenges with Confidence and Calm
NH, UNITED STATES, July 22, 2025 / / -- Ann Olson, OTR/L, a seasoned occupational therapist with over 25 years of experience, announces the release of her insightful new book, 'Making Peace with Dementia: An Occupational Therapist's Formula for Optimizing Care and Restoring Calm.' This 164-page guide offers families and care partners practical, empathetic tools to better support loved ones living with dementia. Grounded in Olson's extensive expertise and compassionate approach, 'Making Peace with Dementia' redefines how care partners approach their roles. The book highlights a pivotal yet surprising truth: mastering dementia care depends less on changing the individual with dementia and more on equipping care partners with practical strategies to manage and reduce stress. The guide is divided into three core sections designed to empower care partners by exploring techniques for creating calm in their loved ones, cultivating a supportive environment, and finding personal clarity and balance. Olson's conversational and relatable style makes complex concepts accessible, helping readers sustain their energy, improve communication, and prepare for the future with pragmatic expectations. 'Families caring for loved ones with dementia often feel overwhelmed and lost,' says Olson. 'This book is my way of helping them discover that by learning practical strategies and rethinking their approach, they can create a more meaningful and peaceful experience for everyone involved.' Ann Olson's professional background in treating neurological conditions, combined with her work as a dementia educator, coach, and senior living consultant, makes her uniquely positioned to offer this much-needed resource. Additionally, in 2022, Olson founded Sweet Basil Senior Care, an organization dedicated to supporting families navigating life with dementia. The book is an invaluable resource for anyone seeking to enhance their caregiving skills, reduce tension, and rediscover joy in their relationships with those impacted by dementia. 'Making Peace with Dementia' (ISBN: 9781966074953 / 9781966074946) can be purchased through retailers worldwide, including Amazon and Barnes & Noble. The hardcover retails for $29.99, the paperback retails for $19.99, and the ebook retails for $2.99. Review copies and interviews with the author are available upon request. For more information or to purchase the book, visit Amazon. From the Back Cover: Making Peace with Dementia was written for the dementia care partner who often is thrust into a difficult situation and struggles to provide care at the cost of their own health and happiness. Author Ann Olson, an expert with decades of experience in dementia care, provides you with practical, easy-to-read guidance. Her book offers insight into the changes associated with dementia and equips you with strategies to side-step conflict, communicate effectively, and enhance safety and engagement. Through real-life examples, Olson illustrates realistic and successful approaches for managing a variety of challenging situations. Numerous techniques are shared to help you prioritize your well-being and navigate dementia with greater calm, confidence and peace of mind. About the Author Ann Olson, OTR/L, is an occupational therapist specializing in neurological conditions, including dementia. Over her 25-year career, she has worked as a senior living consultant, educator, and dementia caregiver coach. Olson is also the founder of Sweet Basil Senior Care. She lives in Minneapolis, Minnesota, with her husband and dog, Violet. About MindStir Media: MindStir Media LLC is an award-winning book publisher. To learn more about publishing a book with MindStir Media, visit or call 800-767-0531. Michelle VanSledright MindStir Media LLC +1 800-767-0531 email us here Legal Disclaimer: EIN Presswire provides this news content 'as is' without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
Time of India
3 days ago
- General
- Time of India
Over 50K fill OTR for asst teacher recruitment
Prayagraj: Within just six days of announcement of 7,466 LT Grade (assistant teacher) vacancies in govt secondary schools in Uttar Pradesh, over 50,000 new candidates have filled the One-Time Registration (OTR) on the Uttar Pradesh Public Service Commission (UPPSC) website. The OTR system, implemented by UPPSC in Jan 2023, streamlines the application process. Candidates are no longer required to repeatedly enter personal information or upload documents like photos and signatures for every recruitment. This has simplified and expedited the application process for various examinations conducted by the commission. As of July 14, the total number of candidates who completed OTR stood at 21.70 lakh. This figure has now surged to 22,26,555, out of which 22,25,909 candidates have completed verification, and 22,25,305 were allotted OTR numbers. Excitement among aspirants is evident as online applications for the LT Grade recruitment are set to begin on July 28, marking the first such largescale recruitment since 2018. After a long wait of seven years, many candidates see this as a crucial opportunity to secure a teaching position in govt schools. tnn
Indian Express
3 days ago
- Politics
- Indian Express
RO/ARO 2025: From AI to social media monitoring, UP govt's strict security for exam
The Uttar Pradesh government has implemented a comprehensive strategy involving advanced technology, strict confidentiality protocols, and robust administrative oversight to ensure fair and transparent conduct of the Review Officer/Assistant Review Officer (RO/ARO) exam on July 27. The examination will be conducted in a single shift from 9:30 am to 12:30 pm across all 75 districts of the state. The government has roped in the state public service commission to implement the strategy. According to a statement, exam monitoring will be carried out through a combination of artificial intelligence, CCTV surveillance, and social media tracking to eliminate the risk of malpractice, paper leaks, or any form of misconduct. While candidate identification and centre allocation have been fully digitised to ensure transparency and eliminate potential bias, each district magistrate will serve as the nodal officer, empowered to oversee the entire examination process and take immediate action when necessary. A total of 2,382 exam centres have been established to accommodate over 10.76 lakh candidates. The exam centres have been assigned through a computer-generated randomisation process, and e-admit cards are linked to an eight-step verification system under the One Time Registration (OTR) process. To maintain strict confidentiality, question papers have been prepared in two separate sets by different printers. Just 45 minutes before the exam, a computer-based randomisation process will determine which set is used. Each question paper will be available in eight jumbled series, each marked with a unique and variable barcode. These papers will be securely stored in confidential trunk boxes with triple-locking mechanisms and five-layer tamper-proof packaging. This entire process will be monitored through live CCTV streaming at the centre, district, and commission levels, the statement said. Entry into exam centres will require biometric authentication and facial recognition. Dual-layer frisking will be conducted jointly by the police and the implementing agency. To ensure rigorous supervision at each exam centre, a team consisting of a sector magistrate, a static magistrate, a centre administrator, two deputy centre administrators, and trained invigilators will be deployed. The centre administrator will appoint half of the invigilators, while the district magistrate or district school inspector will assign the other half. Invigilator duties will also be determined through computer randomisation to ensure impartiality. A dedicated social media monitoring cell has been established to track and respond swiftly to any rumours, leaks, or suspicious online activity.
Time of India
3 days ago
- Politics
- Time of India
RO/ARO exam: UPPSC rolls out robust strategy
Lucknow: Ahead of the review officer/assistant review officer (RO/ARO) examination 2023 on July 27, the Uttar Pradesh Public Service Commission (UPPSC) has taken a slew of measures to ensure a fair, transparent and disruption-free exam that will see over 10.76 lakh candidates. To eliminate the risk of malpractice, paper leaks or any form of misconduct, a comprehensive strategy was framed involving advanced technology, strict confidentiality protocols, robust administrative oversight and stringent security arrangements. Monitoring will be carried out through a combination of artificial intelligence, CCTV surveillance and social media tracking. The examination will be conducted in a single shift at 2,382 centres across all 75 districts of the state, from 9:30 am to 12:30 pm. In each district, the district magistrate will serve as the nodal officer for supervision. To maintain strict confidentiality, question papers were prepared in two separate sets. A computer-based randomisation process will determine which set to use, just 45 minutes before the exam begins. Each question paper will be available in eight jumbled series, each marked with a unique and variable barcode. These papers will be securely stored in confidential trunk boxes with triple-locking mechanisms and five-layer tamper-proof packaging. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Global Indices Are on the Move — Time to Trade! IC Markets Learn More Undo This entire process will be monitored via live CCTV streaming at the centre, district, and commission levels. Candidate identification and centre allocation have been digitised to ensure transparency and eliminate potential bias. Examination centres have been assigned through a computer-generated randomisation process. E-admit cards are linked to an eight-step verification system under the One Time Registration (OTR) process, which includes critical personal information such as name, father's name, date of birth, category, high school year and roll number. Entry into exam centres will require biometric authentication and facial recognition. Dual-layer frisking will be conducted jointly by the police and the implementing agency, said a govt spokesperson. To ensure rigorous supervision at each exam centre, a team consisting of a sector magistrate, a static magistrate, a centre administrator, two deputy centre administrators, and trained invigilators will be deployed. The centre administrator will appoint half of the invigilators, while the district magistrate/district inspector of schools will assign the other half. Invigilator duties will also be determined through computer randomisation to ensure impartiality. Additionally, a dedicated social media monitoring cell has been established to track and respond swiftly to any rumours, leaks, or suspicious online activity. The use of electronic devices will be strictly prohibited within examination centres.
