Good news for taxpayers: ITR forms to allow 87A tax rebate claims have now been updated however there is a catch

Income tax rebate u/s 87A: Eligible taxpayers who have income up to Rs 5 lakh/7 lakh can claim tax rebate under section 87A up to Rs 12,500/25,000. The Income Tax Department has now updated the excel utility to allow 87A tax rebate claims. "The updated excel utilities for ITR Forms 2 and 3 to exercise the option to update rebate u/s 87A for AY 2024-25 are now available."