However, remember that from FY 2025-26, the income tax rebate generally won’t apply to specific long-term capital gains on listed shares and equity-oriented mutual funds taxed under Section 112A. Q5: Do I have to calculate this rebate myself when I file taxes?

A: No, most online tax filing sites and the government’s tax portal will automatically figure out and apply the income tax rebate under Section 87A if you qualify. You just need to accurately report all your income and eligible deductions, and the system will take care of the calculation.