Probable mistake in tax calculator available at income tax website
This query is : Open
11 December 2024
Hello all,
I am facing a issue in new tax calculator available online on income tax portal.
When we put 3L income in the new regime under Short Term Capital Gains (Covered under section 111A) taxable at 15% Total (3rd row), same 3L in Long Term Capital Gains (Charged to tax @ 10%, other than LTCG u/s 112A) Total (6th row) and same in Long Term Capital Gains (Charged to tax @ 12.5%- other than covered u/s 112A) Total in (9th row).
Selecting the new regime for AY 25-26, even when taxable income adds to 9L it shows zero tax how is it possible? It would be great if someone explains.
PDF of calculation
https://drive.google.com/file/d/1E3B2dG-2gjDXrHcZCYgoh6DRCSbiNbsX/view?usp=sharing
Calc used:
https://eportal.incometax.gov.in/iec/foservices/#/TaxCalc/calculator
I am facing a issue in new tax calculator available online on income tax portal.
When we put 3L income in the new regime under Short Term Capital Gains (Covered under section 111A) taxable at 15% Total (3rd row), same 3L in Long Term Capital Gains (Charged to tax @ 10%, other than LTCG u/s 112A) Total (6th row) and same in Long Term Capital Gains (Charged to tax @ 12.5%- other than covered u/s 112A) Total in (9th row).
Selecting the new regime for AY 25-26, even when taxable income adds to 9L it shows zero tax how is it possible? It would be great if someone explains.
PDF of calculation
https://drive.google.com/file/d/1E3B2dG-2gjDXrHcZCYgoh6DRCSbiNbsX/view?usp=sharing
Calc used:
https://eportal.incometax.gov.in/iec/foservices/#/TaxCalc/calculator
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