17 January 2025
The Advanced Calculator at Income Tax website (https://eportal.incometax.gov.in/iec/foservices/#/TaxCalc/calculator) appears producing wrong calculation pertaining to income details for FY 2024-25 (AY 2025-26).
I request all experts to please guide me how to calculate tax in case of following example, as there is no reliable and publicly available tax calculator online.
Tax regime: Old tax regime Assessment year: 2025-26 Taxpayer category: Individual Residential status: Resident Age: Between 60-79 years (Senior Citizen)
Following capital gains realized on or after 23-07-2024:
1. STCG from Equity mutual funds: Rs. 2,48,000 2. STCG from Non-Equity mutual funds: 1,42,000 3. LTCG from Equity mutual funds: Rs. 1,91,000 4. LTCG from Non-Equity mutual funds: Rs. 2,25,000
FD/Savings Interest: Rs. 2,34,000
Total deductions (u/s 80C and 80TTB): Rs. 2,00,000
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