Probable mistake in tax calculator available at income tax website

This query is : Resolved

Manan Jain (Querist)
Follow

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

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

12 December 2024 Check properly,
I am getting basic tax as 30000
Add Cess: 1200
Total tax Rs. 31,200/-
Go for Advance calculator.
The first entry is in second raw and not third.
Even after that the result is not correct.

Message likes : 1 times

Manan Jain

Manan Jain (Querist)
Follow

13 December 2024 Thanks for reply, I checked many times there is typo in my query it is 3rd row only (Short Term Capital Gains (Covered under section 111A) Taxable at 20% Total) which I am talking about. So to re-explain the query I entered details as follows:
New regime; AY 25-26
Only Capital gains as follows:
1. (3rd row) STCG under 111A at 20%- 300K
2. (6th row) LTCG other than u/s 112A at 10% (before 23-07-24)- 300K
3. (9th row) LTCG other than u/s 112A at 12.5% (on/after 23-07-24)- 300K
Gross Total Income- 9L
Taxable Income- 9L
Total Tax- 0 (as per tax calculator on income tax website)

Now this should be like have basic tax as 30000 & 37500= 67,500.
Add. Cess- 2700
Total Tax- 70,200

I have also shared the PDF (even incl. 125000 exempted LTCG under 112A) too using the advance calculator. Still, it shows 0 total tax.

Upgrade to CAclubindia Pro. Subscribe Now!

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

13 December 2024 As such you are correct. The calculator is not working as you said; but by some trick I got it as basic tax + cess at 70,200/- + Interest u/s. 234B 702/- + u/s 234C 1824/- total Rs. 72730/- ...

Message likes : 1 times

Manan Jain

Manan Jain (Querist)
Follow

13 December 2024 Thanks for the confirmation, can you please suggest what should be done in this case now. To report also and for personal calculations too.

Message likes : 1 times

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

13 December 2024 First of all the calculator is not working properly for AY 2025-26, and it may get rectified before filing relevant ITRs. So, try to use any other calculators, if available online, rather trying tricks on that. I had used the 20% income in IFOS for check, & it replied. (assumed the highest rate 3L income will get nullified under basic exemption limit.)

Message likes : 1 times