Wrong Tax Calculation in IT Portal
This query is : Resolved
Quick Summary
04 April 2024
Sir,
While verifying IT liability using income tax calculator shown in IT portal, an error was noticed. When a person having a total income after standard deduction of Rs. 50,000 amounts to Rs. 5,60,000. As per the new Regime, person having Gross total income up to 7,50,000 does not have any tax liability. But the tax calculator shows a tax liability as per the new regime of Rs. 3,120. Is it Correct?
While verifying IT liability using income tax calculator shown in IT portal, an error was noticed. When a person having a total income after standard deduction of Rs. 50,000 amounts to Rs. 5,60,000. As per the new Regime, person having Gross total income up to 7,50,000 does not have any tax liability. But the tax calculator shows a tax liability as per the new regime of Rs. 3,120. Is it Correct?
Dhirajlal Rambhia
(Expert)
05 May 2024
The tax calculator is correct to show the tax over the income. The liability gets nullified after applicability of rebate.
Dhirajlal Rambhia
(Expert)
08 September 2024
Good Luck.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- EPF ECR NEW FILE SEP 17TH 2026
- TDS on Fixed Assets purchased
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- Under marginal scheme
- Oct 2025 Invoices
- Utilisation Fy 25-26 TDS challans in Fy 26-27 TDS Return
- Import of Software Service.
- GST on Renting godown to KFCSC for Storage of Raagi
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- TAX AUDIT ON PROFESSIONAL INCOME
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
