Hi,
I am trying to estimate tax liability with an example on the Income Tax Estimator on the official IT website & the Income Tax calculator on ClearTax website. Both are giving same answers. But that answer does not match with the Income Tax slabs. Kindly calculate the below let me know what is the tax liability. Also cross check it in online calculators.
Senior Citizen (60+, Male, Pensioner) - New Tax Regime
Salary = 4,50,000
Standard Deduction = 50k
Interest Income = 3,10,000
Total taxable income = 7,10,000
What should the Income tax be? Kindly also input the above values in IT websites Tax Estimator & ClearTax websites tax calculator.
Side Note:
When I increase interest income to 3.2L (total = 7.2L) bothe sites still gives an answer that doesnt match the IT slabs.
In both of the above situations it shows that sec 87A rebate was partially applied! (when in fact it should not have been at all)
When interest income is 3.3L or more (total=7.3L) no rebate is applied.
CAclubindia
