Hi, I am trying to calculate advance tax using the tax calculator on Quicko as well as on the IncomeTax website and both of them show different results for the same numbers. Please let me know if there are issues on Quicko website.
I am entering the following info:
Regime: NEW , Adult below 60 yrs , FY 23-24
HP income : 1,55,133
STCG @ 15% : 3 lacs
STCG @ Slab Rate : 53,544
LTCG on Equities @ 10% : 2,50,000
Quicko calculator somehow reduces Section 87A rebate to zero while IT website calculator reduces it only by Rs 680. the entire calculation around Sec 87A in new regime is confusing so I cant decipher which one is correct. To me both seem wrong as I would expect the rebate to be reduced by 12K as I have 12K income exceeding 7 lacs.
Calculation images below: