Advance Tax Calculator on Quicko - Sec 87A calculation seems incorrect?

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1

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.

Please help.

Calculation images below:

IT website tax calc
IT website tax calc751×1548 86.2 KB

Quicko IT calc
Quicko IT calc588×773 43.2 KB

2

Hey @Vijay_Sharma,

Based on the income situation mentioned above, you will not be eligible for a rebate u/s 87A as the taxable income exceeds ₹7L. Hence, the tax liability will be ₹40,890.
However, as your income exceeds by only ₹12,137 over ₹7L, marginal relief will be allowed under the new tax regime. Hence, the new tax liability will be ₹25,317 + 4%cess.

Here’s a detailed read on marginal relief.

I’ve also passed the feedback to my team for including marginal relief in the calculation.

3

Great, thank you, Alas, we don’t have such a forum for the Income Tax website to correct their calculations. Its unfortunate that they have an incorrect calculations misleading the tax payers.