The income tax calculator on the web site of the Revenue Tax Division is likely one of the most generally used on-line utilities in India. It seems as if the calculator is making a mistake with regard to the set off of loss from home property towards wage revenue. The error is as on 16-Jan-2018.
You could remember that in FY 2017-18 the federal government launched a restrict on the loss from home property which could be set-off towards quantities underneath different heads of revenue. See here for extra info. In case the loss from home property is greater than Rs 2 lakh, the set off is to be restricted to Rs 2 lakh. In different phrases, the loss from home property quantity past Rs 2 lakh must be ignored and can't be used for set off within the yr. The revenue tax calculator on the Revenue Tax Division website considers all the loss (from home property) quantity for set off even when the loss is in extra of Rs 2 lakh. We entered some dummy knowledge on the tax calculator to examine.
As you'll be able to see on the above screenshot, the calculator considers all the loss (from home property) quantity for set off even when the loss is in extra of Rs 2 lakh. Provided that we're within the final quarter of the tax yr, we request the Revenue Tax Division to rectify this error on the earliest.
Posted in: Blog