I’m fairly new to investments, began simply this 12 months. I’m attempting to know totally different tax charges in numerous situations and needed to check my understanding.
I discovered this: INCOME AND TAX CALCULATOR
I used to be attempting to enter random numbers right here and there and see if it matches my expectations. However this part on capital features may be very complicated to me:
I can’t appear to enter unfavorable numbers in any of those, and it’s unrealistic that there’ll by no means be a loss. So I don’t perceive how do individuals report losses.
- Is it the case that it’s limitation of this calculator solely and the precise ITR web page will help unfavorable values?
- Or, is it the case that ITR web page could have the values right here robotically due to the brand new plans of “pre-filling”? And, it’ll not be required by us to report unfavorable (and optimistic as properly) values?
- Or, is it actually the case that nothing must be reported in case of loss, and clean or zero discipline is ample? And tax will probably be calculated on features solely and losses gained’t be adjusted with features or different incomes?
Hope to get some readability from the consultants.