Income Tax Calculation for the A.Y. 22-23

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This discussion details the income tax calculation for Mr. A for the Assessment Year 2022-23. It breaks down salary, bonus, company deductions like Provident Fund and Professional Tax, LIC payments, and interest on a house building loan. The calculation compares taxable income and tax liability under both the old and new tax regimes, noting that while the old regime offers deductions that reduce taxable income, the net tax liability remains nil after considering rebates in this specific case. The new regime, without these deductions, results in a tax liability of Rs. 28,600.

sona1

sona1 (Querist)
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21 September 2022 Send Us Computation for Mr. A for the A.Y. 2022-23
1) SALARY RECEIVED - Rs. 6,00,000.00
2) YEARLY BONUS RECEIVED -Rs. 50,000.00
3) Company Deduction Providend Fund - Rs. 43.200.00 Professional Tax - Rs. 2400.00
4) LIC paid - Rs. 70,700.00
5) House Building Loan Taken 01/05/2021 Rs. 900000 & for purpose total Interest (House Building Loan) paid Rs. 72640

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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21 September 2022 Taxable salary.... Rs.. 5,54,400/-
Deduction u/s. 80C ... 70,700/-
Income from HP requires more data, whether it is self occupied or under construction...
Taxable income under old regime... 4,83,700/- Tax liability Nil.....
Taxable income under New regime Rs. Rs. 6,50,000/- Tax liability Rs, 28,600/-

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sona1

sona1 (Querist)
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22 September 2022 Mr. A taken House Building Loan for Self Occupied Purpose, He purchase a New Flat ....

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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22 September 2022 Whether the flat was ready to occupy or under construction?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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23 September 2022 Even after assuming the flat was ready to occupy, and was self occupied by the assessee, there would be reduction in total taxable income under old regime, but considering tax payable after rebate u/s. 87A of the act, net tax liability remains same, i.e. Nil.
While under new regime, the deduction is not available, so tax liability will be same as aforesaid amount.

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