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
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/-
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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