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

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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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