Net Tax calculation

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41 Points Posted on 28 May 2021
Mr Jayis a resident individual, age 61 years, his capital gains u/s 112A is 25,00,000, STCG 111A is 20,00,000 and PGBP income is 70,00,000 for AY 21-22. His net tax liability is?
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On 28 May 2021 at 11:10 Report
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This discussion details the net tax liability calculation for an individual for Assessment Year 21-22. It outlines the tax implications under both the old and new tax regimes, considering capital gains under sections 112A and 111A, as well as income from business and profession (PGBP). The total tax liability is presented for both scenarios.

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Chartered Accountant
24588 Points Posted on 28 May 2021
Under old tax regime liability will be 29,42,160 rupees
Under new regime liability will be 28,55,450 rupees
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On 28 May 2021 at 12:14
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CMA
13117 Points Posted on 28 May 2021
Here is the link for tax calculator from IT portal: https://www.incometaxindia.gov.in/Pages/tools/income-tax-calculator-234ABC.aspx
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On 28 May 2021 at 13:43

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