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Calculate my tax liability after Budget 2023?

Mihir Tanna |1039 Answers |Ask -Follow

Tax Expert - Answered on Feb 17, 2025

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more

Asked by Anonymous - Feb 01, 2025Hindi

Money

Hello sir, my Salary income is Rs.18 lacs and have total deduction of around Rs.4.50 lacs which includes Home loan interest, 80C, 80D and NPS. Please advise tax liability as today's budget under old tax regime and new tax regime.

Ans: Considering standard deduction of 75k, interest on self occupied home of 2 lacs, 80C deduction of 1.5 lacs, 80D of 50k, 25k NPS contribution by employer and employee each; taxable income will reduce to 13 lacs in old regime and under new tax regime it will be reduced to 17 lacs. Accordingly, tax liability as per proposed amendment for FY 25-26 will be Rs.145600 under new and Rs.210600 under old scheme

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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I have following income for FY 2022-23, Interest Rs 15,000 Dividend Rs 22,000 Intraday Rs 103,000 LTCG Rs 200,000 STCG Rs 250,000 Total Income Rs 590,000 I have opted new tax regime. What will be my tax liability? I am eligible for tax rebate under section 87A?

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Sir, My annual income expected to be like Income from FD,ncd, post office etc - 185000.00 Dividend income - 15000.00 Short time capital gain - 125000.00 Total income - 325000.00 Can you please calculate my income tax liability for the next assessment year. Thanks

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Question by Dipak - Nov 15, 2024Hindi

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Respect Sir I am a senior citizen. My gross income during FY 24-25 works out around Rs 7.5 lacs out of which Rs 5 lacs from bank interest. In addition to above, my LTCG earning during FY 24-25 is Rs 3.4 lacs How much will be my total tax liability under new tax regime considering. Rs 50,000/ as my standard deduction. Regards D chakraborty Delhi

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Hi My daughter is studying in Cambridge syllabus and have chosen A levels in physics, chemistry, and biology along with economics. I would like to know the qualifying requirements for getting into Indian universities in core science and biosciences streams

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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