What could be Tax Value if profit of MF is appx 2 lacs ?? is tax deducted on 2 lacs profit Or deducting tax free limit of 1.25 Lacs i.e on balance 75000 profit ?

Ans: Hi
While the Rs. 7 Lakh threshold is for all income; incomes that come with fixed rate of tax may need to be evaluated considering the amount of income in the regular tax slab rate.

Ans: From FY 2021-22, if employee’s contribution to an EPF account is more than Rs 2.5 lakh in a year; interest on contribution above 2.5 lakh is taxable in the hands of the employee.

If person receive superannuation on retirement, 1/3rd of the commuted amount and amount transferred to an annuity will also not be taxable. If any the amount is withdrawn, it is taxable in the hands of the employee.

Ans: Sure, I can help you calculate your LTCG tax liability. Here's the breakdown:

LTCG Gains:

Equity: Rs. 192,000
Equity Mutual Funds: Rs. 500,000
Total LTCG: Rs. 692,000
Exemption:

Rs. 1,00,000 of LTCG is exempt from tax.
Taxable LTCG:

Rs. 692,000 (Total LTCG) - Rs. 1,00,000 (Exemption) = Rs. 592,000
Tax Rate:

LTCG on equity and equity-based mutual funds exceeding Rs. 1 lakh is taxed at 10% (without indexation benefit).
LTCG Tax Amount:

Rs. 592,000 (Taxable LTCG) * 10% (Tax Rate) = Rs. 59,200
Therefore, you would approximately have to pay Rs. 59,200 as LTCG tax on your capital gains.

Important to Note:

This is an estimate, and your actual tax liability might differ based on your other income and deductions.
It's always recommended to consult a qualified tax advisor for personalized tax advice based on your specific situation.

Ans: 01. You should file your ITR under new tax regime to minimize your tax liability.
02. Since you have STCG so your tax liability would be there. Under Old regime, you may get a maximum tax rebate of Rs.12,500.00 only. Where as in new regime your tax liability will be comparatively less.
Most welcome for any further clarifications. Thanks.