Scribd Logo
Upload

Welcome to Scribd!

  • 16 views

    1663274292-Tax Cals-1

    Uploaded by

    Kriti Gandhi
    This document summarizes the income tax calculations for Raman K. Mehta for the assessment year 2022-23. It details Mehta's salaries, house property income, capital gains, other sources of income, deductions, taxable income, taxes payable, and taxes paid. The total tax payable is Rs. 6,069,606 and the remaining tax payable after deducting taxes paid is Rs. 157,510 after rounding off under section 288B.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content

    You might also like

    1663274292-Tax Cals-1

    Uploaded by

    Kriti Gandhi
    16 views1 page
    This document summarizes the income tax calculations for Raman K. Mehta for the assessment year 2022-23. It details Mehta's salaries, house property income, capital gains, other sources of income, deductions, taxable income, taxes payable, and taxes paid. The total tax payable is Rs. 6,069,606 and the remaining tax payable after deducting taxes paid is Rs. 157,510 after rounding off under section 288B.

    Original Description:

    income tax practical

    Copyright

    © © All Rights Reserved

    Available Formats

    XLSX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    This document summarizes the income tax calculations for Raman K. Mehta for the assessment year 2022-23. It details Mehta's salaries, house property income, capital gains, other sources of income, deductions, taxable income, taxes payable, and taxes paid. The total tax payable is Rs. 6,069,606 and the remaining tax payable after deducting taxes paid is Rs. 157,510 after rounding off under section 288B.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    16 views1 page

    1663274292-Tax Cals-1

    Uploaded by

    Kriti Gandhi
    This document summarizes the income tax calculations for Raman K. Mehta for the assessment year 2022-23. It details Mehta's salaries, house property income, capital gains, other sources of income, deductions, taxable income, taxes payable, and taxes paid. The total tax payable is Rs. 6,069,606 and the remaining tax payable after deducting taxes paid is Rs. 157,510 after rounding off under section 288B.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    of 1

    Dr. V.K.

    Singhania's Book ASSESSMENT YEAR : 2022-23


    67th Edition: August-2022 Case-1 Pg 546 Raman K. Mehta 10-Jan-72 0
    SALARIES U/S 15-17 Amount (Rs.)
    Sec 17(1) Basic Salary and Allowances 16927600
    Sec 17(2) Value of Perquisites 58000
    Sec 17(3) Profit in lieu of Salary 0
    Gross Salary 16985600
    Sec 10(14) Less Exempt Allowances 52000 + 8000 + 2400 62400
    Net Salary 16923200
    Sec 16(ia) Less Standard Deduction 50000 16873200

    HOUSE PROPERTY U/S 22-27


    Annual Value Nil
    Less Municipal Taxes Paid Nil
    Nil
    Sec 24 LESS: Deduction Intt on H Loan Max allowed 200000 -200000
    CAPITAL GAINS U/S 45 - 55
    SHORT TERM CAPITAL GAIN
    LONG TERM CAPITAL GAIN 0
    OTHER SOURCES U/S 56-59
    Saving Bank Interest (Yes Bank) 37410
    Interest on Income Tax Refund 9110
    Yes Bank Fixed Deposit Interest (900000 * 100/90) 1000000 1046520

    GROSS TOTAL INCOME 17719720


    LESS: DEDUCTIONS UNDER CHAPTER VI-A
    Sec 80C Max Limit 150000 150000
    Sec 80CCD(1B) NPS Max Limit 50000 40000
    Sec 80D Mediclaim Max Limit 25000 16000
    Sr Citizen Sec 80D Mediclaim-Parents Max Limit 50000 41500
    Sec 80TTA SB Interest Max Limit 10000 10000 257500
    TOTAL INCOME 17462220 Rounding Off u/s 288A 17462220
    TAX ON TOTAL INCOME INCOME TAX
    NORMAL INCOME 17462220 5051166
    Sec 87A LESS : REBATE (Rs. 12500, if Total Income upto Rs. 5 Lakhs) 5051166
    ADD : SURCHARGE (10 % / 15% / 25% / 37%) 15% 757675
    5808841
    ADD : HEALTH & EDUCATION CESS (4 % on Income Tax + Surcharge) 4% 232354
    TOTAL TAX PAYABLE (including Surcharge & Cess) 6041195
    ADD : INTEREST U/S 234A, 234B & 234C Interest till the Month of making Video i.e Sept-2022 23411
    ADD : Late Fees U/S 234F Aug-Dec 2022 5000
    TOTAL TAX AND INTEREST PAYABLE 6069606
    TAX PAID U/S 199 :
    12-Sep-21 Advance Tax Paid U/S 210 40000
    30-Apr-22 Self-Assessment Tax Paid U/S 140A 106000
    T. D. S. U/S 192 Employer 5666100
    T. D. S. U/S 194A Yes Bank 100000
    5912100
    TAX PAYABLE Rounding Off u/s 288B 157510
    Tax Calculations by Dr SB Rathore, Associate Professor of Commerce (Oct-77 to Dec-19) in Shyam Lal College (University of Delhi), Delhi-110032
    Website: www.taxclasses.in FaceBook: DrSB Rathore YouTube: Tax Doctor

    You might also like