![]() These deductions will not be available to a taxpayer opting for the New Tax Regime u/s 115BAC, except for deduction u/s 80CCD (2), 80CCH which will be applicable for New Tax Regime as well. Tax deductions specified under Chapter VIA of the Income Tax Act Interest on loan u/s 24(b) allowable is tabulated below: Nature of PropertyĬonstruction or purchase of house property However, this deduction is not available for person opting for New Tax Regime. In case of self- occupied property, the upper limit for deduction of interest paid on housing loan is ₹ 2 lakh. If taxable income is over 22,000 but not over 89,450 the tax is 2,200.00 plus 12 of the amount over 22,000. For married individuals filing joint returns and surviving spouses: If taxable income is under 22,000 the tax is 10 of taxable income. ![]() Section 24(b) – Deduction from Income from House Property on interest paid on housing loan & housing improvement loan. The tax rate schedules for 2023 will be as follows. Investments / Payments / Incomes on which I can get tax benefit Health & Education cess 4% shall also be paid on the amount of income tax plus Surcharge (if any) Understanding how federal income tax brackets work 10 on the first 10,275 of taxable income 12 on the next 31,500 (41,775-10,275) 22 on the remaining. The amount payable as Surcharge shall not exceed the amount of income earned exceeding ₹ 50 lakh, ₹ 1 crore, ₹ 2 crore or ₹ 5 crore respectively Marginal relief is a Relief from Surcharge, provided in cases where the Surcharge payable exceeds the additional income that makes the person liable for Surcharge.
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