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How to calculate new income tax for home loan payee?

April 26, 2017Business CALCULATE Finance home loan India payee taxes

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How to calculate new income tax for home loan payee?

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For income tax rebate calculate total principal paid and interest paid. Suppose your Principal component was 100000 and interest component was 160000 in financial year. Now Suppose Gross Taxable income is 1000000 (You can deduct other non taxable components like PF, Medical, HRA ) to their allowed limits. Then deduct 150000 from it (maximum allowed) Deduct 100000 from it. Remaining is 750000 Tax calculation Tax rate ~~taxable Amt ~~ Bal ~~ Tax 0% ~~ 150000 ~~ 600000 ~~ 0 10% ~~ 150000 ~~ 450000 ~~ 15000 20% ~~ 200000 ~~ 250000 ~~ 40000 30% ~~ 250000 ~~ ~~ ~~ 75000 Total tax is 130000, you need to pay. From next time, you can avoid paying such a high interests. I read good articles on http://induanand.com.