Income Tax Calculation for Interest on Housing Loan and Deduction u/s 80C with illustration
One Computation of Taxable Salary and allowances, Deduction for Interest on Housing Loan and Deduction u/s 80C.
Mr. X, a Central Govt. Officers in Delhi, is receiving Basic Pay Rs.23,720, grade Pay Rs.7,600, DA at prescribed rates, transport allowances @ Rs.3200+DA thereon, and HRA 30% of basic pay + grade pay (though living in his own house). His date of increment is Ist July.
The following are other particulars of his income. Compute his taxable income and tax payable, for A.Y.2015-16.