Old vs New Regime | Which is better? Tax Saving Options | Income Tax Planning Guide 2024
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- Опубликовано: 24 янв 2024
- Income taxation in India has become complex with the introduction of the Old Regime vs New Regime. Individuals often struggle to determine the better option for tax payments. This is the season for proof submissions, and delaying action can result in significant tax payments in February or March. To avoid this, individuals earning 5L or more should refer to the table shown for regime comparison based on yearly salary and deductions.
Salaried individuals can change their regime while filing the Income Tax Return (ITR) if they become eligible for additional deductions or exemptions during the year.
Deductions play a crucial role, covering areas like home loans, investments, donations, and company reimbursements. The provided chart illustrates various deductions under the Old Tax Regime for a hypothetical annual income of 10L.
Exemptions and deductions differ; exemptions mean a portion of income is entirely tax-free, while deductions reduce taxable income. The first level of exemption is the EPF (Employer's Contribution), accounting for 12% of the basic pay. Deductions include standard deduction, home loan interest, and various investment options under sections 80C, 80D, 80E, etc.
When considering investments, emphasize term insurance over high-premium policies. Term insurance offers substantial coverage with minimal premiums. Ensure insurance choices align with your family's needs. Use reputable platforms like Policybazaar to compare and choose the right policy for tax deductions.
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Avoid common mistakes like obtaining a house loan solely for tax benefits, making meaningless investments for tax saving, or opting for ULIP plans. Utilize joint housing loans for maximum benefits, validate HRA proofs, and avoid fake proofs. Strive for maximum deductions, but prioritize investments aligned with broader financial goals.
Lastly, be cautious about common mistakes in tax-saving efforts. Saving taxes should be incidental, not the primary driver of investment decisions. Prioritize investments aligned with financial goals, as chasing short-term tax breaks may not contribute to long-term wealth growth. Focus on investments with higher potential returns, even if they offer less immediate tax relief.
Content taken from • 2024 Income Tax Saving...
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I am a beginner in investment.
I saw ur videos investing in Nift 50.
While investing. In Coin app
In the subject line it mentions "Index find /Etfs"
Should I invest in that.. Plz suggest
What does that mean plz
Bro sip la epdi month on month amount change panrathu bro please say (angelone)
If I cancel sip where the money goes
Hi bro UTI Nifty 500 value 50 index fund is performing better than UTI Nifty 50 index fund. Do I switch into a Nifty 500 value 50 fund?
What is the difference between term insurance and health insurance
I SAW MANY VIDEOS but Nobody has explained like this in detail. Thanks for your details. You are putting lot of efforts for your Every video
Thanks Anna , romba usefula irundhuchu ❤
Very useful and explained in layman terms...thanks bro...we are expecting more videos like this from you..🎉
Much accurate and clearcut points on every single video. As a 21yr old boy seeing his video has already made a terrric change in my investment jouney. Already feeling immense pleasure to this guy and to his work. Your so good sir and thank you ♥️✨
Hii can we get in touch i am also a 21 yr old guy intrested in investments and finance it would help both
Hi bro,
Very clear video👍..
Could you please explain below things,
1) In standard deduction of Rs.50,000 (simply we can reduce Rs.50,000 from salary..? )
2) Where should mention the interest income which we receive from bank F.D (1 or 2 years F.D)
3) Where should we mention interest income receive from property
4) Where should we mention STCG or LTCG .?
Please explain where should we mention above things in your excel sheet.
Mainly this STCG,LTCG is very confusing and don't knwo where to het that statement and also what to do with that
Thank you for your valuable content .
Very informative. Thanks for the clear cut video
Very useful and needed video bro..thanks a lot ☺️
I always like the way you deliver the content..great and helpful..much appreciated
Excellent calculation and video...
Very useful. Thanks
Welcome back from long time
Thanks for the Useful Information Anna...❤
very useful video!
Thankyou for detailed information
Bank FD ஐந்து ஆண்டுகள் போடுவதற்கு பதில், NSC V111 issue வில் முதலீடு செய்யலாம் . அதில் வட்டி அதிகம். மேலும் Accrued int ஐ 80C ல் காண்பிக்கலாம்.
It's very clearly explained brother. Thanks a lot 😊
Your videos are very useful bro thank you ❤
Super ji.. awesome
Brooooo 😭😭😭 ivlo naal enga irntheenga 😢, thanks a lot
Hi
Super super bro, very useful talk
Great thank you... Excellent knowledge sharing. Kindly post the video, how to file the ITR and get the refund.
Very good video
Thanks bro ❤❤❤
super clear 👍
Thankyou sir
Good video
Very nice
Your tax vedio is good. Post one vedio how to fill tax for the systematic withdrawal plan investment for a non salaried employee.
Useful
Bro , please explain Fund of Fund ( FoF) , i saw few nasdaq 100 funds which is better to invest via FOF or direct investment in US Stocks.
Thanks for Tamil explanation.
I've noticed you mentioning standard deduction for salaried people, but it is applicable for all individual filers.
In my understanding, difference in Exemption & deduction is-
Exemption is applicable only to Salaried people (impact head Income from Salary) while
Deduction is applicable for all individual filers ( impact Taxable income ).
In terms of meaning both nature is same.
Please correct if I'm wrong. Thanks again for understanding and sharing your knowledge.
It is not so.. Standard deduction is only for salaried persons.. standard deduction is not like other section 80 deductions.
Can your share your insights on how an NRI can invest in Indian stocks? What brokerage apps you suggest ? what are the tax differences on capital gains for NRI and Resident Indian. Thanks
Hi, if you dont mind could u pls share what video making tools (camera, sotware, microphones etc) you use to create your videos? Thanks
Bestttttttt Explanation
👉Want to add few points for people who make some COMMON MISTAKES while focusing on TAX SAVING:
1. Saving taxes should be incidental, not the primary driver of your investment decisions.
2. Prioritizing tax savings can lead to suboptimal choices. So, Investments should primarily align with your financial goals like child education, wealth creation, retirement planning, Buying a Car, or House, Foreing trips (WHY NOT) etc.
3. Chasing tax breaks with short-term investments might provide momentary gains but may not contribute to long-term wealth growth. Focus on investments with higher potential returns, even if they offer less immediate tax relief.
Idhavida detailed IT calculation kaatravanuku lifetime settlement ra 💥💥 The only detailed video needed for new IT payers. Thanks a lot ❤❤
One question, is it possible to calculate at this point of time if I am eligible for tax free and invest the amount needed (in eligible deductions like ELSS funds) within March to become tax free?
Good
Bro stock analysis made easy series ahh continue panduga or you can make a one lengthy video of stock analysis interested people watch whether it short or long
Perfect
Good video,
I checked the Tax calculator in G-link
1st 2 sheets are same
please add the deduction sheet.
sir iam invest nifty50,next50,hdfc midcap,nippon small cap,nasdaq100 sip is good?
Bro first of all i thank for your video. Because of u i learned lot of knowledge, Terminology and tricks in share markets...can u suggest some best small cap mutual fund for short term like 3 to 5 years for lumpsum...
Neenga Employee than ethula sollurenga bro.. Bro Person nu Tax Save panna video iruku na sollunga or Video podunga Bro..
Thank you na
Hi bro UTI Nifty 500 value 50 index fund is performing better than UTI Nifty 50 index fund. Do I switch into a Nifty 500 value 50 fund?
If TDS is deducted, should we consider it calculating tax and pay?
Hi Brother, I also live in the Netherlands. Could you please shed some light on the dutch tax calculation along with 30% ruling?
As iam cg employee, my pension amount will accumulate under nps.There is option to change the pfm, but how to select the best pfm in this.if possible kindly make video for nps cg holder.nps tier 1 have 3 pfm lic,sbi &uti .but uti is performing low continuously . If i change the pfm , how will it perform
Bro,Endha time la SIP invest pannanum,acc to market trend pathi oru video podunga bro
Bro...namma below tax slab la vandalum equity, mutual fund, ltcg, stcg ku lam tax pay panra mathri irukuma
Section 10(I) and 10(ii) பத்தி சொல்லுங்க bro..
How long the course will be?
Brooo quant active fund la invest start pannirukan ipodha next 15years ku pannalaam nu irukan bro correct a irukuma
Sir I started HDFC LIFE classic police IN POLICY BAZZER growth will be good in that
2024 best lumpsom investment fund ena bro?
India is becoming simplier
PPF VS INDEX GROWTH MUTUAL FUND WHICH ONE IS GOOD FOR RETURN
Brother, 80G epdi tax reductions la shown panrathu, Atha konjam explain panunga, declare panrapapo panamudiyala, return epdi 80G ku vangurathu
Sir in my income, employers contribution is not included. Then should I deduct it in my income in new regime,?
sir do you do itr filing.. what is the cost
Hi bro
how can i get the above video used tax Excel to calculate my own salary slab
Hi Boosan, Thanks for explaining clearly. Can you please make a video on how you converted your MF and shares to NRI account while being abroad and how to convert it back after settling in India. With zerodha it is offline process and with Kuvera they used to say to close all existing and start new NRI account where we will loose old Investments. Will this conversion works in same way for new OCI card holders also as they will renounce Indian citizenship? Thank you for your other explanations too.
Bro F&O Turnover 30 Lakhs la Iruku, But Profit 5 Lakhs Than
Profit ku Mattum Tax Katuna Pothuma ?
Illa Turnover Ku Kattanuma ?
(New Regime la F&o Profit ku Tax Varuma under 7 Lakhs)
Bro...fixed and variable pay irukumpodhu which ampunt i have to take fr gross salary?
Robert Kiyosaki, author of 'Rich Dad, Poor Dad ' is having 1.2 billion debt .but their fans says ,the debt is for save tax . please explain ....
Not only Robert Kiyosaki, but any billionaire, including Ambani, may carry substantial debt. They leverage debt for investments, benefiting from potential tax deductions and also have access to debt at negligible interest rates.
However, this scenario differs for the common man who might face more challenges. Unlike billionaires, ordinary individuals may not gain much from interest deductions and could incur losses. Managing debt responsibly is crucial, considering factors like interest rates and repayment terms, to avoid financial stress. Individuals should carefully assess their financial situation and make informed decisions about taking on debt.
@@finance.boosan Thanks for your information 🙏🔥
Best Guide🎉
under 80c if i invenst in elss funds for the amount of 1.5 lakhs, then can i show the entire 1.5 lakhs which is the cap for the 80c in deductions ?
Bro calculation i cant find your web site plz suggest
Hi bro...ltcg tax la first 1lakh ku namma tax pay panna thevai ila adu every year vara first one lakh ka
For instance 2020 mar la stock vanguren
2021 apr la i sell stock as ltcg
(First one lak tax free)
2022 inda year vara first one lak um tax free ah bro or 2021 la matum tana
And every upcoming year also..
Clarify bro
Every year the first 1L₹ LTCG is tax free.. we can repeat this harvesting every year
Hi,,, please have a look in to the issue described in your class videos... Not able to access your videos... We have highlighted in your class... Please look into ASAP
Where can i see the details other than salary? Exp. Bank sb interst, Fd interest, ltcg, stcg and etc
My expected gross annual salary may come to 8 lakh.
Should I pay the tax for the remaining amount after deducting 7lakh i.e rebate .
Please give suggestions.
Hir sir Tn State govt employee oda CPS (CONTRIBUTION PENSION SCHEME) NEW REGIME LA LESS PANNALAMA UNDER SEC 80CCD(2)
Itc
Wipro
Coal lndia
Tata power
Sbin
Long-term invest pannalama
Liquid fund details video please
Bro Navi Nastaq 100 FOF la monthly SIP pannalama long term ku solluga bro
Hi brother how to invest index fund
Super bro ❤❤👍👍 Good explanation 😮😮 Need your Excel sheet bro. Am in payroll role bro your TDS working template will help for my career bro please 🙏
Bro please explain about Motilal Oswal nifty 500 index fund.....
Standard Deduction is included in the excel or it is without?
If both salaried person ,suggesting both to take term insurance?
I have 1 dout what is the difference between debts fund to bonds someone pls explain this
Brother tax harvesting every year panna compounding gains lose pannuvom ah atha konjam explain pannunga ?
Anyone have idea about this ?
50% pf from basic salary not happens in corporate company also what to where we can report
Bro deduction pathi soluga bro
Hi bro.. Can you please explain a video about sovereign gold bond which is going to be held this month with limited time period. Before that we can get a clear clarity. Thanks in advance!
30,20,10 years eppadi invest pannurathu....triyala ...konjam sollunga brother
Bro, I have a doubt, in the new tax calculation, taxable income is 8,87,500. it is greater than 7 lakh. for this in which slab they will calculate the tax. whether they will consider 10% of taxable income as tax or the first 6lakh of taxable income is considered for 5% of tax and remaining in this case 1,87,500 of 10% of tax amount will be calculated. please explain bro.
Boosan pls tell about bike insurance and how to choose which company is good
Yes Please!!!
Please elaborate more about term insurance.
Best TERM INSURANCE | Things to see before buying Term Insurance
ruclips.net/video/MybInIGu29w/видео.html
In new regime calculation, taxable amount is 887500. After rebat of 700000, is 187500 taxable amount?
Bro new regime laa professional tax ku deduction kedaiyadhuu
Brother, So I have been in the New regime with a monthly salary of about 55k.
I received bonus in the month of March 2024 and about 30k went as income tax as TDS will I be able to get this money back ?
👍
Zerodha la 100 RS ku kammiya deposit panna mudiyuma bro?
Do u think 80C limit is too low to 1.5L , but it has many items … ?? Can govt increase 80C limit !?!?
Bro ipo term insurance edutha next year ku beneficial ah erukum?
How to become an entrepreneur from scratch oruu video podungaa brother ❤
Home loan me and husband joint aa edthrkom. Aana land husband name la irk. So enak home loan tax benefits claim panna mudyuma?