Get my new book ‘GET EPIC SHIT DONE’ here: ankurwarikoo.com/getepicshitdone Order my first book ‘Do Epic Shit’: ankurwarikoo.com/doepicshit In addition to these, you can also claim deductions under these sections: Section 24(b): Interest on home loan upto Rs. 2,00,000 Section 80EEA: Additional deduction on interest on home loan upto Rs 1,50,000 {Over and above Section 24(b)}; valid till 31st March 2022 Section 80CCD: Contribution to National Pension Scheme (NPS), upto Rs. 50,000; over and above the limit of Rs. 1,50,000 of Section 80C
Hi Ankur, you covered almost all points. One point I want to highlight. A person earning 10-15 lakhs may pay a nominal income tax, given that they take all deductions. But as soon as the salary goes to 15-30 lakhs and above, one pays a shit load of money to the Government as taxes. That's a huge difference that is quite difficult to accommodate in a professional career. Basically if you're earning 30 lakhs, you're paying 9-10 lakhs as Tax and you're back to 20 lakhs as in hand. It hurts immensely when the entire burden of the Indian taxes falls on salaried class, where businessmen earning crores pay less taxes than us. In a recent survey shared by Zerodha, there are only 46 lakh indian tax payers (from a population of 130 crores) who have declared their income above 30 lakhs and out of this only a mere 3 lakh who have declared income above 50 lakhs. This is shocking if it's true. I hope it's wrong and would want to see the change in this regime with some relaxations to the emerging salaried class.
You are saying 30lac person will pay 9-10lac and get 20 in hand, are you serious man? Who is getting 30lac base, actual salary should be 40-50lac, not 30.
I am so lucky that I am 17 and there are mentors like Mr. Warikoo from whom I can educate myself what I will require in the real world not just in school textbooks
You are on the right track but please also do your own little bit research when taking any decision. Blindly following anyone can lead to heartbreaks later on
We are blessed that we don't have to pay a single penny to watch these videos! The most important lessons for a person - how to utilise the money! Thank you Ankur !
omg I can't thank you enough for adding English subtitles. It's very hard to find Indian finance related videos that are in English these days. Thank you so much
2. Section 80: as per section 80c we can dedut upto 1.5Lakh from taxable income every year Section 80C:Provident fund ELSS (Equity Linked Saving Scheme) - We have to invest in equity mutual funds with lockin period of 3 years Tax saving FD with lockin period of 5 years Home Loan ka principle ammount National Saving Certificate (NSC) Section 80CCC:provides deductions upto 1.5Lakhs towards life insuarance Section 80TTA:allows deduction on savings accounts deposits upto 10K it cant be intrest of FD, Recurring deposit, Corporate bond Section 80GG:provides tax repreive to those who do not avail HRA in salary Section 80E:Deduction for the repayment of Interest on Education Loan upto 8 years Section 80D:Tax deduction on premium paid towards medical insuarance (upto 25K for you, your spouce and Child + 25K if parents too & below 60 OR 50K if parents too & above 60) Section 80DDB:For the expense incurred on medical treatment, if less than 60 upto 40K else upto 1L deduction Section 80U:If suffers diability, then for medium level disability 75K if higher then upto 1.25L Section 80G:Contribution made to charitable institutions can be claimed then 100% or 50%
Apart from these there is standard deduction of 50K which everyone can get
Section 87A:after applying all deductions if your income is kess than 5L then we get one extra deduction of 12.5K
At the start of the year company asks for declarations to know how much money you want to deduct, we may say max out all the deductions but at the end of financial year company will ask you to submit the proofs for all the deductions you claimed if you didn’t then tax will be recalculated. Play around both the tax regims to know which one suits you Old regime removes deductions from income New regime doesnt
I cannot thank you enough for this. I so wish our education system had basics of economy, finance, psychology as a mandate for EVERYBODY. These information & details are must-to-know. Thank-you, Ankur!
A few points: 1.HRA is an exemption and not a deduction. 2. Employer contributions cannot be claimed as deduction 3. 80DDB can be claimed if expenses are being done for a dependant on specified diseases 4. Not all 80G contributions are 100% deductible. For some there is a limit of 10% of gross total income 5. 80CCD Deduction in respect to contribution to NPS is over and above the 1,50,000 6. If one has a property under affordable housing, they can claim deduction of interest paid upto 1,50,000 on the loan (80EEA) that is over and above 2,00,000
If I choose to file taxes this year wrt new tax slab regime, do I have to continue with the new tax regime from next year onwards too or can I change it to the old tax regime?
@@sohummallapur351 if you are salaried, then you can choose whichever is beneficial to use. For any other you can choose new regime for this year. Later in any year if you opt for old regime you won't be able to opt for new regime thereafter. That means for individuals other than salary you can opt for new regime only once.
Sometimes I watch the video even if it is not relevant to me just so that I remember he has spoken on the topic. Just incase if I need it in the future.
First thing first you are most clam person I have seen on you tube.. the way you make videos are just Wow .. keep it up thank you very much .. excellent work.. 💐💐
I have noticed this a lot in your all recent videos that you have been explaining all the concepts in terms of a “female perspective” could you please somewhere elaborate your approach for this thing great idea of motivating women to feel finance so connected. highly appreciate!!
Hi Ankur, Amazing video for the tax calculation , loved the way you have explained. I have 3 queries : 1)In sec. 80C , is the PF employee contribution annually considered or employee or employer both? 2)Incase we make some investment sometime post tax declaration, like for an ex in the month of Aug or Sept, then, how to claim that under the tax benefit? 3)Under sec, 80G, in which when it is 50% and when it is 100% while claiming the tax benefit? Thanks again for the amazing videos. Keep up the good work :)
1. Income tax calls the Financial Year you mentioned in the first section as “Previous Year”. just in case the exact words on the IT docs don’t match with “Financial Year”, they mean ‘previous year’, which means the same. 2. as per the new rules, roughly 50% of the gross salary shall be the basic salary. 3. Section 80 ≠ 80C, 80D, 80DD, 80CCD, 80CCD(2), 80CCD(1B). Call these as Chapter VI-A Deductions. 4. Correction for 80D - If the claimant is more than 60, then the limit for himself and spouse is also raised to 50k from 25k. And parents have 50k already. Also this includes MEDICAL EXPENDITURE or Preventive Health Check Ups to the tune of 5000 in each head (Parents and Self+Spouse) 5. 80DDB - not allowed for all diseases. Very specific diseases covered. Do not take the deduction unless you have a medical certificate and a CA or a CA Student’s free advice of the inclusion of the disease. (We students remember this as DIL DEHLANE wali BIMARIYA) 6. 80U - Required Medical certificate of a registered medical practitioner 7. 80G - All donations are NOT ALLOWED. The entity where you have donated should be registered under the act for the purpose of this deduction to be claimed by the claimant. Also, for general sanctity, you can consider the following: A. All the national Funds have 100% deductions allowed without any limit. B. State funds have 50% deduction without any limit. C. There are two more categories of 100% and 50% with a maximum upper cap of Adjusted Total income (which will create additional nuisance value here, so request you to please check the income tax website for this) Additional Deductions: 1. Sec 24(a) - Municipal Taxes PAID (unpaid taxes won’t be allowed as deductions) of House Property 2. Sec 24(b) - Interest on house property - 200000 per annum maximum (subject to actual amount) 3. Deduction for allowances under section 16 (Petty, but may help someone on the borderline to come down for the total income level of 500000 and pay no taxes) Uniform Allowance Helper Allowance Conveyance allowance (2000 per month - check the amount, not sure) Children education allowance (200 per child per month for max 2 children) Professional Tax - Section 16(b) - 2400 per annum Also, you can go for 80CCD(1B) 50000 additional amount for NPS 80GGC - Donation to Political Party (Lol - not allowed in cash beyond rs 2000)
Thank you so much for this post, I took notes. Also, that mnemonic of 80DDB was hilarious, even I will never forget..😂. I had a few questions though, 1. We saw that all the deductions under VIA (or say section 80) have individual caps over them, but do they have an overall cap as well ? or we can individually add all of them and subtract the sum from gross salary to get the taxable income? 2. How can you save tax if you live in your own house with no pending home loan, I meant what if the company is still paying some amount under HRA, Can you somehow use that as a deduction😜?
@@rajatpathak6524 technically, own house won’t help much. Parents house case - tax saving is possible. Just have a bank entry of an appropriate amount (considering the area you live in). Say 15000 pm (15*12=180k). If you can save 180k on your taxable income, it would be a great deal. If the house is in your name and anyone else lives with you and his/her tax slab is greater than yours, you can ask them to pay you the rent. And enjoy the tax savings in the family
@@rajatpathak6524 answer to your Q1 - 80C, 80CCC, 80CCD(1), 80CCD(2) is subject to A combined limit of 150000. However, 50000 of 80CCD(1B) is separate. So maximum 200000 can be deducted.
Sir I am in my 20's and for the first time I am in the income tax slab and i was literally scared in what n how should I do to get maximum deductions and least income tax. The way you have explained the various sections here was very genuine and calming. I am grateful that I've got such a brilliant mentor to follow right from the start. 🎉🎉👍
Warikoo sir, most of the times you go out of your way to explain to your audience about all the details inorder to make your viewers financially sound, and for that I Really appreciate the work that you are doing. If it weren’t for you i wouldn’t have started investing at all.
thankyou Ankur. you are also like elder brother , guide, friend everything that your viewers got . you are also fun to hear .... :) cant thank you enough
Can't thank enough the efforts made by you creating awareness in terms of finance, careers options, etc. Sir, you are doing a tremendous job, the current younger generation especially who are in their 20s, are so lucky that we are getting exposure to such content , thanks a lot sir ❤
Hahahahaha! Your banter regarding FD is too good! Laughed every time. Please continue to educate and entertain us the same way! A million thanks to you.
Guys forget about warikoo is slow or 1x, 2x recommendations e.t.c...Just look at the ground work which Warikoo bhai is doing and presenting to all of us for free of cost..Respect that first..I respect all his videos bcoz I know how difficulty is to read and analyse and present it to the public...Ankur bhai mera heartful salute apkeliye..Thanks for all videos so far and waiting for more too...Trolling negative is very easy but just think to encourage such youtubers who gives us a good knowledge with free of cost by putting thier effort in place..
thank you so much for this video ... u r true about for those people including me also that have no much proper knowledge about income tax ....only I heard about names related to income tax, TDS, AY, SLAB etc..etc... I am doing job for the last 5 years, but never think about income tax as I am not earning so much This year I am serious about income tax. your video is so helpful for me...the attached PMS for doing the needful.
Just bought $20,000 worth Ethereum and $50,000 worth Bitcoin. With the recent dump in Crypto I was told it's the right time to buy and get ready for a skyrocket.
I can remember when I was referred to him newly, he handled me so well. He understands every beginners intention and fixes you to a plan that matches your capacity
One correction you need to make is section 80ccc is not for LIC Premium but for Life insurance pension scheme plan. "Under Section 80CCC of Income Tax Act 1961, an individual can claim tax deduction for contributions made to certain pension funds. The tax benefit is only for payments in the form of premium for any annuity plan of LIC or any other insurer."
Love how you explain everything in a simplified manner. Learning a lot from your every videos. I have a request for you, Can you please make videos on - 1. How custom duties are calculated in India. 2. Investment ideas for those who have started to think about investment in their 30’s.
I was planning onto start something on my own n finances and money management is one of the greatest barrier that I feel cross first.. n these videos are such a relief👏
Very informative video sir!! It clears a lot of confusion among us new corporate joiners. But I request you to please also throw some light on taxes on our investments; how to file them (like taxes in case of short term and long term holdings) and how to minimise them
I really appreciate the efforts you are taking to make the youth of our country more investment friendly and motivating towards money management and saving. I follow all your videos specially related to finance. Thanku for creating such highly informative videos. In ❤️ with your determination to bring change through financial literacy :)
Thanks for your feedback,,,,Don’t forget to hit the subscription button ✅for more information,,,, W,,,,H,,,,A,,,,T,,,,S,,,,A,,,,P,,,,P +1...7...2...0...5...8...3...4...5...0...9...,,,
Hi Ankur, Firstly a humble gratitude to you. You aren't aware how useful you have been with your videos. They are life changing, eye openers and awestruck information. One concern: As mentioned in this video, 80CCC does not allow to add deductions from Life Insurance. Please suggest if I am doing something wrong.
Declaration hack i follow to earn slight more - i declare max possible amount to company - i calculate actual deduction that i would claim - whatever TDS cut i save, i invest in liquid fund - i redeem my investment from liquid fund and pay my actual TDS in Jan to March month.
Hi Sir, thanks for sharing all the information. I just want to know whether 80c and 80ccc have separate Rs 1.5 lakhs deduction each or are they together have Rs 1.5 lakhs deduction?
Please make another Video! Bitcoin is the world’s premier cryptocurrency, but it still is a relative newcomer to the scene. Unlike the market Stock, bitcoin is gradually gaining mass adoption.....
Way different from forex/stock, Bitcoin is also decentralised. It’s worth pointing out that Bitcoin is not directly controlled by governments or central banks.
Yea, Forex markets run 24 hours a day, 5 days a week for retail traders, but not for institutional traders. Forex trading takes place from 5PM EST Sunday to 5PM EST Friday for retail traders.
Hi Ankur, Amazing video for the tax. I loved the way you explained it. I have 1 doubt. If my CTC is 5.5 but I have other sources of income that more than 17 CTC: How will I save the tax? Thanks again for the amazing videos!
The never understood topic anything in life if it was then that was income tax calculations for me. You made it look simple and make me understand it way better than earlier. Thank you so much 🙏🏼
Sir, one question here : It can be very stupid but here it goes, " Can we use both 80C and 80 CCC or is it like that we can deduct only upto 1.5 lakh using Section 80?
@@ujjwalmoolchandani9300 because the income tax act, 1961 is updated every year with finance act but leaves out many small things to be considered like monetary limits for eg deduction u/s 80C maximum limit was ₹150000 from 2008 till last year and from this year it is increased to ₹200000
Thank You so Much sir for making this topic simplest, i am not even placed yet right now in final semester But got all clear idea of savings tax on various CTC amounts.THANK YOU SO MUCH SIR
He already has got one, and he also has a course on time management that I had enrolled. Definitely worth the 400 bucks. Time is your most precious asset.
Financial year is started from first April every year and end in thirty first March next year... all the income we earned that is in previous year and the year in which it was being accessed is called assessment year, both the assessment year and previous year are the financial year
I will recommend expect Mr Nicolas Barron trading services for you her strategies is working for me at the moment and am making good profit from Bitcoin
Right Video at right time. Thanks MR Warikoo. I was scrathing my heads figuring out taxation and here I am to declare my IT with Confidence after watching your video.
@@aksingh3167 jisko tu faltu gyan bol rha hai n, vhi gyan se tum jese logo ko hum tax planning krvate hai or tax se bchate hai, idhr science or commerce ki bakchodi mat kar all streams are good.
As a non govt staff, but as an individual contributor who opts NPS with self interest, 1. should we invest only same amount in NPS on every payment? If paid less on any of the year compared to prev year, will there be any fine imposed? 2. Is it paid yearly or monthly? 3. Is auto debit option available? 4. How to avoid pop trail charges while contributing? Kindly advise.
This video is very awesome because they can also help the financial knowledge and I see that little bit of knowledge but very useful video...thanks a lot sir jee...
I'm on a mission commenting on every video Ankur has put out in the hopes that I get a spot on his 30-minute zoom video call one day! Cheers from Kerala!
Adding to this point, employer's contribution is non taxable, the only nuance is that it is not included in 80C. 80C only includes Employee's contribution (Which is a good thing as this setup increases reduces overall taxable income)
1.If in case you stay in a company provided house, what will be hra and perks calculation? 2. If in case, you have a house somewhere can you claim two benefits together? 3. Can house sell/buy be offerte by LTCG/STCG?
Even though I speak Hindi (I am from South), it is difficult for me to understand numbers in Hindi ...it would help a lot if you were to use English when speaking of numbers.....your videos make a lot of sense....great work
Hey Ankoor No income No Tax in 2020-2021.. joke apart.. I am amid follower of you.. You solved my lot of problems.. Please make more videos on small business (if possible make it on space industry).. I definitely need your guidance.. & Mentorship..
Get my new book ‘GET EPIC SHIT DONE’ here: ankurwarikoo.com/getepicshitdone
Order my first book ‘Do Epic Shit’: ankurwarikoo.com/doepicshit
In addition to these, you can also claim deductions under these sections:
Section 24(b): Interest on home loan upto Rs. 2,00,000
Section 80EEA: Additional deduction on interest on home loan upto Rs 1,50,000 {Over and above Section 24(b)}; valid till 31st March 2022
Section 80CCD: Contribution to National Pension Scheme (NPS), upto Rs. 50,000; over and above the limit of Rs. 1,50,000 of Section 80C
Sir, can you create a video on income tax for professionals who do more than 50L/Year?
Hello sir,
Can you please make a video on how to file taxes and how to pay taxes
It would be great to get that knowledge from you
7:42 🤣🤣 sir bollywood m try kro 🤣🤣
.
❤❤
.
Maine kuch nhi bola
@@arshadalibaig better go to a CA
@@heyrudraksh better ask to a CA
Hi Ankur, you covered almost all points.
One point I want to highlight. A person earning 10-15 lakhs may pay a nominal income tax, given that they take all deductions. But as soon as the salary goes to 15-30 lakhs and above, one pays a shit load of money to the Government as taxes.
That's a huge difference that is quite difficult to accommodate in a professional career. Basically if you're earning 30 lakhs, you're paying 9-10 lakhs as Tax and you're back to 20 lakhs as in hand.
It hurts immensely when the entire burden of the Indian taxes falls on salaried class, where businessmen earning crores pay less taxes than us.
In a recent survey shared by Zerodha, there are only 46 lakh indian tax payers (from a population of 130 crores) who have declared their income above 30 lakhs and out of this only a mere 3 lakh who have declared income above 50 lakhs. This is shocking if it's true. I hope it's wrong and would want to see the change in this regime with some relaxations to the emerging salaried class.
So wat to do if my salary(ctc) is 25lpa++
You are saying 30lac person will pay 9-10lac and get 20 in hand, are you serious man? Who is getting 30lac base, actual salary should be 40-50lac, not 30.
I love the fact that he is brutally honest...
Keep up the honesty sir.
I am so lucky that I am 17 and there are mentors like Mr. Warikoo from whom I can educate myself what I will require in the real world not just in school textbooks
Exactly same situation man
Exactly same feeling bro
Darn lucky man.. I wish I had someone like him to teach me in my 17…..
I wanted to trade crypto but got confused in the fluctuation of price
You are on the right track but please also do your own little bit research when taking any decision. Blindly following anyone can lead to heartbreaks later on
We are blessed that we don't have to pay a single penny to watch these videos! The most important lessons for a person - how to utilise the money! Thank you Ankur !
Thank you for your comment.👆Contact the Whatsapp Line above for more info and advice, I've something new to introduc .
80CCD - NPS, Extra 50,000/- , above and beyond 1.5L Limit
Spot on
Do you recommend this? 80CCD
@@sumeetkrishnan8828 yes its 80ccd(1b)
@@sumeetkrishnan8828 Yes, if taxable income is come under 30% bracket. We should opt NPS.
ELSS or NPS? Which should I opt for?
omg I can't thank you enough for adding English subtitles. It's very hard to find Indian finance related videos that are in English these days. Thank you so much
2. Section 80: as per section 80c we can dedut upto 1.5Lakh from taxable income every year
Section 80C:Provident fund
ELSS (Equity Linked Saving Scheme) - We have to invest in equity mutual funds with lockin period of 3 years
Tax saving FD with lockin period of 5 years
Home Loan ka principle ammount
National Saving Certificate (NSC)
Section 80CCC:provides deductions upto 1.5Lakhs towards life insuarance
Section 80TTA:allows deduction on savings accounts deposits upto 10K it cant be intrest of FD, Recurring
deposit, Corporate bond
Section 80GG:provides tax repreive to those who do not avail HRA in salary
Section 80E:Deduction for the repayment of Interest on Education Loan upto 8 years
Section 80D:Tax deduction on premium paid towards medical insuarance (upto 25K for you, your spouce and
Child + 25K if parents too & below 60 OR 50K if parents too & above 60)
Section 80DDB:For the expense incurred on medical treatment, if less than 60 upto 40K else upto 1L deduction
Section 80U:If suffers diability, then for medium level disability 75K if higher then upto 1.25L
Section 80G:Contribution made to charitable institutions can be claimed then 100% or 50%
Apart from these there is standard deduction of 50K which everyone can get
Section 87A:after applying all deductions if your income is kess than 5L then we get one extra deduction of
12.5K
At the start of the year company asks for declarations to know how much money you want to deduct, we may say max out all the deductions but at the end of financial year company will ask you to submit the proofs for all the deductions you claimed if you didn’t then tax will be recalculated.
Play around both the tax regims to know which one suits you
Old regime removes deductions from income
New regime doesnt
The FD zoom-in was the showstopper😂
I cannot thank you enough for this. I so wish our education system had basics of economy, finance, psychology as a mandate for EVERYBODY. These information & details are must-to-know. Thank-you, Ankur!
FEEDBACK APPRECIATED ⬆️⬆️ Kindly reach out to the what'sApp line above for more investment info and consultation....
A few points:
1.HRA is an exemption and not a deduction.
2. Employer contributions cannot be claimed as deduction
3. 80DDB can be claimed if expenses are being done for a dependant on specified diseases
4. Not all 80G contributions are 100% deductible. For some there is a limit of 10% of gross total income
5. 80CCD Deduction in respect to contribution to NPS is over and above the 1,50,000
6. If one has a property under affordable housing, they can claim deduction of interest paid upto 1,50,000 on the loan (80EEA) that is over and above 2,00,000
If I choose to file taxes this year wrt new tax slab regime, do I have to continue with the new tax regime from next year onwards too or can I change it to the old tax regime?
@@sohummallapur351 if you are salaried, then you can choose whichever is beneficial to use. For any other you can choose new regime for this year. Later in any year if you opt for old regime you won't be able to opt for new regime thereafter. That means for individuals other than salary you can opt for new regime only once.
@@sagarsachdeva8698 I'm Salaried, so I can switch from new to old and vice versa if I choose too right?
@@sohummallapur351 yes.. A saried person can choose any regime which is beneficial to them.
@@sagarsachdeva8698 thanks you so much 👍
Love the way yu demonstrate every video with "karungi". Women needs to take their finances seriously. Much respect 🙌 🙏
FEEDBACK APPRECIATED ⬆️⬆️ Kindly reach out to the what'sApp line above for more investment info and consultation....
Sometimes I watch the video even if it is not relevant to me just so that I remember he has spoken on the topic. Just incase if I need it in the future.
You r just like a big brother for all of us, keep doing this and we will keep watching this with lots of love and respect.
Business/traders k liye bhi same topic pr video banado please
Hmm right
Sahi btt hai
Cheaters ho tum sab. Bhakk
First thing first you are most clam person I have seen on you tube.. the way you make videos are just Wow .. keep it up thank you very much .. excellent work.. 💐💐
I have noticed this a lot in your all recent videos that you have been explaining all the concepts in terms of a “female perspective” could you please somewhere elaborate your approach for this thing great idea of motivating women to feel finance so connected. highly appreciate!!
FEEDBACK APPRECIATED ⬆️⬆️ Kindly reach out to the what'sApp line above for more investment info and consultation.....
Your speech delivery is spot on.
Hi Ankur,
Amazing video for the tax calculation , loved the way you have explained. I have 3 queries :
1)In sec. 80C , is the PF employee contribution annually considered or employee or employer both?
2)Incase we make some investment sometime post tax declaration, like for an ex in the month of Aug or Sept, then, how to claim that under the tax benefit?
3)Under sec, 80G, in which when it is 50% and when it is 100% while claiming the tax benefit?
Thanks again for the amazing videos. Keep up the good work :)
For 1st Question - Only Employee Contribution is considered under 80C
The only channel on youtube where I don't skip any part of his videos.
I think you missed to mention 50000 exception under section 80ccd(1b) for NPS tier1🙏🏻 It is out of 1.5lakh of 80c
Just received my first salary yesterday and now found this gem of a video to understand how i can start saving income tax🤩
FEEDBACK APPRECIATED ⬆️⬆️ Kindly reach out to the what'sApp line above for more investment info and consultation...
No ads added anywhere. It shows that he is doing it for the love of sharing. :)
FEEDBACK APPRECIATED ⬆️⬆️ Kindly reach out to the what'sApp line above for more investment info and consultation.....
Labour Law Advisor is the best channel for Tax savings
1. Income tax calls the Financial Year you mentioned in the first section as “Previous Year”. just in case the exact words on the IT docs don’t match with “Financial Year”, they mean ‘previous year’, which means the same.
2. as per the new rules, roughly 50% of the gross salary shall be the basic salary.
3. Section 80 ≠ 80C, 80D, 80DD, 80CCD, 80CCD(2), 80CCD(1B). Call these as Chapter VI-A Deductions.
4. Correction for 80D - If the claimant is more than 60, then the limit for himself and spouse is also raised to 50k from 25k. And parents have 50k already. Also this includes MEDICAL EXPENDITURE or Preventive Health Check Ups to the tune of 5000 in each head (Parents and Self+Spouse)
5. 80DDB - not allowed for all diseases. Very specific diseases covered. Do not take the deduction unless you have a medical certificate and a CA or a CA Student’s free advice of the inclusion of the disease. (We students remember this as DIL DEHLANE wali BIMARIYA)
6. 80U - Required Medical certificate of a registered medical practitioner
7. 80G - All donations are NOT ALLOWED. The entity where you have donated should be registered under the act for the purpose of this deduction to be claimed by the claimant.
Also, for general sanctity, you can consider the following:
A. All the national Funds have 100% deductions allowed without any limit.
B. State funds have 50% deduction without any limit.
C. There are two more categories of 100% and 50% with a maximum upper cap of Adjusted Total income (which will create additional nuisance value here, so request you to please check the income tax website for this)
Additional Deductions:
1. Sec 24(a) - Municipal Taxes PAID (unpaid taxes won’t be allowed as deductions) of House Property
2. Sec 24(b) - Interest on house property - 200000 per annum maximum (subject to actual amount)
3. Deduction for allowances under section 16 (Petty, but may help someone on the borderline to come down for the total income level of 500000 and pay no taxes)
Uniform Allowance
Helper Allowance
Conveyance allowance (2000 per month - check the amount, not sure)
Children education allowance (200 per child per month for max 2 children)
Professional Tax - Section 16(b) - 2400 per annum
Also, you can go for
80CCD(1B) 50000 additional amount for NPS
80GGC - Donation to Political Party (Lol - not allowed in cash beyond rs 2000)
Tax saved by donation to political party huh, feels like they snuck it in there
Thank you so much for this post, I took notes. Also, that mnemonic of 80DDB was hilarious, even I will never forget..😂.
I had a few questions though,
1. We saw that all the deductions under VIA (or say section 80) have individual caps over them, but do they have an overall cap as well ? or we can individually add all of them and subtract the sum from gross salary to get the taxable income?
2. How can you save tax if you live in your own house with no pending home loan, I meant what if the company is still paying some amount under HRA, Can you somehow use that as a deduction😜?
@@rajatpathak6524 technically, own house won’t help much. Parents house case - tax saving is possible. Just have a bank entry of an appropriate amount (considering the area you live in). Say 15000 pm (15*12=180k). If you can save 180k on your taxable income, it would be a great deal. If the house is in your name and anyone else lives with you and his/her tax slab is greater than yours, you can ask them to pay you the rent. And enjoy the tax savings in the family
@@rajatpathak6524 answer to your Q1 - 80C, 80CCC, 80CCD(1), 80CCD(2) is subject to A combined limit of 150000. However, 50000 of 80CCD(1B) is separate. So maximum 200000 can be deducted.
Your way of speaking is so calming & also much easily understandable! Thanks for such informative vedios :)
7:41
9:34
Best part of video and by the way video is very informative and useful.
Dear sir it's very useful you are giving with detail examples thank you🙏 very much
Sir I am in my 20's and for the first time I am in the income tax slab and i was literally scared in what n how should I do to get maximum deductions and least income tax.
The way you have explained the various sections here was very genuine and calming. I am grateful that I've got such a brilliant mentor to follow right from the start. 🎉🎉👍
FEEDBACK APPRECIATED ⬆️⬆️ Kindly reach out to the what'sApp line above for more investment info and consultation...
Warikoo sir, most of the times you go out of your way to explain to your audience about all the details inorder to make your viewers financially sound, and for that I Really appreciate the work that you are doing. If it weren’t for you i wouldn’t have started investing at all.
I am loving the way how you are introducing comedy in your videos.
When switching companies make sure correctly updated previous and new deductions.
Just to point out "Exemptions are in respect of incomes and deductions are in respect of investments or expenditures."
Amazing free flowing explanation Ankur
Much much needed video!
Thank you for explaining it so well.
P. S.: I will never visualize 'Janhit mey jari' in any other way henceforth 😆
thankyou Ankur. you are also like elder brother , guide, friend everything that your viewers got . you are also fun to hear .... :) cant thank you enough
Can't thank enough the efforts made by you creating awareness in terms of finance, careers options, etc. Sir, you are doing a tremendous job, the current younger generation especially who are in their 20s, are so lucky that we are getting exposure to such content , thanks a lot sir ❤
Thank you sir,,,,u teach in a very simple manner...i am also a fan of your personality...
Hahahahaha!
Your banter regarding FD is too good! Laughed every time. Please continue to educate and entertain us the same way! A million thanks to you.
Guys forget about warikoo is slow or 1x, 2x recommendations e.t.c...Just look at the ground work which Warikoo bhai is doing and presenting to all of us for free of cost..Respect that first..I respect all his videos bcoz I know how difficulty is to read and analyse and present it to the public...Ankur bhai mera heartful salute apkeliye..Thanks for all videos so far and waiting for more too...Trolling negative is very easy but just think to encourage such youtubers who gives us a good knowledge with free of cost by putting thier effort in place..
HRA, LTAs, Petrol, mobile,etc allowance are not DEDUCTIONS.
They are be called as exemptions.
80C, 80D, etc. are deductions
Yhi hota hai jab koi bhi aakar youtube pr gyaan dena shuru ho jata hai😂
RIP your knowledge
thank you so much for this video ... u r true about for those people including me also that have no much proper knowledge about income tax ....only I heard about names related to income tax, TDS, AY, SLAB etc..etc...
I am doing job for the last 5 years, but never think about income tax as I am not earning so much This year I am serious about income tax.
your video is so helpful for me...the attached PMS for doing the needful.
FD and Ankur are the lead characters of a film called financial education 😂😂
hero and villain as per your choice
Just bought $20,000 worth Ethereum and $50,000 worth Bitcoin. With the recent dump in Crypto I was told it's the right time to buy and get ready for a skyrocket.
@James Groves you need a professional manager like Mr Frederick to properly guide you through in your trade.
Same here. Am just shocked you guys mentioned and recommended sir frederick, I thought I was the only one trading with him.
I can remember when I was referred to him newly, he handled me so well. He understands every beginners intention and fixes you to a plan that matches your capacity
I have worked with four traders in the past and none of them comes close to Mr Fred in terms of efficiency and reliability.....
One correction you need to make is section 80ccc is not for LIC Premium but for Life insurance pension scheme plan.
"Under Section 80CCC of Income Tax Act 1961, an individual can claim tax deduction for contributions made to certain pension funds. The tax benefit is only for payments in the form of premium for any annuity plan of LIC or any other insurer."
This video is unique please add more humour like this in future videos.... Loved it + Gained Knowledge.
Most Funny part 09:34
Extremely useful. Thanks Ankur. After fighting with lot of websites, i finally understand most of the things here.
Love how you explain everything in a simplified manner. Learning a lot from your every videos. I have a request for you,
Can you please make videos on -
1. How custom duties are calculated in India.
2. Investment ideas for those who have started to think about investment in their 30’s.
I was planning onto start something on my own n finances and money management is one of the greatest barrier that I feel cross first.. n these videos are such a relief👏
INVESTING IN CRYPTO NOW IS VERY COOL EXPECIALLY WITH THE CURRENT RISE IN THE MARKET NOW.
Most intelligent words I've heard,
Crypto is the new gold,
I'm a huge fan of crypto, I hold some few coins in my wallet.
The rich get wealthier as they trade, the poor remain and get even more poorer because of skepticism and fear of taking risk,
The fruitfulness of your trading lies on the account manager or the expert,
Thank you for making this, I was looking for a relatively easy to understand video for taxes.
Very informative video sir!! It clears a lot of confusion among us new corporate joiners. But I request you to please also throw some light on taxes on our investments; how to file them (like taxes in case of short term and long term holdings) and how to minimise them
Those expressions about FD and saving account interest were awesome, Wariqoo J🌱
I really appreciate the efforts you are taking to make the youth of our country more investment friendly and motivating towards money management and saving. I follow all your videos specially related to finance. Thanku for creating such highly informative videos. In ❤️ with your determination to bring change through financial literacy :)
Thanks for your feedback,,,,Don’t forget to hit the subscription button ✅for more information,,,,
W,,,,H,,,,A,,,,T,,,,S,,,,A,,,,P,,,,P
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Thank you sir,your explanation is amazing. You explain every complex concepts into simple terms😊
Hi Ankur, Firstly a humble gratitude to you. You aren't aware how useful you have been with your videos. They are life changing, eye openers and awestruck information. One concern: As mentioned in this video, 80CCC does not allow to add deductions from Life Insurance. Please suggest if I am doing something wrong.
FEEDBACK APPRECIATED ⬆️⬆️ Kindly reach out to the what'sApp line above for more investment info and consultation...
Declaration hack i follow to earn slight more
- i declare max possible amount to company
- i calculate actual deduction that i would claim
- whatever TDS cut i save, i invest in liquid fund
- i redeem my investment from liquid fund and pay my actual TDS in Jan to March month.
Hi Ankur,
Dearness allowance (DA) should also have been mentioned while discussing the HRA formula. :)
- CA. Vidur K. Bindal
I am 13 years old girl
Your videos are so so helpful sir
Hat's off!!!!
80TTA - Ankur, you are super hilarious in this section. Not mentioning the other robotic hilarious stuff already done on the total video. Thank you!
Hi Sir, thanks for sharing all the information. I just want to know whether 80c and 80ccc have separate Rs 1.5 lakhs deduction each or are they together have Rs 1.5 lakhs deduction?
Thanku warikoo sir.. For such informational videos... I didn't knew anything.. Got to learn so much from this and your other videos..
FEEDBACK APPRECIATED ⬆️⬆️ Kindly reach out to the what'sApp line above for more investment info and consultation.....
Please make another Video!
Bitcoin is the world’s premier cryptocurrency, but it still is a relative newcomer to the scene. Unlike the market Stock, bitcoin is gradually gaining mass adoption.....
Way different from forex/stock, Bitcoin is also decentralised. It’s worth pointing out that Bitcoin is not directly controlled by governments or central banks.
I've some knowledge in to Forex business, I wanna know if there's a specific time routine someone can trade BTC & other crypto coins
Trading is not subject to regular business hours since Bitcoin is a P2P cryptocurrency, and BTC exchanges run around-the-clock.
@@markdads_twin5513
Yea, Forex markets run 24 hours a day, 5 days a week for retail traders, but not for institutional traders. Forex trading takes place from 5PM EST Sunday to 5PM EST Friday for retail traders.
For anybody who believes in the Future, I can tell you that Bit’coin is a promising future...
I had negativity about this person, but no more... so very well explained 👏 👌 👍 😊
What is the procedure to pay rent to a family member and claim HRA?
This video was quite useful and great knowledge till now I have seen about Tax.
Hi Ankur,
Amazing video for the tax. I loved the way you explained it. I have 1 doubt.
If my CTC is 5.5 but I have other sources of income that more than 17 CTC:
How will I save the tax?
Thanks again for the amazing videos!
I am so lucky and proudly saying that all the things that he listed were already known to me briefly.
Loved FD wala edit.... Didn't expect that coming....😂😂😂
Superlike…”3-4-5% ka jo mazak hota hai” uff mindblowing..
FEEDBACK APPRECIATED ⬆️⬆️ Kindly reach out to the what'sApp line above for more investment info and consultation.....
Thank you so much for taking up my request ❤
The never understood topic anything in life if it was then that was income tax calculations for me. You made it look simple and make me understand it way better than earlier. Thank you so much 🙏🏼
I Wish my CA income tax syllabus would be the same
BTW its just 1500 pages😅
True 🤣😂 bhai bolne me bhot easy lagta kbhi ye pdhenge to pta chlega
@@sahilmehtani hope ur attempt is in nov
that is why you are here😅😅😅
@@merelylinked nhi bhai july😂
Really it is very helpful information provided by you. Thank you very much sir👌
Sir, one question here : It can be very stupid but here it goes,
" Can we use both 80C and 80 CCC or is it like that we can deduct only upto 1.5 lakh using Section 80?
Maximum deduction for both 80C and 80 CCC is ₹1,50,000 but if you have 80CCD also then you can take total upto ₹2,00,000
@@yuvrajsehgal9738 thank you so much for taking out time!
Isse jada achi vedio nhi dheki mene is topic p aaj tk thanks sir ❤️❤️
Here metro city includes only
Delhi, Kolkata, Mumbai and Chennai
CA student?
Why not bangalore?
@@rushabhdave9950 First attempt?😂
@@rushabhdave9950 yes pursuing
@@ujjwalmoolchandani9300 because the income tax act, 1961 is updated every year with finance act but leaves out many small things to be considered like monetary limits for eg deduction u/s 80C maximum limit was ₹150000 from 2008 till last year and from this year it is increased to ₹200000
Thank You so Much sir for making this topic simplest, i am not even placed yet right now in final semester But got all clear idea of savings tax on various CTC amounts.THANK YOU SO MUCH SIR
Sir can you make next video on
" Time management for students" 🙏🏻 please sir
He already has got one, and he also has a course on time management that I had enrolled. Definitely worth the 400 bucks. Time is your most precious asset.
This is a perfect video I was looking for. Thank you Ankur for providing such a complete information.
What are your thoughts on NPS and tax savings using 80CCD(1A,1B,2) ?
Financial year is started from first April every year and end in thirty first March next year... all the income we earned that is in previous year and the year in which it was being accessed is called assessment year, both the assessment year and previous year are the financial year
Hello what is the best way to get started with bitcoin investment or Forex trade cos I have been making my personal research for a while now
I will recommend expect Mr Nicolas Barron trading services for you her strategies is working for me at the moment and am making good profit from Bitcoin
Please how do I reach this Mr Nicholas Barron I've already lost enough of money treating myself
You can get contacted to Mr Nicholas Barron with this number here he is always online 👇👇👇👇
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Right Video at right time. Thanks MR Warikoo. I was scrathing my heads figuring out taxation and here I am to declare my IT with Confidence after watching your video.
CA students - Ha malum hai chal 😂
Awesome video sir !
Ek dm
CA students be like haa malum chal baap ko mat sikha chal😂😂🤣
Bro , CA students should study science , sara faltu gyaan bhul jayenge
@@aksingh3167 nice joke😂 keep it up 1 din tu bda hokar standup comedian bnega
@@aksingh3167 jisko tu faltu gyan bol rha hai n, vhi gyan se tum jese logo ko hum tax planning krvate hai or tax se bchate hai, idhr science or commerce ki bakchodi mat kar all streams are good.
Thanks sir kafi ache se bahut kuch samjhaya apne 👍
12:30 If disability is between 40% to
As a non govt staff, but as an individual contributor who opts NPS with self interest,
1. should we invest only same amount in NPS on every payment? If paid less on any of the year compared to prev year, will there be any fine imposed?
2. Is it paid yearly or monthly?
3. Is auto debit option available?
4. How to avoid pop trail charges while contributing?
Kindly advise.
Thank you for the insights as usual!
Hoping to get an income soon, to make this video more relevant though. xD
This video is very awesome because they can also help the financial knowledge and I see that little bit of knowledge but very useful video...thanks a lot sir jee...
9:18 "Savings bank me jo 3-4-5% ka mazak hota hai".... I am dead laughing :D
Wonderful bhai.
I m fan of ur simple way of explain 💐🙏💐
FEEDBACK APPRECIATED ⬆️⬆️ Kindly reach out to the what'sApp line above for more investment info and consultation...
Sir give tips for investment for students
(In teenage).since our parents says "paises aayga tho, studies nahi kargo"
I'm on a mission commenting on every video Ankur has put out in the hopes that I get a spot on his 30-minute zoom video call one day!
Cheers from Kerala!
FEEDBACK APPRECIATED ⬆️⬆️ Kindly reach out to the what'sApp line above for more investment info and consultation.....
Correction - complete PF contribution can not be shown in the 80C, only “Employee’s” contribution can be the part of 80C
Adding to this point, employer's contribution is non taxable, the only nuance is that it is not included in 80C. 80C only includes Employee's contribution (Which is a good thing as this setup increases reduces overall taxable income)
@@Lazarus19 employers contribution is taxable if he contributes more than 10% of salary here salary inclues basic+Da+comm% of turnover
1.If in case you stay in a company provided house, what will be hra and perks calculation?
2. If in case, you have a house somewhere can you claim two benefits together?
3. Can house sell/buy be offerte by LTCG/STCG?
Salary is just one head out of 5 head of income
Not all heroes wears a cape. Super leader Warikoo.
Sir 2x pe smjh nhi aaega me searching option for 3x😂😂😂
Yess we need that too
Download karo third party sa phir mx player par play karo
Me also,RUclips should know it
I'm searching for 4x
@@prakashsoni2637 split screen ma dono ma 2x laga do
Even though I speak Hindi (I am from South), it is difficult for me to understand numbers in Hindi ...it would help a lot if you were to use English when speaking of numbers.....your videos make a lot of sense....great work
Quick revision for CA CMA CS students🙏
Hey Ankoor No income No Tax in 2020-2021.. joke apart.. I am amid follower of you.. You solved my lot of problems.. Please make more videos on small business (if possible make it on space industry)..
I definitely need your guidance.. & Mentorship..