Best Tax Saving Guide | Complete tax planning for salaried persons | LLA

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  • Опубликовано: 24 дек 2024

Комментарии • 2,7 тыс.

  • @LabourLawAdvisor
    @LabourLawAdvisor  3 года назад +105

    Hax to Save Tax: www.taxplanningforsalariedemployees.com
    💸DEMAT Account: link.lla.in/Demat
    QuickPayroll: quickpayroll.in/

    • @sachin1st555
      @sachin1st555 3 года назад +13

      VPF is one of best option I think

    • @dineshjanyani7676
      @dineshjanyani7676 3 года назад +2

      Value investor kese aapna tax bachae ??

    • @namanmodi9134
      @namanmodi9134 3 года назад +4

      Sir for business person examination and direction video

    • @gokulp3271
      @gokulp3271 3 года назад

      Video's seems good and interesting but I don't know hindi bro, I am from south India. So Can you do video's in english or with subtitles.

    • @suryavamsi2211
      @suryavamsi2211 3 года назад

      @Labour Law Advisor. I have a different scenario. Let's say I stayed in home(non metro) with parents for 6 months and later shifted to city and stayed there for other 6 months. Can I apply for hra for 2 houses now? In video you told you can't apply for hra when you stay in 2 houses parallallely.
      Thank you

  • @ashishsurve3347
    @ashishsurve3347 3 года назад +361

    An employee's contribution to provident fund (PF) is considered as part of Section 80C of the Income Tax Act. So for 12 lac income we can consider PF will be 40 to 50k year. It means we can only save 1 lac on 80C in ELSS. I think you missed this one. Great video.

    • @shivanshsrivastava6280
      @shivanshsrivastava6280 3 года назад +15

      it depends, In many companies, you have option to chose the amount of PF. So lets say you chose to pay only 1400 / month as PF than it will be around 16-17k year in PF .

    • @DeepakRaj-zw6jj
      @DeepakRaj-zw6jj 3 года назад +19

      @@shivanshsrivastava6280 It can't be less than 1800 /-. In my company it's like this. Even though Basis is more..

    • @suniladiyodi
      @suniladiyodi 2 года назад +18

      @@shivanshsrivastava6280 you cannot reduce the amount i guess. You can only increase the contribution. As per govt rules, 24% of your basic should go to PF (12+12).

    • @VinodSingh-ig8zj
      @VinodSingh-ig8zj 2 года назад +7

      No 10% from each is mandatory.
      and in central govt it's 10 + 14%
      you can only increase it.

    • @koshalsingh9786
      @koshalsingh9786 2 года назад +1

      I think
      12% from employee and 3.41% minimum is mandatory from employeer

  • @chandanmishrikoti2392
    @chandanmishrikoti2392 2 года назад +146

    after 10+2 Income tax should be a compulsory cource in ever educational institution as the Student enter into market.

    • @robinbajaj6323
      @robinbajaj6323 Год назад +26

      How will government suck ur money then!! 😂

    • @abhishekcpadwal1989
      @abhishekcpadwal1989 Год назад +2

      Taxation is mandatory in commerce graduation

    • @Mihirvyas555
      @Mihirvyas555 8 месяцев назад

      Ham kya kare fir? Job chod de?😅

    • @AankitSownhy
      @AankitSownhy 4 месяца назад

      ​@@abhishekcpadwal1989Yes, But this subject should be common for all.
      waise bhi Gov sirf Commerce students se thodi hi leti hai tax.😂
      aur ha Commerce wale bhi CA se karwate hai 😂

    • @rushiraut3760
      @rushiraut3760 Месяц назад

      Absolutely agree sir.....

  • @sumitrajput16_5_95
    @sumitrajput16_5_95 2 года назад +3

    Boss... Maza aa gaya... Last line apki bdiya lgi ki sikhne ka interest h... Thanks for such a beautiful knowledge with easy examples.... U r best

  • @jagatbashista
    @jagatbashista 2 года назад +22

    Agricultural income is exempt from income tax, but there is a concept called "the partial integration of agricultural income with non-agricultural income" if certain criterion satisfied. Here, your example attract this calculation.

  • @siddiquiirrfan
    @siddiquiirrfan 2 года назад +4

    Video dekhne ke baad payslip dekha maine apna.. Jitna sab apne bataya yeh log already de hi rahe hai.. itna breakout sirf shortcut mein padha hai aaj saara matlab samhaj agaya.. Corporates bahut smart hai apni tax saving mein humme bhi khush kardete hai breakdowns ke naam par..Kudos for your work 🤘🏻
    SUBSCRIBED ♥️

  • @Tausifsiddiqui
    @Tausifsiddiqui 3 года назад +55

    First 2 minutes into the video and i can already see massive value. Keep up with the content folks!

  • @adityapatra9183
    @adityapatra9183 3 года назад +83

    I wish this video was available when I started my job. This is pure gold!❤️

    • @signerai03
      @signerai03 3 года назад

      Where u work & with whom??

    • @adityapatra9183
      @adityapatra9183 3 года назад

      @@signerai03 I work with a digital marketing startup company.

    • @karanrathod640
      @karanrathod640 3 года назад +2

      This is the most basic things to know abt taxation.. Nothing great explained here... If u did not know this.. Doesn't make it oire gold.. Makes u an fool who is ignorant of necessary things to know

    • @adityapatra9183
      @adityapatra9183 3 года назад +29

      @@karanrathod640 Just an FYI, I already know most of the concepts explained here. But majority of the people who start their jobs don't know. I hope you read my comment from the beginning (although I doubt that). Also you calling people "fool" in the comments doesn't make you the wise one :)

    • @karanrathod640
      @karanrathod640 3 года назад

      I on implying that people who donot equip themselves with basics of money management & tax planning are fools is an exclusive point to me claiming to be wise.
      But ur comment - which FYI i read 2wice as i cudnt believe myself seeing some1 openely admitting to being ignorant to basic money management skills - is to point out the fact that self home-work is paramount while beginning to. Earn! So stop treating this as GOLD when this shud have been basic

  • @abhishekchauhan7863
    @abhishekchauhan7863 3 года назад +34

    In HRA component metro cities are Mumbai, Delhi , Chennai & Kolkata rest all are considered Non Metro , People usually get confused sometimes considering big cities like Bangalore & Hyderabad etc as metro cities :)

    • @MINATOYELLOWFLSH2005
      @MINATOYELLOWFLSH2005 3 года назад +3

      Nope. Metros are classified as per census 2011. There are many more metros.

    • @abhishekchauhan7863
      @abhishekchauhan7863 3 года назад +7

      @@MINATOYELLOWFLSH2005 For your Information Mr Anoop the metro cities which are seen under HRA are according to Income tax act, for more information on the same please refer to the stated article { House Rent Allowance (Sec. 10(13A) & Rule 2A)} of the income tax act, Thanks for your comment :)

    • @MINATOYELLOWFLSH2005
      @MINATOYELLOWFLSH2005 3 года назад +1

      @@abhishekchauhan7863 ok. Thanks.

    • @ravindrabosamiya9837
      @ravindrabosamiya9837 3 года назад

      also wfh helps 😅

    • @rupenbhavsar
      @rupenbhavsar 3 года назад

      CAN WE CLAIM 3 lac HRA IN NON METRO? IF YES, LANDLORD HAS NO PANCARD THEN HOW WE CLAIM?

  • @AA7860
    @AA7860 Год назад +2

    No words! explained well! ⚡⚡⚡🫡🫡🫡 keep growing sir... 🥰

  • @kusumlata5762
    @kusumlata5762 3 года назад +1

    Mai to student who bar aapane bahut acche se samjhe hai kuchh samajh mein nahin a raha tha per mere ko bahut beneficial Laga

  • @CARocks
    @CARocks 3 года назад +37

    6:23 HRA me only basic salary ka 40/50% ni lete...
    Salary= Basic + DA(in terms) + T/O Commision

    • @manasikhanolkar8685
      @manasikhanolkar8685 3 года назад +7

      And one can either claim HRA or Home Loan interest and not both

    • @ishannarang5111
      @ishannarang5111 3 года назад +1

      @@manasikhanolkar8685 i think we can claim both.

    • @yogeshgarg7509
      @yogeshgarg7509 3 года назад

      @@manasikhanolkar8685 only one a acccording to me

    • @rgvyt5110
      @rgvyt5110 3 года назад +2

      @@manasikhanolkar8685 You can claim both if your loaned apartment is more than 30kms away from your workplace.

    • @caaspirant-alokr.5862
      @caaspirant-alokr.5862 3 года назад +1

      Both can be taken if u are living in city and home loan taken for construction of House

  • @kirankumar4960
    @kirankumar4960 3 года назад +108

    Hi, in the last example for 12 LPA package, I see you have exempted HRA first and also home loan interest. I think its not that simple. If you are paying home loan, then you might be staying or renting it out. 1.If you are staying, you can't claim HRA 2. If you renting it out, then you have to declare the rent received as income.
    PS: Chances of buying a home and not renting it out and staying somewhere else by paying rent are odd.

    • @vibhutidevadhara6856
      @vibhutidevadhara6856 3 года назад +18

      There are cases where this stands valid. When you have a home loan in city A. But working and have rented house in City B. You can have exemption on both at the same time. BTW, it is no mandate to rent your own house if not self occupied.

    • @abhijitprabhu7874
      @abhijitprabhu7874 3 года назад +8

      @@vibhutidevadhara6856 I think even if your house is not let out still it will be deemed to be let out and you will have to show deemed rent income

    • @ManishKumar-ze4ec
      @ManishKumar-ze4ec 2 года назад +7

      A case could be when you pay home loan from the start but for the first few years ypu have not yet recived the posession of house

    • @CinemaTalkiesPro
      @CinemaTalkiesPro 2 года назад +5

      @@vibhutidevadhara6856 there can be a case where in the new home parents are staying and I'm working somewhere so I have to be in rented house.. in other city.. or maybe in same city in different area or near to office.

    • @rawatranjeet1421
      @rawatranjeet1421 2 года назад +3

      I am living in own house(with home loan) and I show both home loan and HRA for tax saving.it is possible..

  • @EveryPaisaMatters
    @EveryPaisaMatters 3 года назад +102

    Good video Rishabh (not Mandeep) but what we simply ignore to tell in these cases is at the end, while Tax Paid is Zero, the actual In-Hand salary for their personal expenses comes to only ₹38,333. Paying 2 Lakh Interest an year will usually mean a very high loan and which will not be recommended for someone at 12lpa salary. Lastly the HRA being paid is 3Lakh. So basically almost 50% of salary is on Rent and Home Loan.
    Not really a good position that this person is in, as per my view. 🙏

    • @LabourLawAdvisor
      @LabourLawAdvisor  3 года назад +35

      Well said! that's why I told that loan should not be taken just to save taxes. Also you will come across many such cases where both husband and wife are working, there one person can pay rent and interst to.save taxes to maximum limit.
      PS : My name is Rishabh, Mandeep is other one :)

    • @EveryPaisaMatters
      @EveryPaisaMatters 3 года назад +8

      @@LabourLawAdvisor Yups agree with that and corrected your name as well.
      What mesemerises me is that very simple fundas are not known to our people and which is why people focus towards earning more and not on saving or better still saving at the right places.
      Keep up the great work!👍

    • @sagarsaxena7241
      @sagarsaxena7241 3 года назад +3

      @@EveryPaisaMatters I ALSO AGREE with you.....the structure shown in the video is really aggressive and leaves a very little amount towards saving and investment purposes.....

    • @adityasrivastava6235
      @adityasrivastava6235 3 года назад +6

      I think if we live with our parents then we can make rent agreement on thier name, so now indirectly amount you pay for household activity is getting benefited as HRA(only if u live with parents in house) . Correct me if i m wrong

    • @EveryPaisaMatters
      @EveryPaisaMatters 3 года назад +1

      @@adityasrivastava6235 This is correct.

  • @redteamgarage299
    @redteamgarage299 2 года назад +1

    Kya khoob tarikese samzhaya hai. Thank you for all your work.

  • @jitendragehlot452
    @jitendragehlot452 2 года назад

    Very very helpful sir,
    बहुत ही साधारण language मे समजाया🙏

  • @mavericks7179
    @mavericks7179 3 года назад +12

    In 80D, you can also claim the Medical checkup bill of 25000. If your employer is not allowing, then you can file your return the same

    • @bhuvieswari4505
      @bhuvieswari4505 3 года назад

      No need any proof??

    • @prassimplified2313
      @prassimplified2313 3 года назад

      @@bhuvieswari4505 u have to keep proof with urself. If asked by department, u need to givd

  • @petpet4332
    @petpet4332 3 года назад +3

    4:36 was the besttttt part. Bought smile to my face. lol

  • @maxfreakk.4955
    @maxfreakk.4955 3 года назад +164

    What a progress by mandip.. from fitness trainer to business partner 😂

    • @LabourLawAdvisor
      @LabourLawAdvisor  3 года назад +19

      ❤️❤️💪

    • @jessy9643
      @jessy9643 3 года назад

      @@LabourLawAdvisor Do we consider PF CONTRIBUTION OF EMPLOYER in gross total income during tax computation?
      For eg,
      Gross salary = 508867
      Interest on employee PF = 628
      Interest on employer PF= 287
      Employer contribution to PF = 9977
      So for the above case, do we calculate total gross income as the sum of all the the above?
      Means,
      GROSS TOTAL INCOME =
      508867 + 9977 + 628 + 287 = 519759
      Is this the gross total income from which we have to deduct the deductions ?

    • @I-M-WITH-YOU
      @I-M-WITH-YOU 3 года назад

      Zinke pass samjhdari aur samjhane ke tarika hota hain vo kuch v achieve kar sakte hain...

  • @priyanka12169
    @priyanka12169 Год назад

    Thank you so much sir....itne asani se koi dusri video samjh nahi aayi .. 🙃

  • @LavanyaParthOfficial
    @LavanyaParthOfficial 3 года назад

    you are genuine person....Good explaination brother

  • @abhaybansal8482
    @abhaybansal8482 3 года назад +6

    80EE deduction allowed only when the loan is sanctioned between 1/4/16 to 31/3/17 (Max deduction 50,000).
    Section 80EEA helps first-time homebuyers to save an additional Rs 1.50 lakhs per year against the home loan interest payments or the purchase of housing units worth up to Rs 45 lakhs only when the loan is sanctioned between 1/4/19 to 31/3/21 (Max deduction 1.5 lakhs)
    Both the deduction are over and above the Rs 2 lakh deduction limit allowed under Section 24 (b) which means your interest should more than 2 Lakhs in order to claim interest as deduction under these sections.

  • @rups1390
    @rups1390 3 года назад +46

    I wish we had you when we started our career back in 2011

  • @rohitdubey1694
    @rohitdubey1694 3 года назад +11

    I think no company will allow you to claim HRA and as well as 80EE interest on home loan.
    If your salary is 12L, HRA will be max 1.2L not 3L.
    Children education tution fee will be considered under 80C only .There is no separate exemption for that.

    • @drugeshjaiswal1024
      @drugeshjaiswal1024 3 года назад +2

      Right..Just for views . they are misguiding people.

    • @radhikagokani3660
      @radhikagokani3660 2 года назад

      truee we can't claim that much HRA

    • @mallutornado
      @mallutornado 2 года назад

      Your home loan is for a flat in Kochi and you are living and working in Bangalore. Such scenario u can claimHRA and loan interest

  • @Moon_Rise6393
    @Moon_Rise6393 2 года назад +10

    12 Lakhs to 15 lakhs income is not heavy in india as per current market situation but government is imposing too high income tax on employee.
    You do your hard work and government will come to sneach from you

    • @ashutoshtiwari3029
      @ashutoshtiwari3029 Год назад

      30 percent tax this is huge

    • @sparshwadhwa8695
      @sparshwadhwa8695 Год назад

      M apka tax save kra dunga, We are providing free tax saving consultancy in which we help you to save your tax. If you need help regarding tax saving and filing your ITR you can contact us. contact number is shown in description and DP.

  • @subodhkant5353
    @subodhkant5353 2 года назад

    You're the savior for salaried people. Thanks a lot . God bless

  • @harshvardhan688
    @harshvardhan688 3 года назад +7

    THANKS , YOUR VOICE GOT WEIGHT & THAT MIDAAS TOUCH USE YOUR VOICE FOR DUBBING HOLLYWOOD MOVIES IN HINDI YOU HAD GOT LEADER VOICE THNAKS AGAIN

  • @shivamchawla6206
    @shivamchawla6206 3 года назад +10

    One of the best RUclips channels. Thanks for putting those efforts out there sharing the knowledge and saving some of our hard earned bucks :)

  • @mini_radio1996
    @mini_radio1996 3 года назад +4

    If you have an agricultural income along with any other income you have to aggregate such income is chargeable to tax.
    Refer section 10(1) of income tax act

    • @AjayThakral
      @AjayThakral 3 года назад

      Sahi bolu iss sir ko tax ki complete knowledge nahi bus ese hi muh utha ke har baar video bna dete hai. Mostly ye logo ko Misguide karte hai

  • @satyavijay4913
    @satyavijay4913 2 года назад +1

    Thanks a lot team LLA, answered many queries which generally HR simply say it's for employee benefit and does not disclose actually how. Thanks again 🙏
    I also see lot of comments where people getting confused, for them ~ this is just a quick video and LLA cannot discuss entire Income Tax subject in minutes of time. Please refer to links shared and then make your calculations. If some of you are really tallented then please guide others don't just add me o further confusion. Thanks all

  • @mfinance10
    @mfinance10 2 года назад

    Thanks to Rishabh bhaiya and Mandeep bhaiya. Aap ke videos bahut useful hain . aap ke videos dekh ke ye dil se feel hota hain ki Technology is boon for us ,particullary for me its. Honestly I avoid to comment on anything but aapke,Pranjal bhaiya ke ,Dhruv bhai ,Neeraj bhaiya ....ke video dekh ke aap logo se grateful feel react kiya bina reh nhi paata. from the bottom of My heart THANK YOU VERY MUCH TO YOU ALL for immence contribution towards my knowledge which make to my life as easy as possible and give feel of boon of born in Technology Time. once again THANK YOU VERY VERY MUCH.

  • @subhrajyotipal
    @subhrajyotipal 3 года назад +35

    For claiming 2 Lacs as interest for home loan (loss in house property), what will be his EMI ? Will he be able to manage it with a salary of 12 Lacs? Should he take such a big home loan with this salary ? As per your other video, EMI's shouldn't be more than 30 % of his total earnings? Isn't this flawed financial planning then? :)

    • @sagarsaxena7241
      @sagarsaxena7241 3 года назад +1

      exactly

    • @manikantaraju9137
      @manikantaraju9137 3 года назад +18

      It is an unrealistic example, don't even bother worrying about it. Who claims HRA 3laksh and buys a house of 2laks EMI loan...lol!!??

    • @bhairabnathbanerjee8714
      @bhairabnathbanerjee8714 3 года назад +1

      Why do you think 2lac tax exemption on Home.loan is not possible??? If someone has taken 26lac loan for 20 years in pre covid time at around 8% his EMI would be around 22k/monthly. However after that if he is still staying at rented house that would be unfortunate.
      In 12 lac one would not like to pay 3lac for HRA (unless he is paying that to his parents) and 2.6 lac for home loan.

    • @bhairabnathbanerjee8714
      @bhairabnathbanerjee8714 3 года назад +2

      @@manikantaraju9137 possible if he has bought home in another city (under construction still) and stays in parents home... however in normal circumstances people generally claim just one.

    • @gsb22
      @gsb22 3 года назад +1

      Dislike kro vidoe aur agye bado. Ye C** RUclips click bait banate h bus. Indirectly agar 12lakh pe 0 tax dena hai to full khol krna hoga.

  • @rangerfc1307
    @rangerfc1307 3 года назад +6

    Very good video, concise but informative. Thanks a lot !

  • @RohanRamVaswani
    @RohanRamVaswani 3 года назад +21

    Watching this video for the 5th time, and still getting to learn something new.

  • @ashokkumarhadimani3141
    @ashokkumarhadimani3141 2 года назад

    Excellent Best Tax saving narration. Thanks for your effort.

  • @john2.054
    @john2.054 3 года назад +1

    Excellent sir, you have a good voice quality and knowledge too.

  • @realabbas5
    @realabbas5 2 года назад +13

    Good video. One question - @Labour Law Advisor You didn't consider DA (Dearness Allowance) which will also be used in calculating HRA. All the formula where Basic pay is used , it will become (Basic + Dearness Allowance)

    • @kindaca7950
      @kindaca7950 Год назад

      Turnover commission is considered along with basic and DA (in terms), but he didn't considered that.

  • @gautambansode2294
    @gautambansode2294 3 года назад +4

    One of the best video I have seen on Tax Saving... Very well utilized 19 mins...Keep up the same work bro!!

  • @diyasn5200
    @diyasn5200 2 года назад +4

    Thank you so much for your explanation! You made it easy to understand this topic 👍

  • @MySimpleGuide
    @MySimpleGuide 3 года назад

    बहुत अच्छी जानकारी सर जी, आप वास्तव में एक अच्छे सलाहकार हैं THANKS

  • @piyushjain5629
    @piyushjain5629 2 года назад

    Very very informative video. Thank you team for making such videos 👍🏻

  • @priteshmalani9182
    @priteshmalani9182 3 года назад +6

    During the lockdown, I made a rent agreement between me and my mom and took full benefit of HRA.
    Paying rent to our parents is completely Legal ( Provided that your parents are showing that rental income in their ITR)

    • @MayurK-ko9st
      @MayurK-ko9st 3 года назад +1

      Is parent have to file itr if rent amount shown is annually 96000.?

    • @priteshmalani9182
      @priteshmalani9182 3 года назад +1

      @@MayurK-ko9st If you want to claim 96000₹ via employer then you don't need to provide PAN number to your employer.
      In that case you can mention any dummy name as Landlord's name
      On the other hand if you still want to pay rent to your mother then you don't need to provide your mother's PAN number to your employer ( iff rent < 1 lacs) and then you may or may not show that income in ITR of your mom

    • @tamalkantide402
      @tamalkantide402 3 года назад

      @Pritesh can we do this agreement in online? And from where you got the rent receipt?

    • @priteshmalani9182
      @priteshmalani9182 3 года назад +1

      @@tamalkantide402 As long as your employer accepts that, you can do it from anywhere. Rent receipts templates can be found anywhere.. just google it

    • @Damien1_1
      @Damien1_1 3 года назад

      @@charlieoocharlie9466 India's IT dept says payment of rent to parents is absolutely legal (has always been since independence). Google it. Your office HR might have also advised you during HR meetings.

  • @kauraman6991
    @kauraman6991 3 года назад +5

    Really helpful. Thanks alot sir. Gained ample of knowledge from this channel.

  • @kushalsharma3718
    @kushalsharma3718 3 года назад +15

    Succinct and lucid illustrations buddy, good luck with everything ❤️ way to go!

  • @jupitermulticon6929
    @jupitermulticon6929 3 года назад

    Farm income is not exempted but taken at rate purpose. Tax on (all sources+ Farm Income) - tax on (IT exemption limit+ Farm Income) . The difference is payable as Tax.

  • @glsaikumar
    @glsaikumar 2 года назад

    Actually, 6:45 ...
    HRA is not just calculated out of basic...
    It's calculated out of (Basic + DA) - say AA
    HRA can be 40% of AA
    Or hra can be... (Rent) - (10% of AA)
    Minimum of these can be the HRA...
    U missed out the Basic + DA part

  • @nikhilpatil1644
    @nikhilpatil1644 3 года назад +5

    Loved this video so much Sir
    The editing is next level please bring more videos like this😍🔥🔥.

    • @PrinceSogani
      @PrinceSogani 3 года назад +1

      Thank you :)

    • @narayanrawat5470
      @narayanrawat5470 3 года назад

      Excellent information in simple and short video..Thanks 🙏

  • @itsLaggeR
    @itsLaggeR 2 года назад +3

    Well structured and complete help from LLA ...Hope you keep doing this every year based on changing govt norms

  • @neeleshsahu9534
    @neeleshsahu9534 3 года назад +6

    Thankyou so much for this video. Many talk about this topic. But this is a complete guide as it says🔥

  • @mbgain411
    @mbgain411 3 года назад +1

    U guys nailed it, I love your content keep growing and inform us ❤️✌️

  • @pearlwisdom
    @pearlwisdom 3 года назад

    Sir explained all features and techniques nicely... But also make a video if someone has 55L salry and what are all best way to save taxes... In new regim and old...

  • @sramashesh152
    @sramashesh152 3 года назад +5

    Very useful video for salaried in pvt sector. Great job. One observation. My understanding is that interest on SB account balance is exempt upto Rs.10000/-. If I have SB int of Rs.2500 & FD int of Rs.7500, then exemption can be claimed only for Rs.2500. Pl correct me if this is wrong.

    • @sharmaasenior
      @sharmaasenior 3 года назад

      Yes

    • @Nikhilsharma-qw6ku
      @Nikhilsharma-qw6ku 2 года назад

      Separate expemtion for saving interest and fd interest.
      10 k in savings
      And 50k in fd interest income

    • @random6522
      @random6522 2 года назад

      For non senior citizen the exemption is only for an acnt interest not the FD interest and that too upto 10k

  • @dangerboy234
    @dangerboy234 3 года назад +11

    Big hole in the calculation
    1. Cant claim HRA and interest on HL. Exception only if the houses are in a different city
    2. To claim HRA of 3 lakhs, we need to pay a rent of atleast 30 k. With a CTC of 12 lakhs, your take hom eis around 80k. Paying 30k from this in rent is a bad financial decision
    But good point that you covered salary restructuon whcih not a lot of people talk about

    • @shivathealmighty
      @shivathealmighty Год назад

      Paying 30K as rent out of in hand salary of say, around 90K is very common in Mumbai. 30K is minimum in Mumbai for dwelling in a decent society... Salaried class in India are a dead class..

  • @yashpilliwar
    @yashpilliwar 3 года назад +13

    🔥🔥🔥 what a content... massive respect sirji for the efforts

  • @w0nderw0manjy
    @w0nderw0manjy 3 года назад

    I just love this channel… superb video and extremely useful info

  • @mohsinsayyed01
    @mohsinsayyed01 2 года назад

    thank you this was really helpful for my net taxable income calculation

  • @maheshsankeshwar4902
    @maheshsankeshwar4902 3 года назад +7

    Great explanation. Can you also make video on ESPP, RSU, ESOP gains and how are they taxed in india if they are listed outside Indian stock exchange.

  • @HK-ec6bq
    @HK-ec6bq 3 года назад +10

    Thanks for the video. Really good one. Knowledge enhancer..
    I have a question: can we claim/show the medical premium (while filling ITR) deducted by the employer? which employer have shown under CTC.

    • @haardanjaria6938
      @haardanjaria6938 2 года назад

      The one who deducted it can claim it, if employer is deductor, employer can claim! If employee is deductor, employee can claim!

  • @pranaysinghpardeshi3357
    @pranaysinghpardeshi3357 3 года назад +159

    Income Tax Department wants to know your location😂😂😂😆😂😀

    • @LabourLawAdvisor
      @LabourLawAdvisor  3 года назад +14

      :)

    • @jayantjaiswal7390
      @jayantjaiswal7390 3 года назад +37

      No use....since he did #TaxPlanning and not #TaxEvasion..

    • @jayantjaiswal7390
      @jayantjaiswal7390 3 года назад +20

      @@RaviSingh-yk9yc You need to do some work ,go and read the defination of tax evasion and tax planning and understand ....

    • @RaviSingh-yk9yc
      @RaviSingh-yk9yc 3 года назад

      @@jayantjaiswal7390 suppose any person earn income 1 crore and his / her net tax payable is nil this is tax planning wow...

    • @jayantjaiswal7390
      @jayantjaiswal7390 3 года назад +20

      @@RaviSingh-yk9yc come on man grow up don't comment like a kid.....
      The salary structure were discussing over here is 12 lakhs.....with which it is possible...if you can understand this,, discussion ends if not
      Then showcase your stupidity........

  • @rishabhagarwal2332
    @rishabhagarwal2332 3 года назад +1

    Firstly thanks a lot to share such valuable knowledge it helps a lot just one concern you said in 80tta we get deductions on fd interest which i dont think is correct.We only get deductions on savings bank interest .

  • @TheSantyraj
    @TheSantyraj 3 года назад

    Awesome 👏 superb n simply explained… hatsoff

  • @MadhavanSureshRobos
    @MadhavanSureshRobos 3 года назад +15

    "Legally kaisa bacha sakte h" "HRA kitna daal skte h" don't seem to go together. Isn't hra how much rent we "actually" pay instead how much we can optimally show?

    • @JayRevealer
      @JayRevealer 3 года назад

      I was totally under this impression, and after calculations, I will make sure not to remember this part

    • @91kunalm
      @91kunalm 3 года назад

      You can define your own salary structure - CTC mein basic kitna rakhna hai, HRA and baaki kitna rakhna hai yeh choice employees ko deti hai kaafi companies. "Annual rent paid" mein actual asli rent paid daalna hota hai. HRA and Annual rent paid are teo completely different things.

    • @VivekMadiraju
      @VivekMadiraju 3 года назад

      I think he means to say "Rent kitna daal skts h", in final part he said HRA exemption as 3,00,000 rupees. I dont think we can use whole if our house rent paid is just 1,00,000 and remaining 2,00,000 is taxable right?

    • @modellocomotiveworks2215
      @modellocomotiveworks2215 Год назад

      @@VivekMadiraju 300000 is not a fixed criteria
      There are 3 types of calculation for this and higher among them is considered
      It all depends on hra received, rent paid, basic +DA

  • @sanketmahajan2548
    @sanketmahajan2548 3 года назад +5

    Very nice Video LLA team Thanks for helping lot of employees.
    ELSS interest is taxable if the gain exceeds above 1 Lakh and it can be saved if one rotates elss units smartly. I still do not see how 7% of ppf is better then ELSS investment, could you please explain this bit in detail?

    • @LabourLawAdvisor
      @LabourLawAdvisor  3 года назад +1

      I compared with other equity investment without tax saving

  • @hiralpandya3685
    @hiralpandya3685 3 года назад +10

    Nicely explained thank u sir..As a sci student even i have understood it very well 😊👍

  • @gtirumalareddy
    @gtirumalareddy 3 года назад

    Awesome video. Thanks for sharing many other exemptions or deductions I was not aware of.

  • @abhidave3465
    @abhidave3465 2 года назад

    High Quality Content thanks man!

  • @Imran-M-
    @Imran-M- 3 года назад +7

    I have 2 questions, please clarify.
    1- Reimbursements section/component are not available in "Income Tax Declaration" form of the company I work for but certain components (ex: Internet) we reimburse monthly. How do I include them under "Exemptions"? Is it possible?
    2- 80D - Medical Insurance premium is paid by company itself to an employee (I do not pay any premium for self). Can I still claim this as "Deductions"? If yes, how??

    • @SameerOp-gy1kj
      @SameerOp-gy1kj Год назад

      NOPE BCZ it's already exempt .
      Medical insurance premium paid by company are not include in your taxable salary

  • @284127
    @284127 3 года назад +15

    You cannot claim interest on housing loan and hra exemption in same city...

    • @rajasekarg2900
      @rajasekarg2900 3 года назад

      You can claim

    • @hemantpandey2366
      @hemantpandey2366 3 года назад +1

      I think, one can claim when the house in under construction and person is residing in a rented house, even both may be in the same city.

  • @shorttravelvlogs
    @shorttravelvlogs 3 года назад +5

    Thank u so much for this video....it is very very helpful. I am going to plan my entire year 🥺🥺🥺🥺🥺

    • @rkb009
      @rkb009 3 года назад

      One job milega.

  • @AkasH-ly9bu
    @AkasH-ly9bu 3 года назад

    Thank You So Much Sir , Tax Savings Aware Karne keliye 🙏🏻✌🏻📈

  • @divyanshsage
    @divyanshsage 3 года назад

    At 02:25, you have shown NIL in new tax regime for 2.5 L - 5 L but in the tax slab it is written as 5%

  • @suruchiarora1
    @suruchiarora1 2 года назад +7

    Boss one question. Majorly everything is working on the basic income and DA and hra. Can you please make a xcel template with the components. So if anyone add thier income everything changes and it will easier to understand.

  • @beekireddyanilkumar
    @beekireddyanilkumar 3 года назад +7

    Thanks a lot for detailed explanation brother.
    If we keep HRA as 3LPA then we have to provide PAN card of house owner right?
    No owner is actually providing their PAN card. What to do?

    • @rajatkaushik5811
      @rajatkaushik5811 3 года назад +2

      its not that easy to get someone with pan because they will have to give tax on that rent income

    • @Kriti1858
      @Kriti1858 3 года назад

      Agreed..no one gives their PAN info..and we cannot claim complete hra

    • @charlieoocharlie9466
      @charlieoocharlie9466 3 года назад

      @@Kriti1858 I gave pan info to my tenant

  • @hemantmahadik1406
    @hemantmahadik1406 3 года назад +7

    how we can claim HRA and Home Loan interest both at same time in last example you mentioned? It's not possible.

    • @arao6198
      @arao6198 3 года назад

      Following

    • @monicatare6536
      @monicatare6536 2 года назад

      Possible if home owned is not in the same city as job

  • @shivajikshirsagar2222
    @shivajikshirsagar2222 3 года назад

    Very good vedio informing to manage income tax by investment and arranging HRA, STANDARD DEDUCTION, CHILDREN'S FEES, LTC if total income exceeds Rs. 10 lacs.

  • @pallavigaikwad4088
    @pallavigaikwad4088 2 года назад

    Best I have came accross ..Thanks for sharing information

    • @user-wx6ln9qw9b
      @user-wx6ln9qw9b 2 года назад

      👆👆👆👆👆👆Thanks for your feedback.. massage me directly right now for guidance on investment✅

  • @amitesh0602
    @amitesh0602 3 года назад +9

    Nice education video. however, could you please let us know how and where to claim these exemptions? Is it during the tax filling?

  • @ncpAr523
    @ncpAr523 3 года назад +14

    Sir make, " Complete Tax saving for Rental income only " Say 15 - 20 lakhs/yr..

  • @ivaibhavarya
    @ivaibhavarya 3 года назад +5

    A very informative video, thanks for sharing it.
    However, I could see Standard Deduction part was missing from the example you’ve given at the last. Please clarify on this matter?

    • @piyushdwivedi3896
      @piyushdwivedi3896 3 года назад +2

      @TRUSTED FINANCE tu bhai thoda sa pagal hai kya?? People are asking important info. and u just scamming here.
      By the way tere se whatsapp ni likha jara si se aur kitna frzi bnega yrr...

    • @rajesh_404
      @rajesh_404 3 года назад

      Standard deduction is applied only when you have Taxable income greater than 5L ig

    • @karansharma8042
      @karansharma8042 2 года назад

      But in the video taxable income after exemptions was 8,30,400 which is greater that 5lakh. But still standard deduction is not applied. What could be the reason?

  • @archanambhat.6496
    @archanambhat.6496 2 года назад

    You explained well 👏 👌 thank you

  • @sameer19871987
    @sameer19871987 3 года назад

    Nice. Thank you. Thoda sa went over my head..but some stuck to it. Shall re watch and re evaluate. :)

  • @shreyverma1227
    @shreyverma1227 2 года назад +6

    Hi there,
    It was really an informative videos, thanks.
    I have a question, considering your example, if salary is 12L and after removing all exemptions and leveraging deduction, it becomes 7L. In that case, what will be the tax slab Ram will fit in? Will it be 30% basis his CTC or 20% as basis his net taxable income?
    Let me know please, I am not very good with taxation.
    Additionally, can the donations made, be part of deduction? If so then how?

    • @mithundj1979
      @mithundj1979 2 года назад +6

      After all the exception and deduction the rule to calculate the tax remains same. 0 to 2.5 lakh it will be 0. 2.5 lakh to 5 lakh it will be 5%. 5 lakh to 10 lakh it is 20%. And above 10 lakh it is 30%. So if your taxable income is 7 lakh. It would be ( 2.5 lakh * 0% ) + (2.5 lakh * 5%) + 2 lakh * 20% = 52500 rupees.

  • @rohitsinha6130
    @rohitsinha6130 3 года назад +6

    Is salary structure (Basic & HRA components) something that employee can decide?

    • @LabourLawAdvisor
      @LabourLawAdvisor  3 года назад +2

      In many MNCs yes, you can try for your company too

  • @pankajshaw8092
    @pankajshaw8092 3 года назад +7

    You compared ppf to equity/debt and concluded that they ultimately give the same benefits. It was, the least to say, very wrong given the fact that LTCG on equity is tax free till 1 lac and lock in is way less too. In debt, yes the returns are less but they are preferred for liquidity and not for tax savings.

  • @raheempasha7423
    @raheempasha7423 3 года назад

    Ultimate Sir. Outstanding.

  • @surajwasamkar2696
    @surajwasamkar2696 2 года назад

    बोहोत अच्छा बोला पर सर ये सब पूरा सर के ऊपर से गया....☺️

  • @deepanshujain6512
    @deepanshujain6512 3 года назад +4

    Hi Rishabh,
    For a salary between 13 to 15 LPA, can we save complete tax, need to understand in detail
    Please convey this info.

  • @mithulmotty
    @mithulmotty 3 года назад +4

    But can we claim HRA and home rent interest at same time? Also about the max limit of HRA, is it possible to claim HRA of 300000?

  • @hiteshdua3746
    @hiteshdua3746 3 года назад +5

    Maximum deduction 1.5 L nahi hoti? 50k standard + 150k. How are going beyond 200k in Deductions? Please explain.

    • @mixingitup7653
      @mixingitup7653 3 года назад +1

      Sirf 80C section se 1.5L max deduct hota hai.
      Iske ilawa aur bhi sections hai like 80D, 80CCCD jisse aur deductions le sakte hai.
      Aur yeh deductions, exemptions ke baad hai

    • @deepakgidwani9003
      @deepakgidwani9003 3 года назад

      @@mixingitup7653 exemption kya hota hai

  • @beinganshmody
    @beinganshmody 2 года назад

    Any sum received by Partner as salary, remuneration or by whatever name called from Partnership Firm is exempt only upto the extent allowed as deduction to the firm u/s 40(a)(b). So whole of such amount isn’t exempt.

  • @akshayshinde466
    @akshayshinde466 3 года назад

    Best explained Sir... 👍

  • @VishalMehta
    @VishalMehta 3 года назад +10

    For the first time , I came to know we can get tax deduction on purchasing EV vehicle

    • @shivamagarwal2974
      @shivamagarwal2974 3 года назад +1

      Hahaha go through chapter VIA of IT Act👍🏻 you will unleash new deductions😁

    • @CARocks
      @CARocks 3 года назад

      80EEB

    • @anjaliseko2665
      @anjaliseko2665 3 года назад

      It's a recent addition to chapter vi

    • @CARocks
      @CARocks 3 года назад

      @@anjaliseko2665 recent ni h didi...1/4/2019 se h yeh... completed 2 years ...
      Deduction Under Chapter VI A

    • @anjaliseko2665
      @anjaliseko2665 3 года назад

      @@CARocks By recent i meant the same.. means its not known to many common ppl yet

  • @timtimsmit896
    @timtimsmit896 3 года назад +8

    You are claiming HRA and home loan interest deduction together.... Is it possible are u sure?

    • @shivakumarshiva0010131
      @shivakumarshiva0010131 3 года назад +4

      Usually not possible until unless you have your own home in different city and working on some other city, so you may have to claim HRA together with Home loan interest and principal deduction.

    • @MayurMahindrakar007
      @MayurMahindrakar007 3 года назад +3

      @@shivakumarshiva0010131 In same city as well it is possible like in big cities like Mumbai you have home at a place which is away from your office so you decide to stay rented near to office, which is genuine case, however to claim home loan principal you need to have own property as self occupied and not let out. Govt has updated in 2019-20 that you can have 2 self occupied properties so it is possible.
      rare but possible

  • @virendrasharma1546
    @virendrasharma1546 3 года назад +3

    @labourlawadvisor thank for such informative content. please let us know at 3.05 why did you take rate of interest as 13% instead of 8%

  • @eshankgupta
    @eshankgupta 2 года назад

    Thanks Sir for all the knowledge sharing. Specially middle class people lack clarity on what is Investing. And you have brought lot of clarity in peoples mindset.
    My question is,
    1. Is there any way for tax harvesting for only SIP investors because the ones you explained works for sumsum in my opinion?
    2. Suppose i invest in Quant Active mutual fund, Do they keep changing companies present in this fund and invest in them based on assessing the current market situation every other day Or They stick with them forever Or They change after longterm(>5 years)
    Thank you again!

  • @CendrillonSympson
    @CendrillonSympson 3 месяца назад

    Thanks for the breakdown! 🤔 I have a quick question: 🤷‍♂️ I only have these words 🤔. (behave today finger ski upon boy assault summer exhaust beauty stereo over). Can someone explain what this is? 😅

  • @ajay2703
    @ajay2703 3 года назад +10

    how come you can claim HRA and HOME Loan interest. you can either count one of it if stay in same city.

    • @tushardesai9690
      @tushardesai9690 3 года назад +1

      If you invest in under construction property

    • @rejectedideas1827
      @rejectedideas1827 3 года назад

      No, it's allowed if your parents are staying in one home. But not sure in new rule me , after 2022, under construction property ke liye you won't be able to claim loan benefits?

    • @shiv_shankar8723
      @shiv_shankar8723 3 года назад

      It can be claimed. Show that rented house is near your office. But still there must be a distance of 30 kms between rented and own house.

  • @shettigarrammohan2201
    @shettigarrammohan2201 3 года назад +4

    I just had one question. How can we claim both HRA and house loan deduction under exemption? you can only claim one at a time right?

    • @MenezesLouis
      @MenezesLouis 3 года назад

      You can claim both if u are staying in a rented home different from your purchased home

  • @SuperSati07
    @SuperSati07 3 года назад +5

    In HRS exemption, is it Actual rent - 10% of ( Basic) or (Basic plus DA)?.
    Many internet sites suggests Basic plus DA

  • @sam-xb8tn
    @sam-xb8tn 3 года назад

    Best video ever on you tube