new tax regime me without deduction and exemption 7lakh tak 0 tax hota h.... old regime me depends upon investment for example 1.5 lakh 80c, 10k bank interest, 2 lakh on loan, 50k on health insurance or check up yeh sab claim kr sakte h old tax regime me but kaafi logo ko in faltu ki investment se jyada share market me paisa bnta hai n woh koi kaam loan pe nhi krte and insurance ek scam mante h jisse companies kamati hai unke liye new tax regime 7 lakh tak 0 better option hai taaki woh jyada paisa share market pe laga sake. isme gift 50k, rent sab use kr sakte hai new tax regime me bhi exemption milti hai for salary person 1. daily allowance 2. perquisites for official purpose 3. conveyance allowance 4. rent 5. voluntary retirement 6. gratuity 7. leave encashment 8. 80 ccd2 nps employer+ 9. 80cch agniveer 10. gift 50k
make a video for employer that understand fully and this video more guided for employee. because salary structure is depend upon employer and please tell companies to save tax for their employee
There is one major point which people need to understand. No doubt this video is amazing. I thank the team of LLA for this. BUT BUT BUT. People, please understand, deductions are many, however, in reality, you might not be able to claim all, because in real sense it might not make sense to invest all your income to reduce the taxable salary. There are other factors which you need to consider. You should/need money for EMI, your daily expenditure and much more. You can not just blindly invest into every possible deduction available just to reduce tax. Please do not make such mistake. You will be left with no money. In reality, lets say your salary is 12LPA, and you invest everything, and bring the taxable salary below 5LPA, do you think you would be able to survive in that much salary? if the answer is yes, then sure, go ahead and invest everything, otherwise, plan and invest smartly ! Again, thanks to LLA team for enlightening the common youth.
I mean he literally said these are the options available, you may not choose some, the idea is to minimise tax based on what you can comfortably opt for, and not blindly invest into, for emergencies one should always save emergency funds
Did you even read my comment properly? Did I say the video is incorrect? Just like you did not understand the context, there would be a lot of people who would not understand what exactly is the message conveyed in the video and hence my comment !
The biggest point here is that most of the MNCs have standard CTC format and they don't discuss/entertain any requests to change the allowances into multiple brackets. So, then how can we claim exemptions like uniform allowance, etc.
11:00 You missed the point of Marginal tax relief in new tax regime. if Income is slightly above 7 lakh then Rebate will be allowed. 29:00 Its not plus 5000, it is included in that limit and maximum allowed is 25000 as per your example not 30,000
@@thefactsheet 25000 is the maximum limit for a family (excluding parents) and in the video he is telling maximum limit is 30k which is wrong that’s my point.
U must be in bank as ur name suggests...pls guide if my employer bank is giving salary and adding all the allowance such as hra, da, special allowance in gross salary, as encashment of earned leaves taxable...wt can we do about that...???
people who are newly employed should definitely watch the entire video i was skeptical, thought he might miss few things but he has covered pretty much everything.
They can but yaha salaried income ki bat ho Rahi. If you buy or sell property you have to pay tax on that gain or profit, if you are including such deductions here then also include the gains in income
Thank you for such an amazing explanation. This was very helpful. Can you please help with one more video focusing on the following questions related to Tax? 1) Please cover the timelines associated with declarations and filings -- as in by which month and date, the declarations have to be made? are there several rounds for it? Also, timelines of expenses on items under 80C/80D and any other? For example - If I want to open a Savings FD, buy health insurance, or start investing in EPF/NPS, by which date can I buy these products to have them claimed under specific deductions? 2) How do we show proof of making an HRA claim while staying with Senior Citizen parents? We don't have any agreement or rent payment slips here. 3) If I started a Tax Savings FD in 2022. Then considering that the lock-in period for Tax saving FD is 5 yrs, can I use this to claim the deduction while filing for all 5 years or I can only utilize this to claim for the current financial year? 4) What should be the date of our purchase associated with different deduction/allowance categories? Example -- The travel date should be within what date range for its expense to be applicable for a claim under LTA?
😌In 2015, investing ₹1,50,000 could get you 57.69 grams of gold. 🥵By 2024, the same ₹1,50,000 only buys 25 grams of gold. 🤔Despite the Section 80C limit staying the same, the purchasing power has significantly decreased due to inflation and price rises in every sector. 😳This effectively provides lesser real value in 2024 compared to 2015. 🥺It’s not just about the gold price; it’s about inflation, where both the new and old tax regimes are not aligned. 😱Additionally, the government removed indexation for capital gains. 😠Long-term capital gains tax has increased to 12.5%, while short-term capital gains tax is 30% for those in the 30% tax bracket. 🤔Still, no media talks about this.
@@chetanhabeeb5996 With the tax perspective, I wanted to bring attention to the need for linking tax slabs with inflation. Currently, I feel the tax burden is too high. The government promotes less on saving investments. Even though I am not a tax expert, I can see the impact on my finances, where my income tax keeps increasing every year. Inflation Data (2015-2023): 1. 2015: 4.9% 2. 2016: 4.9% 3. 2017: 3.3% 4. 2018: 3.9% 5. 2019: 3.7% 6. 2020: 6.6% 7. 2021: 5.1% 8. 2022: 6.2% 9. 2023: 4.3% (estimated) Old Tax Regime Slabs (2015-2023): • Up to ₹2.5 lakh: Nil • ₹2.5 lakh to ₹5 lakh: 5% • ₹5 lakh to ₹10 lakh: 20% • Above ₹10 lakh: 30% New Tax Regime Slabs (2020-2023): • Up to ₹2.5 lakh: Nil • ₹2.5 lakh to ₹5 lakh: 5% • ₹5 lakh to ₹7.5 lakh: 10% • ₹7.5 lakh to ₹10 lakh: 15% • ₹10 lakh to ₹12.5 lakh: 20% • ₹12.5 lakh to ₹15 lakh: 25% • Above ₹15 lakh: 30% Analysis: Over the past nine years, inflation has averaged around 4-6% annually, peaking at 6.6% in 2020. Despite this, the income tax slabs under the old regime have remained largely unchanged since 2014. The new tax regime, introduced in 2020, offers more slabs but does not necessarily provide substantial relief, especially when inflation is considered. For instance, an individual earning ₹10 lakh annually would have seen their purchasing power eroded by inflation while their tax liability remains significant. The old regime’s ₹2.5 lakh threshold has not been adjusted for inflation, making the real value of this threshold much lower than it was nine years ago. The new tax regime, while offering lower rates for some brackets, does not incentivize savings and investments as effectively as the old regime. This lack of adjustment for inflation and inadequate promotion of saving investments results in a higher effective tax burden on individuals. Conclusion: Linking tax slabs with inflation is crucial to ensure that taxpayers are not disproportionately burdened over time. Regular adjustments in the tax slabs to reflect inflationary trends would help maintain the real value of income and support economic stability. The current system, without such adjustments, feels like a punch to the pocket as the effective tax burden increases every year.
Can I claim medical expenditure for my senior citizen parent even if I have taken the medical insurance for them? I will be claiming the amount for those bills which I have not claimed in medical insurance.
What a man, what a gifted life he has led, a blessed soul indeed. Reminds me of Robin Williams, what a tragedy that life was, competitively, Carrey has come to a realisation which many crave and never find. May I find this in my life
LLA guys I almost never subscribe, like, share and comment on a video, but after consuming this quality of content I feel this would be injustice to do the same, you guys are doing really good work please carry on your with this honesty.
One more deduction available is 80TTB...and this is a good number for Sr. Citizens...so if you have a good amount...better to keep in your parent's account if they are above 60.
I think there is some mistake: Total value of 80C is 1.5 Lakhs which include the EPF (which you calculated as 72 K). So the remaining the amount left is only (150000 - 72000 = 78000). Now we have only 78K to invest in ELSS or related scheme.
Thank you from the bottom of my heart. As a first time tax payer, this video is everything I needed. Taxes were so confusing that I got scared. But I watched this video and everything is much more clear now. Thank you so much team LLA. Liked and shared it to my friends as well.
So beautifully explained Rishabh❤ I have been following LLA since last 4 years now! You guys are making amazing content! Keep up the good work! More power to you and Mandy💪🏻
Amazing video...everything was discussed. There two important question about this- 1. If the new tax regime is opted, what exemptions and deduction ( apart from standard deduction) can that person avail ? 2. The new tax regime slab is a bit different from what u r showing , its 0-3 0% , 3-7 5%, 7-10 10%, 10-12 15%, 12-15 20%, 15+ 30%. Please clarify
What is the upper limit for following exemptions 1. Professional Pursuit Allowance 2. Uniform Allowance 3. Mobile Allowance 4. Internet Charges 6. Books/subscription/periodicals 7. Furniture pls share the details
Professional pursuit allowance and Uniform allowance is very rare. Also, benefit of LTA can be claimed only twice in 4 years. This is an ideal situation where you are able to claim HRA and interest on home loan both.
You are wrong at 30:32 , that limit is for employee contribution to EPF . If your employer contributes to your NPS account, you can claim a deduction under section 80CCD(2). There is no monetary limit on how much you can claim, but it should not exceed 10% of your salary. However, there is a threshold limit of Rs 750,000 on the overall contribution done by the employer towards NPS, PF and superannuation combined. Any excess amount will be taxable.
@ 29:06 - limit of 25000 in 80D for self is including preventive health checkup. An additional 5000 for 80D you mentioned in this video seems incorrect, please recheck. If I am incorrect, please let me know, this will help me while filling ITR.
Section 80D of the income tax act allows tax deductions of up to Rs 25,000 every financial year on health insurance premiums. With Section 80D you can also avail an additional deduction Rs 5,000 on any expenses incurred for preventative health check-ups. The deduction under section 80D is limited to either Rs.25000 or Rs. 50,000 as per applicable conditions.
You and your team are doing a fantastic job 👍 keep it up! Could you please create a video explaining how taxes apply to long-term and short-term gains from stocks and mutual funds if they are my only source of income? Specifically, we would like to understand how much tax would be applicable and any strategies to maximize tax savings in this scenario. Thank you
Some exceptions you will not get if you are directly taking those benefits, like for hra if you are getting a accomodation so cannot claim hra, but in a way already got it exempt from salary
Sir, agar hame youtube pe koi bhee video milti hai jisme kisi aap, link, site etc. Kisi ke bhee bare me bataya jata hai and that is related to money to we don't believe on them (specially me) as long as aap logo me se koi uske baare me nhee batata. If I see any video on youtube related on money I skip it as long as the video is not posted by LLA. I would say this is the most trustable channel on youtube. Thank you RJ Sir, and Mandeep Sir and your team members as well. For doing this great job. Hats off to you sir. You all have won our trust.
Yes. Till 2020 I used to reduce my taxable income by >50% reducing it to below 5lpa. Thus no tax. Till now I show deductions of above 7lpa and exemptions >1.5lpa thus minimising tax under old scheme. It's the lazy genz who won't understand the value of money and stick to new regime, as it is a no-brainer. While I, as a millennial, have been building assets for my future since past 8 years.
@@RajKumar-gt2em there are many possible ways to avail deductions and exemptions. Try studying the old regime policy thoroughly and take help from a ca friend.
Please make a video on education loan, I am joining decent enough private college in Bangalore but the fees is 4Lakh per annum (hostel included), I am thinking to take education loan for tuition fees which is 2.5 Lakh .... please explain process, tax benefits, collateral required or not etc ...
I would suggest take another college if not in bengaluru look in other parts 4 lakh just for private college that id decent is too much ,only if u are from middle class
Sir, here basic salary which taken for calculating conditions of HRA will be sum of following :- 1. Basi Salary 2. Dearness Allowance. (forming part of retirement) 3. Commision (% of turnover) Thank you.
Sir, TPTL, Rum Cig, Dress, LRA(Lowest Ration Allowance), HRALF(organization sigal person ko deta hai jo woh), Aur Risk Allowance,,,,, sir upper mention Allowance New tax regime mai EXEMPT kr sakte hai kya????? Aur Konse Sec me hoga?????
@@LabourLawAdvisorCan a daughter claim the father's ancestral properties if she married to a Nepali man? And she is window now. I really need a answer for this question? Plzz
Hi everyone…One more thing I would like to mention here… if you are in 30% slab then investing 50 K yearly in NPS is really a great option. You will get 30% tax saving.. i.e 15 K + Market returns which are quite decent raging from average 12 -15 % considering the past performance. If you sum up then it will come around 45% every year. Anyone can correct me if I am wrong… I will also calibrate myself.
बहुत बढिया भाई| भाई रेल्वे कर्मचारी के माॅं बाप को उसको परिवार का हिस्सा नही माना जाता है, जब तक बाप जिंदा है| आप एक ऐसा चलचित्र बनाईए,की यह व्यथा सारी जनता के सामने आ जाए, तथा सरकार रेल्वे कर्मचारी के माॅं बाप को उसके परिवार का हिस्सा मानकर उनको कर्मचारी को मिलने वाली सुविधा का लाभ दें| अगर बाप बुढा है, तो उनको बेटे की सहारा की जरूरत है या नहीं? यह बात रेल्वे प्रशासन मानता नही है|
HRA calculation has major catch if you are taking rent 25,000 per month (3 lac annual) then your basic must be minimum 55,000. This will have major impact on your pay slip wither your salary will be 15-18 lac. Salary to be 12 Lac basic must be less than 40,000 and then you will be able to claim HRA only 2.16 lac not 3 Lac. This aside very knowledge video for us also as Abhishek Bhandari in comments pointed out so much deduction on 12 lac salary will left you with very low income to meet expenses
You missed the cess relief you get in the new tax regime, so technically in new regime before standard deduction, you can have income upto 7,77,777 will still not have tax.
Hi Team, Kindly discuss about the variable pay, holiday pay, overtime (OT) allowance, night shift allowance which some of the IT/ITeS companies are offering. Since these allowance are dynamic in nature, the CTC structure gets changed after including them. Hoping to hear back from you on this.
For women, how do they know that clothes bought is formal ?because there are lot of categories for formal dresses not limited to formal shirt and pants.
32:00 deduction under 80EEB is allowed only if the loan is sanctioned between 1.4.2019 and 31.3.2023 So it's useless if loan not taken earlier Though thanks for other guidance
Please make a video for government employee with an income of around 13-14 lpa, focusing on maximising tax savings. I believe it would be helpful for many people.
Awesome video 🎉❤! I learned a lot from it. Although I'm just a student right now with little to no income, I have a few questions. Suppose I start investing in mutual funds along with earning a salary. Will LTCG and STCG be included to determine my tax slab? If yes, isn’t this considered dual taxation-once as part of my income and then with a flat tax later? Additionally, how will other income be taxed, such as income from other sources or professional income (if I also trade)? Please help me understand this. I apologize if my question sounds silly; I have a very basic understanding.
To avail such exemption, one should get his pay exclusively upon the name of above said allowances, which is unlikely in many Private Companies. Most of the companies, pay basic salary and few allowances, which are not in the nature of exempted.
Thank You 🙏 very very much!! It was by far the best and most of the points got cleared. I just have a question. Due to lack of knowledge I didn't declare the investments with the employer on time hence the things I'm supposed to mention about ULIP investment and lic premium didn't appear in Form 16. NOW CAN I PUT ALL THIS WHILE FILING ITR?? DO I HAVE TO SUBMIT PROOFS ON THE INCOME TAX WEBSITE??
Great video! Can we claim deductions against the interest paid for an under construction property? Also, can we claim this deduction along with the HRA?
Would you please explain the only significant deduction in the form of negative income from let out house (rent - interest on home loan) under other incomes in the New tax regime. Interestingly there is no limit for negative income claimed in this way.
Thanks a lot for your help! Can you make a video for people who are in mid 20s and earning the same amount? They dont have spouse/ kids and parents are independent and taking care of themselves. In this case, such people don't have children allowance. Also medical insurance is max 10k, 25k is alot. In that case, are there any other tax savers?
Please ek master video bnaiye jisme joh freshers hai woh jab apni pehli job join kar rhe hai toh kin baato ka dhyan rakhna hoga, join karte time konsi company policies ka dhyan rakhna hoga, apne CTC ko kese use kar sakte hai, CTC aur IN-HAND mai kya farak hai, konsi baato ka dhyan rakhe ki baad mai ITR file karte time koi dikat na aye, salary ke liye bank mai account kese khulwaye, salary account and normal account mai kya farak hai, bank mai account khulate time hum kya laab utha sakte hai, agar kisi ko google se paise aate hai toh kya woh bhi ITR mai show karna hota hai, konse laws hai joh ek fresher or job person ko pta hone chahiye, konse documnets hone chahiye. And please address this on RUclips and keep it free, it would be a huge help for me and for people like me who are starting their career and want to do it right.
File your taxes this tax season with ClearTax : clr.tax/Sj2wiJFK
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new tax regime me without deduction and exemption 7lakh tak 0 tax hota h.... old regime me depends upon investment
for example 1.5 lakh 80c, 10k bank interest, 2 lakh on loan, 50k on health insurance or check up yeh sab claim kr sakte h old tax regime me
but
kaafi logo ko in faltu ki investment se jyada share market me paisa bnta hai n woh koi kaam loan pe nhi krte and insurance ek scam mante h jisse companies kamati hai
unke liye new tax regime 7 lakh tak 0 better option hai taaki woh jyada paisa share market pe laga sake. isme gift 50k, rent sab use kr sakte hai
new tax regime me bhi exemption milti hai for salary person
1. daily allowance
2. perquisites for official purpose
3. conveyance allowance
4. rent
5. voluntary retirement
6. gratuity
7. leave encashment
8. 80 ccd2 nps employer+
9. 80cch agniveer
10. gift 50k
English subtitles please
I am railway Loco Pilot (🚂).. WE get kilometre allowance...plz tell me how much percentage is exempted???????
make a video for employer that understand fully and this video more guided for employee. because salary structure is depend upon employer and please tell companies to save tax for their employee
Government job walo ka bhi same Rahega?
There is one major point which people need to understand. No doubt this video is amazing. I thank the team of LLA for this. BUT BUT BUT.
People, please understand, deductions are many, however, in reality, you might not be able to claim all, because in real sense it might not make sense to invest all your income to reduce the taxable salary. There are other factors which you need to consider. You should/need money for EMI, your daily expenditure and much more. You can not just blindly invest into every possible deduction available just to reduce tax. Please do not make such mistake. You will be left with no money. In reality, lets say your salary is 12LPA, and you invest everything, and bring the taxable salary below 5LPA, do you think you would be able to survive in that much salary? if the answer is yes, then sure, go ahead and invest everything, otherwise, plan and invest smartly !
Again, thanks to LLA team for enlightening the common youth.
You need more enlargement.
I mean he literally said these are the options available, you may not choose some, the idea is to minimise tax based on what you can comfortably opt for, and not blindly invest into, for emergencies one should always save emergency funds
Did you even read my comment properly? Did I say the video is incorrect?
Just like you did not understand the context, there would be a lot of people who would not understand what exactly is the message conveyed in the video and hence my comment !
Well said
You missed a point here. Look the HRA exemption is 3 lakhs. But it's India bro. Not many people pay 25K a month towards rent.
Thanks man, lot's of great advices here.
The biggest point here is that most of the MNCs have standard CTC format and they don't discuss/entertain any requests to change the allowances into multiple brackets. So, then how can we claim exemptions like uniform allowance, etc.
Mine let's me adjust as per my wish
You have ask them while joining as you condition
same query
Note- this is only for corporate employees. Not valid for GOVT EMPLOYEES. Sir please make a video for govt employees for maximum tax saving.
Yes please make a video on govt employee...
Agree.
Yes please
Yes please
Yes please. Our HRA is far lesser than actual. 😢
11:00 You missed the point of Marginal tax relief in new tax regime. if Income is slightly above 7 lakh then Rebate will be allowed.
29:00 Its not plus 5000, it is included in that limit and maximum allowed is 25000 as per your example not 30,000
Preventive health checkup of 5000 can be deducted for parents, if not claiming their health insurance. Hence it can be 25000+5000
@@thefactsheet 25000 is the maximum limit for a family (excluding parents) and in the video he is telling maximum limit is 30k which is wrong that’s my point.
U must be in bank as ur name suggests...pls guide if my employer bank is giving salary and adding all the allowance such as hra, da, special allowance in gross salary, as encashment of earned leaves taxable...wt can we do about that...???
mariginal relief applicable in increase in tax + surcharge is greater than increase in income
and surcharge applicable if income above 5000000
@@ekta_31 go and read marginal relief under section 87A
You've set a really high bar for other creators. Hands down one of the best and clear videos on taxation! Thank you LLA team
people who are newly employed should definitely watch the entire video
i was skeptical, thought he might miss few things but he has covered pretty much everything.
Me watching this with zero income and zero tax😂
Oh then how are u surviving 😂
Good for you 😅
😂
Isjaise bahot hain yaha😂
He prabhu hey Shri ram krishna paramanand ye kya hua
You forgot to mention section 54 exemptions on capital gain. Most people are unaware of them. That is the real game changer.
EXPLAIN PLS
That is for capital gains, nothing to do with salaried income
@@farazkhan2412 won't a salaried employee will buy/sell a house/land ever in his life?
They can but yaha salaried income ki bat ho Rahi. If you buy or sell property you have to pay tax on that gain or profit, if you are including such deductions here then also include the gains in income
Even for stocks you have ltcg but uske lie alag se file krna hota
Thank you for such an amazing explanation. This was very helpful. Can you please help with one more video focusing on the following questions related to Tax?
1) Please cover the timelines associated with declarations and filings -- as in by which month and date, the declarations have to be made? are there several rounds for it?
Also, timelines of expenses on items under 80C/80D and any other? For example - If I want to open a Savings FD, buy health insurance, or start investing in EPF/NPS, by which date can I buy these products to have them claimed under specific deductions?
2) How do we show proof of making an HRA claim while staying with Senior Citizen parents? We don't have any agreement or rent payment slips here.
3) If I started a Tax Savings FD in 2022. Then considering that the lock-in period for Tax saving FD is 5 yrs, can I use this to claim the deduction while filing for all 5 years or I can only utilize this to claim for the current financial year?
4) What should be the date of our purchase associated with different deduction/allowance categories? Example -- The travel date should be within what date range for its expense to be applicable for a claim under LTA?
😌In 2015, investing ₹1,50,000 could get you 57.69 grams of gold.
🥵By 2024, the same ₹1,50,000 only buys 25 grams of gold.
🤔Despite the Section 80C limit staying the same, the purchasing power has significantly decreased due to inflation and price rises in every sector.
😳This effectively provides lesser real value in 2024 compared to 2015.
🥺It’s not just about the gold price; it’s about inflation, where both the new and old tax regimes are not aligned.
😱Additionally, the government removed indexation for capital gains.
😠Long-term capital gains tax has increased to 12.5%, while short-term capital gains tax is 30% for those in the 30% tax bracket.
🤔Still, no media talks about this.
True.. govt middle class ko hi chutiya banati he. Qki we don't rise our voice
As in video he told... Dheere se old tax regime hata denge 😢.. fir we are fucked completely
@@chetanhabeeb5996 With the tax perspective, I wanted to bring attention to the need for linking tax slabs with inflation. Currently, I feel the tax burden is too high. The government promotes less on saving investments. Even though I am not a tax expert, I can see the impact on my finances, where my income tax keeps increasing every year.
Inflation Data (2015-2023):
1. 2015: 4.9%
2. 2016: 4.9%
3. 2017: 3.3%
4. 2018: 3.9%
5. 2019: 3.7%
6. 2020: 6.6%
7. 2021: 5.1%
8. 2022: 6.2%
9. 2023: 4.3% (estimated)
Old Tax Regime Slabs (2015-2023):
• Up to ₹2.5 lakh: Nil
• ₹2.5 lakh to ₹5 lakh: 5%
• ₹5 lakh to ₹10 lakh: 20%
• Above ₹10 lakh: 30%
New Tax Regime Slabs (2020-2023):
• Up to ₹2.5 lakh: Nil
• ₹2.5 lakh to ₹5 lakh: 5%
• ₹5 lakh to ₹7.5 lakh: 10%
• ₹7.5 lakh to ₹10 lakh: 15%
• ₹10 lakh to ₹12.5 lakh: 20%
• ₹12.5 lakh to ₹15 lakh: 25%
• Above ₹15 lakh: 30%
Analysis:
Over the past nine years, inflation has averaged around 4-6% annually, peaking at 6.6% in 2020. Despite this, the income tax slabs under the old regime have remained largely unchanged since 2014. The new tax regime, introduced in 2020, offers more slabs but does not necessarily provide substantial relief, especially when inflation is considered.
For instance, an individual earning ₹10 lakh annually would have seen their purchasing power eroded by inflation while their tax liability remains significant. The old regime’s ₹2.5 lakh threshold has not been adjusted for inflation, making the real value of this threshold much lower than it was nine years ago.
The new tax regime, while offering lower rates for some brackets, does not incentivize savings and investments as effectively as the old regime. This lack of adjustment for inflation and inadequate promotion of saving investments results in a higher effective tax burden on individuals.
Conclusion:
Linking tax slabs with inflation is crucial to ensure that taxpayers are not disproportionately burdened over time. Regular adjustments in the tax slabs to reflect inflationary trends would help maintain the real value of income and support economic stability. The current system, without such adjustments, feels like a punch to the pocket as the effective tax burden increases every year.
Can I claim medical expenditure for my senior citizen parent even if I have taken the medical insurance for them? I will be claiming the amount for those bills which I have not claimed in medical insurance.
Ek dum bakwas h...3 lakh House rent hta do to income tax dena hoga...janta ko bewkuf Mt bnaoo
What a man, what a gifted life he has led, a blessed soul indeed. Reminds me of Robin Williams, what a tragedy that life was, competitively, Carrey has come to a realisation which many crave and never find. May I find this in my life
kya bad bad kar raha hai bhai
Gay!
LLA guys I almost never subscribe, like, share and comment on a video, but after consuming this quality of content I feel this would be injustice to do the same, you guys are doing really good work please carry on your with this honesty.
One more deduction available is 80TTB...and this is a good number for Sr. Citizens...so if you have a good amount...better to keep in your parent's account if they are above 60.
I think there is some mistake: Total value of 80C is 1.5 Lakhs which include the EPF (which you calculated as 72 K). So the remaining the amount left is only (150000 - 72000 = 78000). Now we have only 78K to invest in ELSS or related scheme.
s correct
Correct
Kahasay aia ap gyani baba.
Chor de bhai uss sirf view chahiye
Agar himaat hai issme to 1cr mein zero tax de kar dikhaye
Business man ka to 1cr par zero hai
Is EPF considered both employer and employee contribution.
Thank you from the bottom of my heart. As a first time tax payer, this video is everything I needed. Taxes were so confusing that I got scared. But I watched this video and everything is much more clear now. Thank you so much team LLA. Liked and shared it to my friends as well.
So beautifully explained Rishabh❤ I have been following LLA since last 4 years now! You guys are making amazing content! Keep up the good work! More power to you and Mandy💪🏻
Amazing video...everything was discussed.
There two important question about this-
1. If the new tax regime is opted, what exemptions and deduction ( apart from standard deduction) can that person avail ?
2. The new tax regime slab is a bit different from what u r showing , its 0-3 0% , 3-7 5%, 7-10 10%, 10-12 15%, 12-15 20%, 15+ 30%. Please clarify
What is the upper limit for following exemptions
1. Professional Pursuit Allowance
2. Uniform Allowance
3. Mobile Allowance
4. Internet Charges
6. Books/subscription/periodicals
7. Furniture
pls share the details
First of all, these all allowances should be described in your CTC to get the benefits.
Need more information on above point
@@EsPraSang if uniform allowance is not wriiten in my pay slip...then can i claim uniform allowance ?
@@exlirlife1415nope ask your employer to add this allowance and adjust CTC with this
@@exlirlife1415No
I became a scapegoat of new Tax Regime.... The video is a gem for each and every salaried tax payer. Many many thanks to you Sir for the help.
New Tax Regime me Section 80CCD(2) ke under aap Employer ka NPS me contribution par Net Taxable Income kam kr skty hain.
Right
Sec 80CCD (2) me employer's contribution to EPF deduction k liye claim kr skte hain kya?
@@milindaeron ye hai to NPS ke liye hi bss
@@MohittRana Then how we can get exemption or deduction on employer's contribution in EPF?
@@milindaeron I m not sure about EPF
Thanks
Professional pursuit allowance and Uniform allowance is very rare. Also, benefit of LTA can be claimed only twice in 4 years. This is an ideal situation where you are able to claim HRA and interest on home loan both.
You are wrong at 30:32 , that limit is for employee contribution to EPF .
If your employer contributes to your NPS account, you can claim a deduction under section 80CCD(2). There is no monetary limit on how much you can claim, but it should not exceed 10% of your salary. However, there is a threshold limit of Rs 750,000 on the overall contribution done by the employer towards NPS, PF and superannuation combined. Any excess amount will be taxable.
Can you explain how to claim deduction in employers share of PF?
That’s done automatically by your employer at their end and can be checked in your form16
@ 29:06 - limit of 25000 in 80D for self is including preventive health checkup. An additional 5000 for 80D you mentioned in this video seems incorrect, please recheck.
If I am incorrect, please let me know, this will help me while filling ITR.
I also thought the same
Correct
Max deduction allowed
25,000 self
25,000. Self + family
25k + 25k self + family + parents ( below 60 years)
25k + 50k self + family + parents ( above 60 years)
Family - you, your spouse, your children's ( according income tax act )
Section 80D of the income tax act allows tax deductions of up to Rs 25,000 every financial year on health insurance premiums. With Section 80D you can also avail an additional deduction Rs 5,000 on any expenses incurred for preventative health check-ups. The deduction under section 80D is limited to either Rs.25000 or Rs. 50,000 as per applicable conditions.
New tax regime: exemption are allowed.
nps contribution from employer upto 50k.
Conveyance allowance are also allowed.
Meanwhile Me Who is watching These video with 0.00 income 😂😂
Me😅😅
Me also
Us dosmt us
You are the real RUclips consumers 😂😂😂
Me also with -25,000 😂
You and your team are doing a fantastic job 👍 keep it up!
Could you please create a video explaining how taxes apply to long-term and short-term gains from stocks and mutual funds if they are my only source of income? Specifically, we would like to understand how much tax would be applicable and any strategies to maximize tax savings in this scenario.
Thank you
Kindly do a video for government employees as we don’t get ant of these excemptions 😢
It would be great to consider doing a video on this
you are having much more exemption applicable spent some money and consult a CA
Same exemptions and deductions are applicable for government employees also, only thing is you cannot change the salary structure much
@@tushargoel3870please elaborate.i am not getting any
Some exceptions you will not get if you are directly taking those benefits, like for hra if you are getting a accomodation so cannot claim hra, but in a way already got it exempt from salary
you guys dont fall under tax most of the time 😂
wooo!!Now, me as a science student realising the importance of commerce.😮💨
Same video needed for business professional with income of 12-15 lakhs.
Like it who want this.
bruh moment
Bakwas hai.
Appreciate LLA for the video.
Request Rishabh to please make a detailed video for Govt employees !
This is a much needed video. This detailed video will help many. Great work Team LLA. Thanks a lot for these learnings.
Government Job Pr Videos Bnaiye, usme exemption & deduction kaise le ?
I think the new tax regime takes a headache away but it also makes our relationship with money bad and this could lead to a decline in savings 😮
Bitter but truth
Thank you so much for your such hard efforts to help us save taxes.🙏😇
Sir, agar hame youtube pe koi bhee video milti hai jisme kisi aap, link, site etc. Kisi ke bhee bare me bataya jata hai and that is related to money to we don't believe on them (specially me) as long as aap logo me se koi uske baare me nhee batata.
If I see any video on youtube related on money I skip it as long as the video is not posted by LLA.
I would say this is the most trustable channel on youtube.
Thank you RJ Sir, and Mandeep Sir and your team members as well. For doing this great job. Hats off to you sir.
You all have won our trust.
Yes. Till 2020 I used to reduce my taxable income by >50% reducing it to below 5lpa. Thus no tax. Till now I show deductions of above 7lpa and exemptions >1.5lpa thus minimising tax under old scheme. It's the lazy genz who won't understand the value of money and stick to new regime, as it is a no-brainer. While I, as a millennial, have been building assets for my future since past 8 years.
IT se Notice aya? Are you availing max exemption against every section?
@@RajKumar-gt2em there are many possible ways to avail deductions and exemptions. Try studying the old regime policy thoroughly and take help from a ca friend.
Please make a video on itr filing of government employees and there deduction
Are we sure that the employer's contribution to NPS is limited at Max 2.5 Lacs? I think it is 7.5 lacs. Can you please check again. 30:39
Please make a video on education loan, I am joining decent enough private college in Bangalore but the fees is 4Lakh per annum (hostel included), I am thinking to take education loan for tuition fees which is 2.5 Lakh .... please explain process, tax benefits, collateral required or not etc ...
vidyalaksmi se apply kro mil jayega usi bank me apply krna jisme tumhara koi account ho ya phchan ho
I would suggest take another college if not in bengaluru look in other parts 4 lakh just for private college that id decent is too much ,only if u are from middle class
@@berserker9747 BMSIT Bangalore, I am taking CSE which has an average placement package of 9-10 LPA
Complete nom sense clg
@@dropperhoonmein
Don't look for mean but look for mode. Few high packages uplift the average package
Thank you. Ajj mera tax confusion pura clear ho gaya ..❤❤❤
Video save kar li mene Jab salary 12 lakh ho jaegi tab dekhunga 🙂
Tb tk taxes me changes a jayenge bhai😅
@@anil6191Sayad Income tax vale bhi ye Vala video dekh rahe hai😅
Sir, here basic salary which taken for calculating conditions of HRA will be sum of following :-
1. Basi Salary
2. Dearness Allowance. (forming part of retirement)
3. Commision (% of turnover)
Thank you.
Thank you for sharing this
Note : Stamp 34:00 80D has a max limit of 25k.
So writing 30k is wrong.
Either its 25k or 50k or 75k ot 1L.
Very clearly explained !! Thanks for such a quality content.
Sir, TPTL, Rum Cig, Dress, LRA(Lowest Ration Allowance), HRALF(organization sigal person ko deta hai jo woh), Aur Risk Allowance,,,,, sir upper mention Allowance New tax regime mai EXEMPT kr sakte hai kya????? Aur Konse Sec me hoga?????
New tax regime main 80CCD(2) benifit milti hain NPS ka main ne liya hain
Yes, Missed that, you are right
Can u pls elaborate
@@LabourLawAdvisorCan a daughter claim the father's ancestral properties if she married to a Nepali man? And she is window now.
I really need a answer for this question? Plzz
Nps me pf bhi include hai ?@@LabourLawAdvisor
जबरदस्त, शानदार....... 👏👏
Thank You.....!!
Meanwhile I’m watching this knowing that it won’t add a single value to me . 😂
Hi everyone…One more thing I would like to mention here… if you are in 30% slab then investing 50 K yearly in NPS is really a great option. You will get 30% tax saving.. i.e 15 K + Market returns which are quite decent raging from average 12 -15 % considering the past performance. If you sum up then it will come around 45% every year. Anyone can correct me if I am wrong… I will also calibrate myself.
Nirmala tai has launched a search against you 😂
23:33 bhai ne Idea batadiya 😂 sach me bhai aap log mere RUclips subscribers me se favourite RUclipsr ho 👍🏻 itna khulke koi nahi smajhata
Niramala sitaraman claiming her hier children allowance claim 9600 in 2024😂😂😂
बहुत बढिया भाई| भाई रेल्वे कर्मचारी के माॅं बाप को उसको परिवार का हिस्सा नही माना जाता है, जब तक बाप जिंदा है| आप एक ऐसा चलचित्र बनाईए,की यह व्यथा सारी जनता के सामने आ जाए, तथा सरकार रेल्वे कर्मचारी के माॅं बाप को उसके परिवार का हिस्सा मानकर उनको कर्मचारी को मिलने वाली सुविधा का लाभ दें| अगर बाप बुढा है, तो उनको बेटे की सहारा की जरूरत है या नहीं? यह बात रेल्वे प्रशासन मानता नही है|
ये सब छलावा है, जीरो टैक्स के लिए उतना इन्वेस्ट भी करना पड़ेगा। जो की बचता नहीं है कुछ भी।
Right
money bacha ka value girani ha kya? investment kro good ha.
Should we also include LTCG/STCGs as part of other income? (When declaring that to out company)?
HRA calculation has major catch if you are taking rent 25,000 per month (3 lac annual) then your basic must be minimum 55,000. This will have major impact on your pay slip wither your salary will be 15-18 lac. Salary to be 12 Lac basic must be less than 40,000 and then you will be able to claim HRA only 2.16 lac not 3 Lac. This aside very knowledge video for us also as Abhishek Bhandari in comments pointed out so much deduction on 12 lac salary will left you with very low income to meet expenses
Very good ,keep up the good works 💯 25:52
How to claim the exemption, what documents I need, where to ask or upload?? Exemption wise please make video
You missed the cess relief you get in the new tax regime, so technically in new regime before standard deduction, you can have income upto 7,77,777 will still not have tax.
HRA allowance is not ,mentioned in my salary slip,can I get exemption of HRA
Very useful video now I don’t have any doubts in Exemptions and Decductions👍🏻
NPS deducted by employer is deductible in New Tax Regime as well
80D preventive health checkup 5k is not seperate deduction. Its part of limit of 25k. No additional deduction.
Hi Team,
Kindly discuss about the variable pay, holiday pay, overtime (OT) allowance, night shift allowance which some of the IT/ITeS companies are offering.
Since these allowance are dynamic in nature, the CTC structure gets changed after including them.
Hoping to hear back from you on this.
Thank you Sir. It would be kind enough ,if you explain anything positive regarding tax for senior citizens who are living their life on rent.
Can you share Some more light on LTA.
For example: What is the maximum limit of amount that can be availed
33:05 correct me if I'm wrong. 80D should be max 25000
Also 41:37 for switching from old to new or vice versa. The limitation is only for income from PGBP. I don't think it's only for salary income
For women, how do they know that clothes bought is formal ?because there are lot of categories for formal dresses not limited to formal shirt and pants.
32:00 deduction under 80EEB is allowed only if the loan is sanctioned between 1.4.2019 and 31.3.2023
So it's useless if loan not taken earlier
Though thanks for other guidance
BEST VIDEO EVER ON TAX IN INDIA!!
Thank you for the valuable information.
Can you please explain on when a employee gets an ESOP. How the taxation works and how can it be minimised.
Petrol manual.. AX5 VS AX5L which is better option
Employers-contribution to EPF/NPS deduction is under which section?
FD के ब्याज TDS cutting करके बचाहुवा . पैसा source मे मिलाताहे या TDS cutting करनेके पहले का कुल ब्याज दिखाना हे क्या ?
Very nicely explained 👍👍
Thanks to LLA 🎉🎉
Query:
Is the Govt employee eligible for 80CCD(2) deduction?
As gross salary does not include the employer's contribution to NPS.
Regarding deduction 4 (Employer's contribution towards EPF): under which section we can claim this deduction?
Please make a video for government employee with an income of around 13-14 lpa, focusing on maximising tax savings. I believe it would be helpful for many people.
Man
so much value from this video. Huge fan ❤
Very information video. Recommended for every salaried employee under tax slab
bahut badhia video banaya apne. First time sare doubts clear hue 👍
Awesome video 🎉❤! I learned a lot from it. Although I'm just a student right now with little to no income, I have a few questions. Suppose I start investing in mutual funds along with earning a salary. Will LTCG and STCG be included to determine my tax slab? If yes, isn’t this considered dual taxation-once as part of my income and then with a flat tax later? Additionally, how will other income be taxed, such as income from other sources or professional income (if I also trade)? Please help me understand this. I apologize if my question sounds silly; I have a very basic understanding.
very nicely explained . I follow your videos and advice. Thanks LLA Team.
U did not mention about "medical expenses" of section 80D for sr. Citizen parents
Employer contribution to EPF is in addition to section 80C 1.5L?
Very nice video. You made this video very calmly and in no hurry. Thanks!
Why all companies don't give LTA? My company doesn't give.. Is there any way to convince them to provide LTA?
To avail such exemption, one should get his pay exclusively upon the name of above said allowances, which is unlikely in many Private Companies. Most of the companies, pay basic salary and few allowances, which are not in the nature of exempted.
For only salaried tax payers, switch over b/w old and new regimes is unlimited?
Thank You 🙏 very very much!! It was by far the best and most of the points got cleared. I just have a question. Due to lack of knowledge I didn't declare the investments with the employer on time hence the things I'm supposed to mention about ULIP investment and lic premium didn't appear in Form 16. NOW CAN I PUT ALL THIS WHILE FILING ITR?? DO I HAVE TO SUBMIT PROOFS ON THE INCOME TAX WEBSITE??
Great video!
Can we claim deductions against the interest paid for an under construction property? Also, can we claim this deduction along with the HRA?
Why I-T dept not allowing HRA and Interest on home loan simultaneously since i stayed in a rented premise during construction.
Would you please explain the only significant deduction in the form of negative income from let out house (rent - interest on home loan) under other incomes in the New tax regime. Interestingly there is no limit for negative income claimed in this way.
Thanks a lot for your help!
Can you make a video for people who are in mid 20s and earning the same amount? They dont have spouse/ kids and parents are independent and taking care of themselves. In this case, such people don't have children allowance. Also medical insurance is max 10k, 25k is alot. In that case, are there any other tax savers?
Please ek master video bnaiye jisme joh freshers hai woh jab apni pehli job join kar rhe hai toh kin baato ka dhyan rakhna hoga, join karte time konsi company policies ka dhyan rakhna hoga, apne CTC ko kese use kar sakte hai, CTC aur IN-HAND mai kya farak hai, konsi baato ka dhyan rakhe ki baad mai ITR file karte time koi dikat na aye, salary ke liye bank mai account kese khulwaye, salary account and normal account mai kya farak hai, bank mai account khulate time hum kya laab utha sakte hai, agar kisi ko google se paise aate hai toh kya woh bhi ITR mai show karna hota hai, konse laws hai joh ek fresher or job person ko pta hone chahiye, konse documnets hone chahiye.
And please address this on RUclips and keep it free, it would be a huge help for me and for people like me who are starting their career and want to do it right.
Pls share link of news(study) about NPS outperforming mutual fund returns. Thanks