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🔴Deductions Under New vs Old Tax Regime: What You Need to Know| CA Monica| தமிழ்
Published on 09-07-2024
Mail: yourauditornetwork@gmail.com
Insta id: our_ca_network
The new tax regime in India (introduced in the Union Budget 2020), taxpayers have the option to pay income tax at lower rates. However, they must forgo certain exemptions and deductions available under the old regime. Here's a brief overview:
Tax Rates under New Regime:
The new tax regime offers concessional tax rates, which are as follows:
- Income 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%
Deductions and Exemptions not Available under New Regime:
Taxpayers opting for the new regime have to forgo a significant number of exemptions and deductions, including:
1. House Rent Allowance (HRA)
2. Leave Travel Allowance (LTA)
3. Deductions under Section 80C: Up to ₹1.5 lakh for investments in PPF, ELSS, NSC, etc.
4. Interest on Housing Loan (Section 24): Up to ₹2 lakh on self-occupied property.
5. Deduction under Section 80D: Medical insurance premium.
6. Deduction under Section 80E: Interest on education loans.
7. Deduction under Section 80G: Donations to certain funds and charitable institutions.
8. Deduction under Section 80TTA: Interest on savings account.
9. Deductions for contributions to pension schemes (Section 80CCD(1), 80CCD(1B), and 80CCD(2)).
Deductions and Exemptions Allowed under New Regime:
However, there are a few allowances and exemptions that are still available under the new tax regime:
1. Employer Contribution to NPS: Section 80CCD(2).
2. Standard Deduction: ₹50,000 available to salaried individuals.
3. Standard Deduction on Rent: 30% of the annual value for let-out property.
4. Income from agriculture: Certain agricultural income is exempt.
5. Retirement Benefits: Leave encashment on retirement, gratuity, and commutation of pension.
6. Transport Allowance: For specially-abled persons.
7. Amount received on maturity of life insurance: Subject to certain conditions.
มุมมอง: 1 020

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ความคิดเห็น

  • @ksgayathri6992
    @ksgayathri6992 22 ชั่วโมงที่ผ่านมา

    Thank you mam.

  • @healux2294
    @healux2294 วันที่ผ่านมา

    Biology students ca ponalama mam

  • @ushanandhiniudhyakumar810
    @ushanandhiniudhyakumar810 วันที่ผ่านมา

    I’m not yet linked pan and adhar due to some issues, in this financial year 2023-2024 they are asking me to pay short deductions that’s around RS. 1,24,406. I’m able to link my pan Adhar in September 2024 it’s possible to refund the higher tax mam

  • @shalinishalu31
    @shalinishalu31 วันที่ผ่านมา

    Akka just personal ah unga kitta details kekanum solluvingla i am shalini

  • @sivasok
    @sivasok วันที่ผ่านมา

    Madam, as per your explanation, in current AY between 1st January and 31st March, we can't file either revised return or updated return. Is my understanding correct Madam?

  • @sivasok
    @sivasok วันที่ผ่านมา

    Very useful and excellent explanation madam. Thank you 🙏

  • @sudhapriyaramadurai6836
    @sudhapriyaramadurai6836 วันที่ผ่านมา

    One of our employees pan was inoperative but inthe month of June 24 only his pan was linked to aadhar. Now his pan was operative. But also the employer had a default amt by his name of 90000 . In this case how to proceed for the employer to clear the demand .

  • @sureshk6651
    @sureshk6651 วันที่ผ่านมา

    Mam pan aadhar link pannalanu enakku penalty amount 30+ thousand salary deduction pannuvomunu sollirukkanga athu refund vangalama illa intha penalty correcta

  • @Pradeep-rx8zv
    @Pradeep-rx8zv 2 วันที่ผ่านมา

    Hello mam how to contact you ...

    • @camonica3619
      @camonica3619 2 วันที่ผ่านมา

      Pls send mail to yourauditornetwork@gmail.com

  • @dr.gopinathgopinath4748
    @dr.gopinathgopinath4748 2 วันที่ผ่านมา

    Good morning sir, very clear explanation.Thank you very much. I have one doubt.Kindly clarify sir. I am a Tamilnadu state Government Employee I am working under CPS beneficiary.I am going to e-filing this year on New Tax Regime. I have been deducted 118712 rupees in CPS .Can I claim this amount under 80CCD(2)??? Kindly explain it madam. I am waiting for your valuable response. Thank you madam. Kindly give your guide regarding CPS ACCOUNT Amount of Employer contribution.

    • @camonica3619
      @camonica3619 2 วันที่ผ่านมา

      Pls claim if it's shown in your form 16. That would be best

    • @dr.gopinathgopinath4748
      @dr.gopinathgopinath4748 2 วันที่ผ่านมา

      @@camonica3619Details about CPS IN TAMILNADU GOVERNMENT.Both the employee and government contribute 10% each of basic pay, grade pay and dearness allowance monthly to the employee's CPS account. - Arrears such as late contributions or pay commission arrears must be deducted in installments. Annual account statements are sent and interest of 8% is paid annually.

  • @indhumathi6343
    @indhumathi6343 2 วันที่ผ่านมา

    Hi Mam, how to fill the ITR for inoperative pan issues. 26as form vechu yepadi mam refund pandrthu pls reply me

  • @krishanchellam6315
    @krishanchellam6315 3 วันที่ผ่านมา

    நான்றி

  • @kovaiselva7155
    @kovaiselva7155 3 วันที่ผ่านมา

    Need itr 3 filing details

  • @chithrav.chithrav1136
    @chithrav.chithrav1136 4 วันที่ผ่านมา

    Pls explain Sec. 20 in tamil

  • @SenthilKumar21
    @SenthilKumar21 4 วันที่ผ่านมา

    FIled Form 10IEA few days back... But my ITR1 filing defaulting to new tax regime.. anything else need to do to choose old regime?

    • @camonica3619
      @camonica3619 4 วันที่ผ่านมา

      Actually for itr 1, this form need be filed. Only if u have business income u need to file this. Anyway In itr basic information you have a option to choose sec 115bac yes/no, there you need to give yes then only old scheme deductions column open

  • @sudhak299
    @sudhak299 4 วันที่ผ่านมา

    Can a huf show 2 self occupied houses in itr for ay 24 25

  • @user-pq1bv4wx4s
    @user-pq1bv4wx4s 5 วันที่ผ่านมา

    Akka corres la ca pannalama

  • @bala7483
    @bala7483 5 วันที่ผ่านมา

    Mam, where to show ESOP(Non-qualified options) PERQUISITES U/S 17(2) in schedule FA. Please reply me mam🙏🏽

  • @sathaksathak9547
    @sathaksathak9547 5 วันที่ผ่านมา

    Akka distance education la ca padikkalama

  • @veeraraghavan767
    @veeraraghavan767 5 วันที่ผ่านมา

    Very nice . Easy to learn

  • @dmanimani4809
    @dmanimani4809 6 วันที่ผ่านมา

    Please quote the central government Notification or Income tax Act provisions inorder to confirm the no IT upto 7/-Lakhs.

  • @chandrasekarank4561
    @chandrasekarank4561 6 วันที่ผ่านมา

    IAM RET NOT IT BUT IAM NOT IT NO BUT E FILI

  • @palanimuthumurugan6445
    @palanimuthumurugan6445 6 วันที่ผ่านมา

    Specified banks not mentioned.

  • @alliswell668
    @alliswell668 6 วันที่ผ่านมา

    Mam which college you study CA MAM

  • @pugazhenthir9793
    @pugazhenthir9793 6 วันที่ผ่านมา

    Exam Tamil la eluthalama akka 🥺

    • @camonica3619
      @camonica3619 6 วันที่ผ่านมา

      No only English and hindi medium available pa

    • @pugazhenthir9793
      @pugazhenthir9793 6 วันที่ผ่านมา

      @@camonica3619 Tamil Nadu la thamil lae elutha mudiyatha 😭😭😭😔😔😔😓😓😓

  • @B.kalaiyarasiKalai-l2s
    @B.kalaiyarasiKalai-l2s 6 วันที่ผ่านมา

    Akka ca subjects explain pnnunga

  • @argoverseas3496
    @argoverseas3496 7 วันที่ผ่านมา

    Madam kindly provide your communication information must because clearly detailed information given doubt ask clients customer regarding jagadeeswaran

  • @venkatesans8971
    @venkatesans8971 8 วันที่ผ่านมา

    Thank you❤🌹🙏 above age 75 we👭👬 are all in the paradise. So no problem for income tax filing😮😢😂

  • @Salem55555r
    @Salem55555r 8 วันที่ผ่านมา

    Thank you mam ❤

  • @boopathisekar5093
    @boopathisekar5093 8 วันที่ผ่านมา

    Yesterday only i link my pan &adhar due to non link of pan &adhar penalty will deduct from salary the amount of 56000. I want to know its refundable or not.. Pls help me

  • @boopathisekar5093
    @boopathisekar5093 8 วันที่ผ่านมา

    Mam, may i contact you

  • @sabapathy7996
    @sabapathy7996 8 วันที่ผ่านมา

    "Aadhaar "name R S SABARI nu iruku "Pan" la RAJ SELVAM SABARI" nu iruku whether it will be linked any one tell me (Initial expand aagi iruku)

  • @jeevaraj8266
    @jeevaraj8266 8 วันที่ผ่านมา

    என்னுடைய நிறுவனம் ipo க்கு வருகின்றது.. employee என்ற முறையில் எனக்கு என்ன என்ன வாய்ப்புகள் உள்ளன பங்குகளை பெறுவதற்கு

  • @babusriramambari5792
    @babusriramambari5792 9 วันที่ผ่านมา

    You are repeating what is already known and shown in news papers. Then how to claim TDS when bank deducts. All are not pensioners. Few are living in FD income.

    • @camonica3619
      @camonica3619 9 วันที่ผ่านมา

      TDS will be deducted by bank only if the limit exceeds taxable value. That will not be refunded sir. As you now give form 15G/H for non deduction, declaring this to bank initially will help you not deducting taxes. No need for refund too!

  • @superkings344
    @superkings344 10 วันที่ผ่านมา

    Akka TDS claim panna refund evlo naal agum

  • @vincentpaul6158
    @vincentpaul6158 10 วันที่ผ่านมา

    oru compny Payment pannubhodu oru oru partykum tani taniya payment pannanuma madam

    • @camonica3619
      @camonica3619 10 วันที่ผ่านมา

      Sectionwise bulk ah deposit panna podhum.. filing la thaan each pan split up kudupom

  • @ashokkumar-xv4nv
    @ashokkumar-xv4nv 10 วันที่ผ่านมา

    Very simple and clear explanation. Thank you for your valuable information.

    • @camonica3619
      @camonica3619 10 วันที่ผ่านมา

      Thanks for your support 🙏

  • @bhuvanaraj1644
    @bhuvanaraj1644 11 วันที่ผ่านมา

    Akka new syllabus kana rules solluga na dairect entry apo register pananu books marita erukuma

  • @user-jx3qv4jc4o
    @user-jx3qv4jc4o 11 วันที่ผ่านมา

    Madam I changed my job on the starting of march'2024.Now which amount i need to show gross salary? new company salary or old company salary.i am not having the form 16 for old company.I am having form 16 for new company

    • @camonica3619
      @camonica3619 10 วันที่ผ่านมา

      Need to show both gross salaries.. add up both

  • @banugi9400
    @banugi9400 12 วันที่ผ่านมา

    Mam one small help mam. Could you please make a video on Articleship Registration process in Tamil, since there are no videos in youtube in Tamil, everything is in hindi. Along with that please tell me how to semd the required forms to the principal... should I post it in courier or should I take it with me When i go to articleship interview and submit it with them personally... Literally I don't have any Idea..

  • @banugi9400
    @banugi9400 12 วันที่ผ่านมา

    Mam one small help mam. Could you please make a video on Articleship Registration process in Tamil, since there are no videos in youtube in Tamil, everything is in hindi. Along with that please tell me how to semd the required forms to the principal... should I post it in courier or should I take it with me When i go to articleship interview and submit it with them personally... Literally I don't have any Idea..

  • @banugi9400
    @banugi9400 12 วันที่ผ่านมา

    Mam one small help mam. Could you please make a video on Articleship Registration process in Tamil, since there are no videos in youtube in Tamil, everything is in hindi. Along with that please tell me how to semd the required forms to the principal... should I post it in courier or should I take it with me When i go to articleship interview and submit it with them personally... Literally I don't have any Idea..

  • @shanmugasundaram182
    @shanmugasundaram182 13 วันที่ผ่านมา

    madam when i need to file itr1 in old tax regime what to do

    • @camonica3619
      @camonica3619 13 วันที่ผ่านมา

      If you have business income file form 10IEA and update the acknowledgement number in income tax return.. if no business income you can directly file it in respective ITR

  • @user-bo7hx8jc7h
    @user-bo7hx8jc7h 13 วันที่ผ่านมา

    Mam you are completed CA or CPT

    • @camonica3619
      @camonica3619 13 วันที่ผ่านมา

      CPT is foundation course in CA course only. CA completed

  • @rajasekar1663
    @rajasekar1663 14 วันที่ผ่านมา

    Madam i have one doubt, chickens business runned last 7years, shop suddenly sold, so business closed, closing stock 7lakhs fully wasted, Current year turn over 20lakhs only, net loss 4.5lakhs arrived, If Loss returns without audit report prepared and filed, what are the issues arrived in future, Penalty 5% of turn over or higher ?

    • @camonica3619
      @camonica3619 14 วันที่ผ่านมา

      Loss cannot be carried forward. Return filed will be defective. Assessment will be taken up by IT department

  • @_Ranjith19
    @_Ranjith19 15 วันที่ผ่านมา

    Form 29 B plz explain

  • @retheeshb
    @retheeshb 15 วันที่ผ่านมา

    my LLP started on 04/03/2024, is it mandatory to file return from this year

  • @karthicksrinivasan4255
    @karthicksrinivasan4255 15 วันที่ผ่านมา

    Hi mam..Adhar and pan link panatha Nala ..TDS 20 percentage 92k piduchutanga mam..for the year 2023 -2024....92k amount enga company pay panitaga..now they are taking those amount from my salary monthly june,jule and august.Now adhar and pan link paniyachu..Is it possible to claim the amount..can you please help me..

  • @karthicksrinivasan4255
    @karthicksrinivasan4255 15 วันที่ผ่านมา

    Hi mam..Adhar and pan link panatha Nala ..TDS 20% . 92k piduchutanga mam..for the year 2023 -2024....92k amount enga company pay panitaga..now they are taking those amount from my salary monthly june,jule and august.Now adhar and pan link paniyachu..Is it possible to claim the amount..can you please help me..but i have paid the TDS amount for the year 2023 to 2024..Rs.23k.

    • @enivarunivlogs
      @enivarunivlogs 13 วันที่ผ่านมา

      Same plm

    • @bharathikrishnan3311
      @bharathikrishnan3311 11 วันที่ผ่านมา

      @@karthicksrinivasan4255 sir unga tds 26as la reflect agiducha? I am also in same situation... Amount pay pani 1 month achu still its not reflected in 26as...

    • @karthicksrinivasan4255
      @karthicksrinivasan4255 7 วันที่ผ่านมา

      No..mam..still it's not reflected

  • @brittojohn1844
    @brittojohn1844 16 วันที่ผ่านมา

    Interest on Housing loan on let out property under new regime is the one I learnt today . Thanks

    • @banugi9400
      @banugi9400 16 วันที่ผ่านมา

      Same bro..