New Tax Regime vs Old Tax Regime - E 40
ฝัง
- เผยแพร่เมื่อ 17 เม.ย. 2024
- On this Episode we cover:
- A quick background on this change in tax regime
- How the first investment for most people is for tax saving!
- Skepticism towards the New Tax regime, and why
- Pattu thinks young earners should select the ___ tax regime
- Whether people behind tax saving products are upset
- Whether with the NTR, people are not investing right
- If there's data about the government collecting lesser or more tax than before
- We discuss Pattu's NTR vs OTR calculator
- We take you step by step through the different entries and deductions
- The different scenarious for switching BETWEEN ntr and otr
- A super useful break even chart - find out where you are in this chart, and then switch to the right regime!
- How are freelancers / small business owners affected?
- Pattu's philosophy on tax ! (something about peanuts)
- How do these regimes affect investments?
OTR vs NTR calculator:
freefincal.com/wp-content/upl...
Glisten to the previous episode here-
• Does NO KIDS mean MORE... - E39
In association with @pattufreefincal
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There is one deduction that is not covered in the video. That is 80E interest repaid on Education Loan. Many first time earners like MBA graduates have a huge education loan and the section 80E allows to claim deduction on education loan interest without any maximum limit
Pattu sir nailed it as always. BTW break even deduction is something new which I learnt today. I'm on a higher income bracket and a new home loan bearer (certainly not taken to save tax per se) , so my deductions easily cross 3.75L considering 80C, 80D and home loan interest. But as the year goes, it would be hard for me to make deductions reach 3.75L. And so HRA plays an important role here. I live in a rented house at work city and so the old regime still saves me more tax than the new regime.
But I will be fine if the government plans to shut down the old regime. As Pattu sir said, taxes are just peanuts on the way to become wealthy
Thank you🙏
The biggest reason to stay in old tax regime is the HRA.
There is no ceiling to the deduction (only limited by the salary you draw).
You can pay rent to a non-earning or the lowest tax bracket parent and save significant tax if house is not in your name.
No thank you
@@pattufreefincal is it true sir ?
No one become rich by saving taxes.
Hello Sir,
Thank you for the insightful information always. I have some doubts please guide !!
I learned a lot as a homemaker. Though I used to work initially now it is a huge gap... So I take care of my home finance😊
I wanted to have clarity on a few things:
1. How are the Short term, Medium and Long term goals bifurcated? ( No. of years)
2. What are the safe instruments for investment with regard to inflation apart from FDs and PPF ?
3. How much can I estimate for my kids marriage expenses adjusted to inflation in 7-10 years span.
4. For retirement fund its not only the household expenses adjusted to inflation there maybe health issues which may go over the coverage u have today ( medical inflation ) how can we anticipate and add that also to the retirement fund. Or should we keep that separately?
Can we claim both Employee and Employer contribution to NPS as deductions in old tax regime?
Sirr, when is the next episode coming?
Yes.. it's been such a long time. Please make more episodes. Thanks
What happens if you r both salaried and professional,can we change every year or only once
Very helpful. Can we do something similar for professionals under section 44ADA?
Opt for ITR-4 filing. 50% of Gross income is taxed and also you can add 80C/D deduction as well
The new tax regime is so much simpler than the old one. It is more attractive now thanks to the tweaks done in FY 2023 (NTR from 1-Apr-2023). One thing worth noting is that NPS deduction is still supported in the new tax regime.
NPS employer deduction only
80CCD (2)
money will be locked
HRA deduction is min of the below 3 :
1. Rent paid - 10% of basic
2. HRA received
3. 40% of basic ( non metro city ) or 50% of basic (metro city )
Thanks I messed that up as much as possible
New tax regime is beneficial for 30LPA + folks no matter they have home loan, ev car loan, 80C, 80D, or anything in the world.
Businessmen will never move to new regime as most of their expenses are bogus due to which they are paying almost negligible taxes.