New Income Tax Slab 2023-24 | New Tax Regime vs Old Tax Regime [with Calculator]
ฝัง
- เผยแพร่เมื่อ 28 ส.ค. 2024
- Income Tax Slab 2023-24 discussed with New Tax Regime vs Old Tax Regime comparison. Check out income tax calculation, income tax rebate & tax benefit in budget 2023.
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New Tax Regime vs Old Tax Regime Calculator:
bit.ly/3DMoxST
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About the Video
The Finance Minister of India, Ms. Nirmala Sitharaman announced the Union Budget 2023 yesterday. On February 1 each year, taxpayers and citizens of India anticipate the budget and what new changes and developments will it bring for them. This was the first budget of Amrit Kal proposed by the Ministry of Finance under Honorable Prime Minister Shri Narendra Modi. This year’s budget focused on 7 key areas termed as Saptrishi. These were:
The key highlight of Budget 2023 was the "new income tax slab" that underwent a number of modifications as part of the new tax regime. Given that, taxpayers can still choose between the new tax regime vs old tax regime when filing their income tax returns. But which is more beneficial for taxpayers: the old tax regime or the new tax regime with the proposed changes? Let’s look at complete budget analysis, budget 2023 summary, new tax slab 2023-24, new tax laws for 2023, budget news, and much more.
In this video, we’ll learn about the following concepts:
1. New tax regime vs old tax regime.
2. What are new tax laws for 2023?
3. Key highlights for Budget 2023.
4. Analysis of Budget 2023 Summary in Hindi.
5. Old tax slabs and new tax slabs.
6. What is the new income tax rebate?
7. Budget 2023 summary.
8. Benefits of new tax slab 2023-24.
9. New income tax rebate explained.
10. Is the new tax slab more beneficial?
11. How to save more tax on salary?
12. What is the new income tax rebate limit?
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Website
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#Budget2023 #NewTaxRegime #OldTaxRegime
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I am a banker and see maximum of yours videos to clear my doubts
..hats off on your efforts for middle class person👌 🙏🙏🙏🙏🙏
Thanks Monika
ये काफी हेल्पफुल विडियो है.. मैं सैलरीड हूं। बहुत कुछ सीखने को मिला इससे। आपका धन्यवाद।
I had zero knowledge of taxation before, but after watching your videos related to tax I'm pretty much clear on how taxation works. I have already subscribed and liked the video ,what else I can do! Thanks Asset yogi😊
कितने अच्छे तरीके से वर्णन किया है। 20 वीडियो देखने बाद जो चीज समझ मे नही आई वो आप ने कितने आसान तरीके से समझा दी।
आभार योगी जी....
God bless you...
To download the calculator, visit the link below, and click on Download
bit.ly/3DMoxST
Sir New tax regime is sal se lagu hoga ya next financial year se hoga....?? Plz 🙏
Explanation is like.. Aag lga diya...
Online games taxes ka video banayae
Unable to edit the sheet.
Unable to see Download option.
You have done great home work to precisely cover everything in a very nice manner. Old vrs New xl presentation is simply superb. God bless you. Keep your working on.
Excellent sir. Perfect video on old and new tax regime. I don't think any doubts will be pending post watching this video. Thanks sir.
This man deserves more respect. Really appreciate your work
Thank you so much 😀
Totally Agree!!!
Important is: So quickly
Injkkiiikjj😅😅😊😅NK your u😅😢😢😅😮 😮🎉. 😅😅😅poo😊😅😅😅😮😮😢😢😢😮😢 Mm nahin 😮😮😅nikumjko
Very nice information sir. May God bless you.
Watched a lot of tax related videos still learned something new from this one.. Thank you for making life easy for a common man!
Thank you for clarifying our doubts
एक तथ्य समृद्ध भिडियो और समझने मे भी काफी आसान। बहुत सराहनीय काम और आपको धन्यवाद। ऐसा और भिडियो बनाते जाईये
Sir aap superb ho..apne bhut ache se smjay..aesi video maine aaj tk nhi dekhi..na aese kisine smjaya.....bhgwan apko khush rakhe.
Thanks Anita
I am an IT professional and I always watch your video to clear my doubt regarding taxes and investments. It also help me to take proper decision about investment so that I can clime as much as tax deduction n exemptions. Thank you so much❤😊
Thanks for watching
Sir will you file your own return?
I was literally so confused between old and new regime but Yogi sir made it quite clear now, thanks a million sir for this valuable video and of course for the calculator too 😊
Glad to hear that
Where is the calculator
@@poojakapil2333 check the description of this video, you will get the link of the calculator.
@@AssetYogi Thanks so much for such an informative videos.
I would like to inform if you can Please check that in the calculator column "G" that is Tax@old slab is not giving the correct result.
New tax regime is best
Sir, pointing out the problem in your excel, for Income between 10-12 lakh in the old regime, the taxable income after exemptions and deductions comes out to be 7.5 lakh so 20% tax on the 2.5 lakh income will be 50,000 + 12,500= 62,500 not 37,500/- I hope you will correct this one
Correct it
Right
The way he defines is worth appreciating.. simple n clear concepts ...even for vast topic. I love this channel.
Thanks Aashvi
Really knowledgeable for salaried employees, Differentiate well old V/s New Tax regime. Thanks for your efforts!!
Thanks a lot
@@AssetYogi sir
Agar mai new regime select kare toh kya next year mai old regime choose kar sakta hu please suggest?
I follow many finfluencers...none has covered it this deep. Most just forgot about HRA and house loan, be it R Ranade, P Kamra, Convey, Parimal, Akshat.
But Mukul bhai is always erudite and precise, video ek din bad ayi par bataya sab hai 👍
Hi Who are Convey and Parimal ? The rest I know about. Thanks for info
@@caesar_cipher Convey by Finnovation and Parimal Ade...check them
@@007_Sun_Tzu thank you
Very well explained , I came across other videos they were just beatinbg around the bush.
Thank you .Truly appreciate .
Hi sir
I am an accountant. I really like your video.
The information you have given in this video is very incredible .
This man deserves more respect. Really appreciate your work great content☺☺
Thanks Mohit
@@AssetYogisir kya hum ne old tax regime ke liye form filled kiya ho to kya hum online ITR filing krte vakt new tax regime select kar skte hai?
This is the most useful video for tax payers to understand and easily decide the Tax Regime. Thank You sir for your video and your excel calculator sheet. Amazing!! I am very happy!!
Very nice video. My frd is a CA, gave wrong info... He said once u shift to new regime u can't shift back to old regime (for business man)
But you gave accurate info. Thank you
You can't opt-in and opt-out every year (in the case of business and profession). So, your friend was right
@@AssetYogi but shifting from old to new regime and back (to old) once is possible .. As per your video
My frd said once we shift to new regime (from old).. We can't shift to old regime.. Which is wrong info
Excellent video mukul sir. I perfectly get to know the difference and clear understanding now. Thank you🙏. Please keep upload such a videos which are easy to understand
“WHAT A TREMENDOUS MENTOR YOU’RE.🔥
VERY KNOWLEDGEABLE AND FRUITFUL SESSION..😻
Please bring more like this…🤗
THANK YOU SO MUCH SIRRR!♥️
LOVE & BLESSINGS FROM VARANASI..!!”🕉️
Thanks Tushal
But I get to know that we can not claim deduction in new tax regime? Where is the confusion?
@@AssetYogi Sir need excel for calculation
@@eunsie___44 22
5
Hamesha ki tarah,.... fantastically explained Sir. The selection of words, examples & the timing can make even a laymen understand better ... thank you sit 👍
You are most welcome
Successful people don't become that way overnight. What most people see at a glance wealth, a great career, purpose is the result of hard work and hustle over time. I pray that anyone who reads this will be successful in life.....
The thing about been successful is working toward it and not going the other way round
It's obvious everyone is doing this online Investment
@@ErinBurns75 I totally agree with you it has been an eye-opening experience for a lot of people.
Investment is the key to achieving success with the current pandemic slowing down so many businesses aww
Talking about been successful. I know I am blessed if not I wouldn't have met someone is as spectacular as Stacy Garric
Thanks, yogi
I was thinking of the same, so I told my CA to devise such excel for me the next day the budget was announced
And he charged extra fees for that.
But here you are with your insight full video for general public
Truly appreciate your work. This is what I was looking for and as a taxpayer, with different slabs and exemptions in new regime in our budget 2023, we first like to know how it affects us. and this calculator really really helps us. Please give more insight about income tax savings. Thanks
Thanks
This is what we called a perfect video, awesome keep it going sir , thank you so much clarifying all the doubts. You just made everything crystal clear.
Thank you so much.. it really helps to decide which regime should I select..
M apki help kar sakta hu apka tax reduce karne me.. apki return file kar dunga...If you need any help in filing your ITR and discuss regarding tax saving tips and tricks you can contact us. Contact number is shown in DP and Description
Mena kbi kisi b video per commnt nahi kiya but apna itna clearly brief karka commnt karna per majboor kar diya Great job sir...
Excellent video,sir. Just one thing,there is one slight mistake in 10,50,000/- column. Tax in old regime should be 62,500 instead of 37,500.
Right 👍
Same mistake I have also found.other things are ok
Can you tell me how tax @old regime 42,500/- is coming under 7-9 lakhs salary ?
Very well explained. I have suggestions for the calculator. AA>..For Income Value (Col C) please add explanation on what is to be included and what is not to be included. For example is it income BEFORE HRA deduction or AFTER HRA deduction. BB>. FOr exemptions , the list needs to be expanded and detailed a bit. Is Interest on Housing Loan to be included here? Expense on childrens education ? 80 DD ? CC>>. Please consider adding the aclculations for Senior Citizens and Super Senior Citizens.
Thanks
Are chacha choro na ye tax vax thda pyar kro ghumo firo.. 30-50-1lakh kat te h to katne do.. Sara paisa sath le jaoge kya.. Apke to maje h ab life b kam h tention to humari h jinko age ka sochn h.. Aapka to last period h..
@@budhrajarahul3 aap se namr nivedan ki apni taang aisi jagahon per na adaayen jahhan se aapka koi matlab na ho. toot bhi sakti hai.
@@ajayjo1 chichaa koshish achi thi pr nishana galat.. Is saal hi income tax bhara h Maine
SIR VAKAY ME BAHOT HI INFORMATIC VIDEO HE BAHOT BAHOT DHANYVAD , YE TAX PRECTITIONE & STUDENT & TAXPAYER KE LIYE BHOT KAM AAYEGI
Thank you for giving in-depth knowledge on income tax return. Now problem with income tax department, despite filling returns in time since last year filing by individuals, ITR processing is delayed beyond 7 months. They have to adopt first come first serve. Income tax department calculate interest only after processing period. Citizen are loosing interest during processing pending period. Letters sent department and finance ministry have luke warm response. The entire system is driven by tax payers money. Sreenivas sr citizen Bangalore
Hey i am providing free tax saving consultancy.... apki return file karke tax refund aa jyega...If you need any help in filing your ITR and discuss regarding tax saving tips and tricks for free you can contact us. Contact number is shown in DP and Description.
This is the best channel i have ever seen , and i find myself lucky to be a subscriber of the same.
Thanks a lot. Keep learning
Beautiful information❤ very simple way🙏
Thnx for giving Very informative knowledge abt taxation.
Very informative video. Excellent piece of work by adding dynamic calculator...additionally, you can add sec 80TTA OR 8OTTB also near deductions...
Thanks
Is STD deduction and 80TTB deduction available in new scheme for senior citizens@@AssetYogi
Thanks Mr. Asset Yogi. This video was helpful.
However, I tried to enter random numbers in you excel and noticed that for income of Rs. 905000 it is showing (~ Rs. 21500) tax in old regime and to the income of Rs. 1050000 (Rs. 19500) with exact amount of extra deductions in both the case.. How come tax for Rs. 905000 is more than income of Rs. 1050000 ???
this is definitely going to help so many people out there. Thankyou so much.
Thanks a lot for putting this up and make it so much easy to understand the new vs old structure
Glad it was helpful!
Thanks for the details and very helpful calculator. the only issue is that as if I enter a larger amount, the column width is not sufficient and then XLS only displays XXXXXX. Since the sheet is protected, cannot do any adjustments. Also the conclusion seems to be if someone is in higher incomes and even after all deductions, the taxable income is above 15L, then new regime is better.
How to download calculator
I never ever seen such a video on you tube like this. Sir, well explained in very simple way. Thank you!
Bhai shukriya... Sara confusion dur and rules clarity aa gai 🙏... Thanks for the video
I feel bad for the lowest paid workers that may be affected, but not CEO's. A lot of them have created this abusive corporate pay structure where they are paid 300 to 400 percent the salary of entry level workers. Most add very little value. They posture and perform with speeches, meetings, and excessive travel to provide the appearance of working hard
While there’s more pain to come, investors should look for stocks like Royal Philips NV and Alstom SA that have been beaten down enough that they’re a bargain or get a good portflio manager.
@@ardeand very true, I started investing before the pandemic and that same year I pulled a profit of about $600k with no prior investing experience, basically all I was doing was seeking guidance from a financial-advisorr, you can be passively involved with the aid of a professional.
@@Emmacurtis wow ,that’s stirring! Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio.
@@Emmacurtis My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more
@@Emmacurtis Thanks, I merely looked her up on Google and was highly impressed by her credentials; I got in touch with her because I need all the help I can get. I just set up a phone call.
TRADING HAS NOT BEEN GOING WELL WITH ME, I HAVE INVESTED A LOT OF TIME AND FAILED, I TRADED ON MY OWN BUT EACH TIME I KEEP LOOSING MONEY. I DON'T HAVE GOOD STRATEGIES TOWARDS THE MARKET.
PLEASE CAN SOMEONE PUT ME THROUGH ON THE RIGHT PATH.
I totally agree! Investment has also
changed my life financially andI have
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What an explanation yaar,You know this is how u explain finance 🎉❤...Keep going sir.
M apki help kar sakta hu apka tax reduce karne me.. apki return file karke tax refund aa jyega...If you need any help in filing your ITR and discuss regarding tax saving tips and tricks you can contact us. Contact number is shown in DP and Description.
The presentation is excellent and very well explained. I have one point to make. The calculator may not work accurately for Senior Citizens as they have different i.e. better tax slabs under old tax regime. However, there is no different tax slabs for senior citizens under new tax regime. Please comment whether my contention is correct or not. Thanks.
Thanks Nilay
Well done sir ☺️ You are doing a great job...☺️It will help us to improve our knowledge regarding tax system..
It's my pleasure
Very well explained and as usual yogi the bestest ❤️
Thanks a lot 😊
Thank you for the video ! I would like to point out that the tax calculation for row Rs. 10-12 lakh is incorrect for old regime.
M apki help kar sakta hu apka tax reduce karne me.. apki return file kar dunga...If you need any help in filing your ITR and discuss regarding tax saving tips and tricks you can contact us. Contact number is shown in DP and Description.
Very good explanation with suitable example with regard to New and Old regime Income Tax. Great work sir.
Good content as always.... but i have few questions in my mind about term insurance -
1. A person (say Raman) has annual income of 10 lacs and he is of 30 year old at the time of taking Term insurance with 1 crore cover amount for 30 year (i.e. his policy will expire when he attain age 60). He paid the premium on time every year and he dies at the age of 50. Now will company settle claim of 1 Crore rupees or they will calculate Human Life Value (i.e. based on the pending working life income) then accordingly they will settle reduced claim. I didn't find any clear illustration despite of reading many policy document. Can you answer or better to create a detailed video on this?
2. The term insurance is taken by breadwinner of the family and if that person takes critical illness rider also still only that person of the family will be covered. Say his spouse/child/any other dependent get suffered from critical disease then this critical illness rider is of no use. Isn't it better to take critical illness rider with floater family health insurance so dependents also get benefitted. Another point is portability because the rider may not be available with other company term plan.
Thanks a lot
Why would the company calculate human life value and not pay entire amount? The sum assured was 1 Cr .they shud pay 1 Cr
@@AssetYogibhai pura toh padh lete 😂
@@blissfulshanvika460 Question samajhne me time lagega isiliye taal diya
Pura 1 cr milega
How easily you elaborated such a difficult and confusing concept...hats off to you !!!
Thank you Sir, your calculator helps me lot for understanding 🙏
Excellent video Mukul Ji. Just a single query, a salaried person having long-term capital gains & investments in Indian equity as well as in the US stocks can also opt for the New tax regime?
Beautiful explanation! hats off to you..I am an IT guy and frankly all these minute details on Tax slab...deductions etc. it's sometimes Rocket science to me.. But thanks to this channel.. Complex stuff looks clear as crystal after watching your video.. plz provide more and more such videos for dumb like me :)
I am an IT guy too and I give tax advice to all my colleagues!
🤗
and btw this video has a big mistake in explaining deductions!
i have made an elaborated comment on that!
@@who-Am-I-Here your colleagues are lucky to have a colleague like you.. I am fond of painting and photography.. you ever need any suggestions knock on my door 👍
You explain so good. As a new guy in this field I wanna know some basics so please make a video for new-comers! 🙏🏻
Hats off to you the way you have explained the difficult subject. Your Excel sheet is icing on the cake. The whole video is master stroke
All doubts clear...In a single short video...Salutes sir .
So nice of you
very nice person and very beautifully explain
Thanks for the wonderful information and valuable calculator Mukul! May you and ur channel grow doublefold
Thanks a lot
What a best and simple way of explanation. This very precise and perfect content without unnecessary explanation
Thanks for your support!
You given more information that no one has given this clarity😊
Absolutely amazing. I have not seen such a simple and lucid explanation on New vs Old tax regime... But I disagree on the point of HRA... HRA is one of the biggest tool to save tax... For me with 80C, 80D and HRA I claim 405000 in deductions...and bulk comes from HRA...
Hey i am providing free tax saving consultancy.... apki return file karke tax refund aa jyega...If you need any help in filing your ITR and discuss regarding tax saving tips and tricks for free you can contact us. Contact number is shown in DP and Description.
Very helpful insight thank you for such informative video 🙏
Glad it was helpful!
Very informative. Thanks
Very good explanation easy to understand. Your excel sheets are useful
Glad to hear that
Nice info, always u provide, I didn't saw whole video, as I m confused still now, in AY 2022-23 we have seen- Old Regime & New Regime, now it's newer regime in 2023 budget, what is comparison between all 3 of them???
Hey i am providing free tax saving consultancy.... apki return file karke tax refund aa jyega...If you need any help in filing your ITR and discuss regarding tax saving tips and tricks for free you can contact us. Contact number is shown in DP and Description.
Really very helpful, I have learned a lot from this channel. thank you very much Sir.
People like you are an asset to common citizens like us. God bless you
Thank you so much!
आप ने shares से होने वाली income के बारे में जानकारी नहीं दी कृपया stcg. Ltcg कि जानकारी दे
Check once, if I am not wrong. I have calculated Tax as per old slab by putting Income of 1050000 and applying extra deductions of 370000. It is showing my Tax @ Old Slab as only 1500, which is incorrect as per the slab. Please correct my if I am wrong..
Looks formula was wrong for that cell for 7 lacs it 52k and 7.5 lac 37k
Thank you so much... This was very very helpful
Such crisp clear and to the point explanation. Thanks a lot sir
Very complicated topic explained in very simple way so everyone can understand .. Great sir 👌
Thanks for the video and letting people download the excel directly instead of mandating filling some personal details
Glad it was helpful!
Isme aapne new regime me 80(c), 80(d) ka koi quota hi nahi hai to salaried person ko kaise fayda hoga...??
This video is really great. Thanks A lot Asset yogi Ji for your kind contribution. May god bless you
Perfect video for understanding taxation ❤❤🎉🎉
Finally After watching 20 reels 5 videos on other channels, this video Made me understand❤️
Thanks so much 👍👍 for your calculator but it is calculating incorrect tax for some specific values.
For e.g. if someone has total income 12 lac and total deduction 3 lac so his net taxable income would be 9 lac.
Tax on 9 lac = 12500 + (400000 * 20%)
= 12500 + 80000
= 92500
But on your calculator, it is calculating 82500, could you please kindly correct it.
If anyone is having less than 5lpa and in after 6 months they will get a hike of more than 5 lakhs, which regime will be suitable
Apka tax 0 ho jyega.M apki help kar sakta hu apka tax reduce karne me.. apki return file kar dunga...If you need any help in filing your ITR and discuss regarding tax saving tips and tricks you can contact us. Contact number is shown in DP and Description
Thank you so much for your response but I had only one doubt that this standard deduction of 50000 will it be refunded if we provide a investment proof?
@@apoorvam3353 No investment proof is required for standard deduction.
Thank you for simplifying the old & new regime....it was opt, interesting & easy to follow & understand & you made your class too excellent. I am a regular follower of your videos to seek knowledge & clarifications . Appreciate your efforts for bringing such clarifications & knowledge on your TH-cam.....God bless.
M apki help kar sakta hu apka tax reduce karne me.. apki return file kar dunga...If you need any help in filing your ITR and discuss regarding tax saving tips and tricks you can contact us. Contact number is shown in DP and Description.
This provided me great help to understand my Tax reduction Thanks sir❤
Thank You so much for the calculator in Excel format. Really helped me.
Hi is that income value column value is in-hand salary or CTC ???? If my CTC is 12LPA and my in-hand salary is 11LPA then what should I put in that column....????
M apki help kar sakta hu apka tax reduce karne me.. apki return file kar dunga...If you need any help in filing your ITR and discuss regarding tax saving tips and tricks you can contact us. Contact number is shown in DP and Description.
Thank you so much. You deserve much more. I was so confused as what to choose in tax regimes. Thanks to you, I now know what to do.
Thanks a lot. Your explaination is quite good and useful. It removes every doubt
I have small doubt in excel calculator.
Under old tax regime tax @ old regime is shown as 37500 for income slab 10 -12 lacs. (Net taxable income Rs. 750000) . In my opinion, it should be Rs. 60000.00 Please correct me, if I am wrong.
Waqai me aap asset yogi (practitioner) ho, maza aa gaya information dekh ke
I appreciate your hard work and thanks for your easy technique to understanding these hard concepts.
You never disappoint us. Nice explanation. I was having doubts on last 2 points which you called up so clearly. Thank you.
Great session - crisp and clear. Thank You !!!
Nice sir, this is a simple explanation for the hard subject really love it
Thanks a lot sir, i was confused and searching for this but when I see u posted video on this I get assured that all doubts will clear.❤
If the Clerk had calculated the tax based on old regime can we choose the new regime while doing the e-filing?
Hey i am providing free tax saving consultancy.... apki return file karke tax refund aa jyega...If you need any help in filing your ITR and discuss regarding tax saving tips and tricks for free you can contact us. Contact number is shown in DP and Description.
I am a freelancer on the way to get my company established. Extra deductions I think are really necessary. Our equipments, meetings, etc. cost significantly.