2024 Income Tax Saving and Tax Planning Guide | New vs Old Regime | Assetyogi Show #4
ฝัง
- เผยแพร่เมื่อ 2 มิ.ย. 2024
- Income tax saving tips and tax planning guide for 2024. New Tax Regime vs Old Tax Regime: Which is better from a tax-saving point of view for each salary bracket?
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Tax Saving Calculator - Old & New Regime:
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With an easy to use Tax Calculator, you can calculate income tax and increase tax savings in different salary brackets. We’ll cover deductions under Sections 80C and 80D, HRA exemptions, LTA claims, Section 24 deductions and a lot more.
0:00 Intro
0:36 Pay ₹0 Tax on Salary Income
01:19 Which Tax Regime is better?
03:20 How to get Maximum Deductions?
03:25 Tax Deductions in Old Regime
04:05 EPF
05:18 HRA
06:43 Children’s Education Allowance
07:04 LTA
07:39 Reimbursements
08:09 Standard Deduction
08:21 Deduction under Sec-24
09:55 Deductions under Sec-80C
14:07 Taxable Income
17:13 New Tax Slabs
17:52 Deductions in /New Regime
20:24 Important Tips
About the Video
The government has announced new income tax slab rates and a new tax regime has altered the calculation of income taxes. We all want to save in tax but most people don’t know about tax-saving investments, deductions and exemptions available to them. We either hire a tax expert for tax planning or do it ourselves.
Our detailed Excel calculations will help you understand how to make the most of various tax-saving options, including Section 80C deductions on investments, HRA exemptions, LTA claims, and Section 24 house property loss deductions. Learn how to leverage Section 80D benefits, explore the nuances of education loan tax exemptions under Section 80E, and gain insights on switching between the old and new tax regimes. Whether you're a salaried individual or a business owner, this video will equip you with the knowledge to make informed decisions that optimize your tax savings every financial year.
1. In this video, we’ll cover the following concepts:
2. New tax regime vs old tax regime.
3. Which tax regime is better for saving income tax?
4. Income Tax Saving Tips
5. How to maximize tax savings for salary income?
6. What are the tax saving options under the new tax regime?
7. Best tax saving options under old and new regimes?
8. What are the new tax slab rates?
9. Effective tax planning tips for 2024
10. How to plan taxes for salary income?
11. Is the new tax slab more beneficial?
12. How to save more tax on salary?
13. Tax planning guide for individuals.
14. Tax savings with joint home loan
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Extremely helpful video..hats off to you that you provide these precious videos without charging any fee ...❤ Thank you sir ...
Adding few points for people who make some COMMON MISTAKES while focusing on TAX SAVING:
1. Saving taxes should be incidental, not the primary driver of your investment decisions.
2. Prioritizing tax savings can lead to suboptimal choices. So, Investments should primarily align with your financial goals like child education, wealth creation, retirement planning, Foreing trips (why not) etc
3. Chasing tax breaks with short-term investments might provide momentary gains but may not contribute to long-term wealth growth. Focus on investments with higher potential returns, even if they offer less immediate tax relief.
Simply put, if you can claim more deductions and exemptions then choose the old regime, otherwise the new regime.
सर शायद सैलरी बेस्ड लोगो के लिये ओल्ड रेजीम ही सही क्योंकि टैक्स बचाने के बहाने ही लोगोँ के पास के पास छोटी मोटी सेविंग हो जाती है। एवम सरकार के उपक्रमो को भी रुपया मिल जाता है। नए रिजीम में शायद इस कम है। आपका सुझाव स्वागत योग्य है।
@@anilkumarbuddha5986 completely true, BIlkul sahi Anil ji, Old best hai. Ushme forced saving hota hi, aisa 80C 80D etc ka option na rahe like tax benefit etc to kayi log jo thora saving investment etc old regime k karan karte the, wo bhi karna band kar denge.
@@CA_Surajdeo Ji Sir bilkul sahi kaha apne.
New tax regime is leading to not to invest your money
After seeing so many videos, your video made a clarity about tax saving with very good example
Thank you
@assetyogi this excel is superb the only thing to add would be is the net tax that a person will have to pay with the deduction on each level
Hit 200k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started with 7k in August 2023...
Hello, how do you make such a monthly income? I'm a born Christian, and sometimes I feel down about myself because of my low finances. But I still believe in God.
most people fail to understand that living a Life without passive income isn't worth much except trying to pay off debts and loans.
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The problem we have is because Most people always taught that " you only need a good job to become rich. These billionaires are operating on a whole other playbook that many don't even know exists.
Money invested is far better than
money saved, when you invest it gives
you the opportunity to increase your
financial worth.
The wisest thing that should be on
everyone mind currently should be to
invest in different streams of income
that doesn't depend on government
paycheck, especially with the current
economic crisis around the world. This is still a time to invest in Stocks, Forex and Digital currencies.
I also keep seeing lot's of people
testifying about how they make money investing in Stock, Forex and Crypto Trade(Bitcoin) and I wonder why I keep loosing. Can anyone help me out or at least advice me on what to do.
Even with the right technique and
assets some investors would still make more than others. As an investor, you should've known that by now that nothing beats experience and that's final. Personally I had to reach out to a stock expert for guidance which is how I was able to grow my account close to $35k, withdraw my profit right before the correction and now I'm buying again.
Trading under the guidance of an expert is the best strategy for beginners.
Thank u Asset Yogi for the useful info. . best part is to the point solution no faltu gyaan.
Sir, your videos are very helpful n informative. I appreciate your way of communication. Very clear n pleasant.
All d best. Keep it up. Thanks again.
Last year if some one have bussess income , but this year they don't have bussines income then what happen ? Can they switch between regimes ?
Hi, Can you please clarify -
1) If the gratuity amnt. has been considered part of CTC, will it be factored under taxable income in the New Tax regime?
2) What about Professional Tax, will that also be considered in the New regime?
looking for your answer. Thanks in advance.
In new tax regime
Professional tax is not deducted and is considered a part of income.
Great video with detail comparision amazing Work by You sir ❤❤❤
I spent my time on something that'll help me in future totally worth it. Thanks sir ❤
I’m 26, $300K net worth. Been saving 50% of my salary, investing in stocks & living below my means. My goal this year is to be more serious and consistent with my investments for long term. Starting to save for a house down payment. I want to invest more this year but I'm not sure on how to mitigate risk
A good number of people discredit the effectiveness of financial advisors. I’ve been DCA’ing into a diversified mix of low cost Index Funds/ETFs for months, buying heavier when low and lighter when higher. I haven’t checked in a bit but I’m already up like $100K because of this. My CFP and I are aiming for a sustainable cash flow portfolio generating at least 9% yield to partially fund my retirement!
@@Edgardo477 I'm looking to give stocks another shot after staying on the sidelines since the pandemic, if you do not mind, could you explain a little bit how you're getting guidance and how can I contact the advisor?
Credit to 'Martha Cornell Kerns' will recommend you look her up, Well, she recommends about 5-9 big rising stocks every month, 3-4 every week and the profits on these stocks
are about 20%-55% most times or even higher
Exactly what I’m doing again this week. The smartest thing I’ve ever done was having 30% in cash to buy on the way down in 2021. It hurt watching 30-40% discounts drop to 50, but grabbing Google, NVDIA, Apple, and others near the bottom has paid off
Thanks for sharing. searched for her full name and her website popped up, I set up a call with her
Can you also make a video on capital gain? I am specifically looking for information on STCG when it is the only income in the year. Can we use any exception/deduction for STGC? If STCG is 15L, is it taxed flat 15% or does it also fall under slabs and the tax will only be on 10L? Thanks in advance!
STCG on listed share is taxable @15% Also you can enjoy your slab benefit of 2.5 lakh
This video is very informative. Thank you sir.👍
Thanks a lot Sirji. As always very useful and informative video
Always welcome
As a teacher i want to save my Tax my income is around 8lac per annum.
Make such a informative videos for teachers .. 🙏🏻
You don't fall under taxable income bracket !
Choose old regime
1.5 lakh elss, epd or ppf
50k nps
Other 50k deduction yoi have to do from medical insurance, children education , travelling, 80ccd(2) , home load , or rent. Whatever applicable
Yogi sir, What maximum amount of HRA can be claimed for rent of house owned by parents?....is there any limit or not?
Same as explained in the video 😊
extremely helpful sir. Best ever tax regrading explanation!!
Very nice explanation
Thank u very much Sir
Thanks for the information but how can we deduct employers PF contribution from salary calculations? Under which section?
I too got to know this new info, employer contribution they will only give in your form 16, our contribution we need to put in 80c section, this is what I thought..
Sagar, only the Employees’ contribution to the EPF account is eligible for deduction under Section 80C. Employer’s contribution (also tax free) is not eligible for deduction under Section 80C.
Very informative video sir😊..
Could you please tell us that which rule says that the basic salary of employee should be 50% of their gross CTC? and how can I ask my HR to to restructure my salary if he is not agree?.. Our company gives only 25% of CTC as a basic salary and because of that we are loosing lot of tax deductions like HRA limis... Sir please help in the same.
There is new rule from last year which says your basic must be 50% of your CTC
@@AnilPrajapati-fz5ti Then why they are giving low basic salary? Ultimately they have to pay the same CTC. Are they unaware of rules?
The New Wage Code-2022
@@AssetYogiSir please try to make video on new wage 2022 for more clarity. Thanks a lot!
New wage code-2022
Excellent sirji , bahut badiya bataya aapne, thanks a lot
Can u make a video on how as a freelancer we should be handling our finances ?? Getting a GST number , filing taxes and GST and other things
Thanks a lots for your valuable information sir.
Anuual CTC- 12L
80C= 1.50 lac used.(PPF )
Medical=20k
MF= 4k per month
PPF- 12500X12
TERMS INSURANCE -32K
FD N RD SOME
Share I have purchased
HOW I CAN PLAN MY FINANCE AND future sir.
I'm newly married person.
Thanks in advance sir.
I really like and follow your almost all videos for financial. You are real asset yogi🎉
If you can reduce you ppf amount to 10k per month as you can't use your term insurance premium in 80c or even less as you might have epf contribution from your end hence insurance ppf and epf all come under 80c so don't invest extra in ppf you can use that money to invest more in mf or help you to create emergency fund
@@AnilPrajapati-fz5ti sir, I have a doubt plz clarify, I see (12*1800rs) deducted as epf from my salary, also I see contribution from employer In epfo portal ( 3.67% as employer share and 8.33 % as pension share counting to 1800 rs per month again). So can i put (12*3600rs) under 80c for deductions ?
@@suhasgali4796 no you can only consider your contribution into epf under 80c that is 1800×12= 21600 rs
Also use NPS 50K 80CCD1B for additional tax saving
Same bro. 3.67% employer contribution given@@suhasgali4796
i followed your last years same video stating 0 tax, still they deduct around 30K, for views youre going so down
😂.
Pay 60k this time. Don't worry its for the development of the nation.
@@akashpatel291lawde ka development Atal setu bhi Japan k loan ka hai, itna GST collection itna load bc ja kaha raha hai paisa sab? Ram mandir me? Horrible government
@@gigachad6844 It goes to free loader like you who gives vote in the name of Freebies. And if someone calls out that one then you call them Andhbhakt.
Gujarat mein kharch ho rha hai sab
@@gigachad6844Baklol Ram mandir ke liye aam logo ne Rs20 se lekr industrialists ne RS 2 Crore Tak ka donation diya hai. Usse hi Mandir bann raha hai. Mandir government nahi Ram Mandir Trust bna raha hai. Thora padh likh lo. Aur rahi baat Atal Setu ki toh wo besak Japan ke loan pe bna hai aur aise hi state of the art infrastructure bnaye jaate hai. Japanese loan ka interest rate kaafi kam hai . Aur government loan ko repay karne me Paisa lagayegi. Ye ek normal process hai Jo har developing nation follow karti hai. Par madarsa putra ko kuch samajh ho tab toh😂
Sir,
Thanks for this informative information and this is eye opner video. I would like to see a video of the combination of salary 18L and share trading @ 12L in one finacial year.
Bahut badhiya information...
Thankyou si much
Sir, if the house is registered in both husband and wife name, then can the interest paid on home loan be claimed by both?
Yes, in the ratio of property
If you have taken a Joint Home Loan, then you both can claim it.
If they both have taken a loan jointly and both are contributing to the EMI, then only, they both can claim.
What a informative video sir 😉💯👍
Time travel krke dekh bhi liya kya 😂😂😂
@@korgaonkar_deepak are sir ki video h axi hi hogi 😁💯
So nice of you
Thank you for sharing this informative video. I have tried to look into the Excel calculator but the link isn't working for me. Can you please make sure about this issue?
All concepts clear bhai, thanks for explaining 🙂🙂
👌👌👌🏆🏆
Thankyou
I respect your work mate. BA is good but i find it truly baffing that all major crypto youtubers. Just look at pure B.A and completely ignore the bigger narrative of why BTC is pumping and why the future outlook might not be as rosy as it seems.it's kinda irresponsible to ignore the fact that each ETF launch so far has caused a major pump at the peak of BTC ... We were already on shaky footing with historically low volume and almost pure whale pumps, narrowly avoiding a long-term bear market..more emphasis should be put into day trading as it is less affected by the unpredictable nature of the market...i have made over 11btc from day with Elizabeth Marcel insight and signals in less than 3 weeks this is one of the best medium to backup your assets incase it goes bearish....❤
Please educate me I've come across this before how can i get to her please?
Yesss!!! bitcoin going up is good for the entire market...my largest holding is also Xrp and i actually root for bitcoin to do well, because history shows xrp lags behind it.
she' on 👇
TELEGRAM
Elizy 15
That's her username
This video is very informative. thank you sir.
Thank you for sharing this useful information
I just wanted to know, is there any chance that the government can keep only one tax regime that is the new tax regime in the coming time?
Thanks for this video. Eagerly waiting this video every year 😅
Also there are conditions on stamp duty deductions like the area and upper limit of the stamp duty
Really Fantastic video sir. - Keep uploading like these types of videos
The simple matrix which you shown at the start, does this also consider standard deduction of 50K in the deductions?
Thanks for explaining in detail. In new regime, meal card and reward card amount is taxable. Please advice.
Well explained, very good 💯
Very nice video sir. There’s one point I want to add regarding EPF contribution. 12% contribution is mandatory only when basic salary is Rs 15,000/- and below. Above this employer has option to cap the EPF contribution to maximum of Rs 3600(1800+1800 for employer & employee ) per month. So many employers exercise this option including mine. This we can’t take much advantage of it. Pls clarify me if I am wrong.
You are correct
Thanks a lot, sir, very helpful video.
Very informative video and well explained🎉🎉🎉
Let's say you changed your company in between FY then how tax will applicable? What documents are required? And someone who selected old regime in first company and then choose new in second company then how he/she can save maximum tax?
Joint loan - interest can be claimed by both? Double deduction?
Hi, can we change from Old regime to New regime before filing ITR? OR need to wait for next financial?
Thank you for detailed explanation and knowledge sharing. Can you please share this excel sheet?
As always perfect video
Hi Mukul, Regarding the subscription ( advisor) fee of paid small case. Can I put this amount as cost of acquisition while filing my ITR 2 ?
Can we switch between regime in case of filing ITR using ITR2?
aap ek video share market ki income pe tax kaise file krna hai us pr bnaiye? uska tax calculate kaise hoga? aur kya person income(salary or business) tax isme add hoga ya nhi?
Very nice
Good explain
Good practice and very nice information
Pl make a detailed video on ITR4 in new regime with the "Presumptive Taxation" option
I heard that we can utilise exception of housing loan interest against let out property in New regime also, can you confirm/correct me. Thank you.
Excellent detail video❤
Great video......this what I was looking for.....👍👍
Thanks for vedio, have Sone questions
1. If salary slip has only employer EPF contribution, so under which section tax exempt will filled.
2. Employee contribution missing in payslip, I need to ask employer or directly I can exempt U/S 80C
kya salaried employee ko mile vala standard deduction aur nps tiar -1accaunt ka milne vala deduction ik hi hai ya different
Wanted to know does gift to family members can help in reducing taxable income?
Thank you so much for sharing the knowledge, it helps me a lot. I have one doubt let assume if I am a salaried person and also has income from share market so I have to fill ITR 2. In this case can I change tax regime or not?
Thanks in advance
Yes you can change it as income from shares is chargeable under capital gains which generally taxed at a special rate and not as per slab.
Hi, It is really an informative video.
I have a doubt thoug. Our home loan is in both mine and my husband 's name.We took it when I was working 4 years ago. But I am no longer working and EMI gets cut only from his account.
In this case, can I claim for home loan interest deduction?
Continued..
Simply put, if you can claim more deductions and exemptions then choose the old regime, otherwise the new regime.
For a much higher tax deduction, a home loan is the option.
If you are paying home loan interest, then you would be able to claim higher deductions.
But all these things require money & planning.
So, for most people, it's neither possible nor sensible also, to utilise every tax-saving option out there, just for the sake of taxes.
Sir what if I purchase NPS at the end of Financial year can we claim NPS for that FY
@@pradhuymanshah290 Ofcourse you can
@@CA_Surajdeo thank you sir
@@CA_Surajdeo I am on New regime, can I still opt for NPS?
@@lordveerveer1252 Yes You can opt for Nps, but the benefits are limited under new regime.
if you opt for the new tax regime, the only deduction available is u/s 80CCD (2).
Section 80CCD (2) is for the employer's contribution to an employee's NPS account. Here, the amount of deduction (or benefit for you) cannot exceed 14% of the salary in the case of Central Government employees and 10% in the case of any other employees.
Salary will include only basic plus da here.
For details, I had posted on video on my channel, that should be helpful for you.
Happy investing, thanku.
Thanks for valuable information sir
Employer's contribution in nps is included in annual gross salary or not ? Please explain? Whether 14%(in case of govt.employee) can be deducted if it is not included in annual gross salary in new tax regime.
sir, Kya hamm new regime me GPF (general provident fund) claim car sakte hai. or kya hm old regime me GPF claim kar sakte hai.
employer contribution may be or may not be the part of employee CTC, depends on the company ..my company has employer contri excluded from my ctc
Agar husband or wife dono share market me trading se income karte hai to uske liye kaise maximum tax saving kare please ispar full details me ek video jarur bnaye.
Or kaun sa ITR file karna padega?? Please btaye.
Hi, I am staying at own house sec 24 i should consider then in that case HRA rent should be considered?
Please guide for which tax regime to consider if there are tax deductions below 2 Lacs and gross salary is around 12 Lacs.
Is the Tax collected at source on remittance to Son in USA refundable in filing IT return
Sir, Under New Tax Regime Govt must consider differentiate PWD 80U, Under Old Regime also there is no increase in Limit for Last 8 yrs (75 k/ 1.25k)
It should atleast increase as per inflation during so many years.
For sec 24 how can rent decide? How to find out the best market rent if the home is not on rent for section 24?
Hello sir, For a salaried employee if he has other income source such as stock market income then he will fill ITR2. In that case employee can switch from new tax regime to old tax regime?
I have a simple question to government. When taxes are charged on percentage basis then why deductions are fixed. Deductions should be given on percentage basis too.
What about exemption on SB and FD interest in old regime?
Sir,Mobile allowance is taxable or non taxable??? If non taxable under which section??
Very nice explain...thanks 👌 😊
Thank you very much sir!
Very useful video thank dear
Howdy! I no longer work therefore have no steady Income as Salary but I have saved some fund on FD. I believe the Intrest is counted as Income therefore have been filing Income tax for the past eight Years but as you see the option of Income tax has been created and would want your feedback or guidance for filing in New tax or Old tax system. Which one would be beneficial for a non salaried person. F.D. is only my source of Income/Entertainment.😊
Hello All, FYI Section 80EEB is not applicable for now as it was applicable for the period between 01/04/2019 and 31/03/2023 only. So do check once before planning to buy Electrical Vehicle for Tax Savings.
Electric vehicles registered from 1 January 2023 through 31 December 2025 are eligible for this exemption. As part of the Delhi Electric Vehicle Policy, the Delhi government also announced the exemption of two- and four-wheeler electric vehicles from paying road tax.
Sir good evening. Your video is very nice and very effective. I have a query please clarify . In new regime u/s 80ccd2 what is maximum limit . 150000 or full 14% . Because in tax calculator of income tax department there is only 150000 rs benifit is taking. Not more than 150000. Not 14 %.
Hi Sir,
as a salaried employee who has opted for the Default Regime for the current financial year. I would like to know if I can file my ITR with the old regime instead. Please advise me on the pros and cons of switching regimes and the procedure to do so.
Thank you for your time and assistance
To choose old regime or new regime is optional for assessee while filing ITR in which you can save your tax you can choose
Whether hra and deduction under section 24 are allowed same time. I think you can claim either exemption of hra or deduction under section 24
My CTC include Gratuity can I consider it at the time if income Computation.
Definitely investing will become simple for someone who don't know even about 80C. But for others, we'll see. Good luck.
Sir, in many websites it's mentioned that you can claim a home loan interest deduction in the new tax regime for letting out property, can you please confirm?
So nice sirji
Hats of u ❤❤
Thank you sir for helping me
I have a question for motor car allowance , helper allowance and uniform allowance
Sir 2House property ke liye
Kaun sa ITR bharna hoga?
Please batayen... Thanks
Hi Sir is this mandatory to add employee and employer both site 12 % of Basic in PF account ?
Sir mujhe capital gain ke baare me jaanna tha, allotment date 2010 ki hai or registery date Jan 2023 hai, purchase date kounsi manege, or June 2023 me sale out karne par kounsa capital gain lagega or isme kya kya deduction or rebate le sakte hai, kaise show karna hai please detail se bataye
Hello sir, could you please clarify this - if gain from an investment is to be taxed as per the tax slab rate and one was to file ITR as per the old tax regime. Assuming his income falls in the 20% tax slab-
would the gain from that particular investment get added to the net income which would then be eligible for several tax deductions or would the entire gain be subject to 20% income tax and therefore not get added to the net income?
Thanks a lot in advance 🙏
Actually I wanted to know about the tax on the interest earned by the P2P (like 12% club or mobikwik extra). Where should I add this income? Will it be counted under other income ? . Please explain.
Hello sir
Sir NRI ke leyye kitny income par tex he our stock market me kitny income par tex laghta he minimum
What is option with me to choose tax regime and change if apart from salary, I also have income from equity investment I.e. short term and long term capital gains.
senior citizen retirement corpus pe tax kaise save kare?bataiye