How to save taxes legally?
ฝัง
- เผยแพร่เมื่อ 6 เม.ย. 2021
- Govt's Income and Tax Calculator: www.incometaxindia.gov.in/pag...
Other Tax Calculators :
cleartax.in/paytax/TaxCalculator
tools.quicko.com/income-tax-c...
scripbox.com/plan/income-tax-...
groww.in/calculators/income-t...
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Written By: Anshuman Sharma /
Video edited by Revant Talekar ► / revanttalekar
Channel Producer: Raghav Sharma ►// saysraghav
Clueless Producer: Anshuman Sharma / anshhuman
Tanmay's CA be like: Bol vo rahe hai but shabd hamare hai...
Bhaii😂😂😂😂
😂
Bhauuui☝️😋😀😀
Op 🤣🤣
🤣🤣🤣🤣
Honestly I've been so grateful to Tanmay for teaching such topics in a fun way..... Topics crucial for life which school never taught lmao
Its taught in 10th class actually.
@@AshishRanjan-rn8cr kidhar be
May be you used to skip classes back then 😂😂
@@neilpanasare4144 Mostly ICSE syllabus because a lot of state syllabus' don't teach and I'm not sure of CBSE but there's a course on taxes in ICSE in 10th.
Yesss...it was part of 10th maths..
"Tax jo hai wo mere Jangho ke peche ek Massa hai" - Tanmay Bhat 2021
I am just 16 years old but just watch this for learning and also tell my father to watch thnx tanmay HATS OFF TO YOU ♥️
Same
even i want to recommend it to my father . But the comments like *Jhango ke peeche ka Massa* stops me .
bhai CA kar le na
bro.. start investing. sochna mat... thoda sa bhiii. 2 saal baad se hi regret hona suru ho jayega if u dont start today.
Same bro.
taking PCM and learning economics and commerce😂😂 with Tanmay bhat
Same 😂
All the best for JEE.
.
.
Am preparing too.
Btw this is finance not economy 😂
Meh too yaar😂
Same
Tanmay's IQ on tanmay bhat-noob
Tanmay's IQ on honesty- all asia conquer no. 1 elon musk jeff Bezos Warren Buffett
🤣👍Arey Bhai Bhai.....
Bhai😂🤣🤣🤣🤣🤣
You forgot no. 1 🤣🤣😂🤣
Bill gates- why do i exist
We want a second part with title how to save taxes illigaly
IT department want to know your locstion
Underrated 😂😂😂😂😂
The Funny this is you need a part for that
If you want an indirect advice,run it via business or profession income ,if you can, cause in that you can claim much more deductions, than any other source of income...
I usually never comment on TH-cam videos. However, I just wanted to appreciate you Tanmay for coming out with this channel and such helpful videos in an easy to understand format. Also, I have been a fan since your AIB days. All the best!!
After taking over the job of chefs, vloggers, gamers he's now taking over my job😭
Nice
You better start vlogging and find a dog(for content) just to return the favor
aap bhi streamer He kya ?? ya CA?? Kaunsi job ke baare mein baat kar rahe hain
@@kamalyashwanth5043 CA😭
@@iamdigitalanmol Hahaha not a bad idea
A comedian taught me more about finance than I learnt in my entire school life.
True
Did you learn anything about finance in your school at all? Cause i didn't and mai science wala tha
School me toh aaj tak finance ka f bhi nhi btaya
School College education is only about marks and nothing else
You need not to learn about taxation in school
we're just grateful for you explaining these necessary topics in detail mann!
thank you for this information! please keep taking out more such videos and keep us mere clueless mortals more informed! GREAT JOB!!!
Tanmay had so much income last year , that he has to learn all the things....
Thanks for commenting,I will refer you to trade analyst and, accountant to make good income ,go more on digital asset's
W / H / A / T / S / A / P / P
+ / 1/6/3/6/2/4/3/4/6/6/3
CA Final Income Tax revision lecture 😂
BB sir got a competition
🤣🤣
@@piyushbhandari1599 🤣🤣
@@piyushbhandari1599 hahahah!
Abhi international tax ki revision class dekhi 🤣🤣
Thank you i wondering about it, thanks for giving headstart
All these videos are really helpful! Thanks!
me who took 3 CA attempts to clear Income tax paper just to file other people's return just because syllabus pura nhi hua: Tanmay is a genius.
final clear ho gya?🤣🤣
@@chiranjivbhardwaj9023 Nhi bhai agle saal ka attempt hai
@@sanyamsinghal4080 Bhai hua kya clear ?
If I ever become a millionaire in life someday
50% of its credit would go to Tannu bhaiyya
❤❤
😂❤️
You will become millionaire but at that time it won't be that big thing because of inflation.
@@HonestlybyTanmayBhat *Commission
@@HonestlybyTanmayBhat 😂 ye badiya tha guru
@@HonestlybyTanmayBhat TDS on Commission under section 194H.
Got a good understanding of taxes before even starting to work. Thanks, Tanmay!
Thank you , great clarity!
Ye Comment TH-cam Algorithm ke liye because Tanmay is working hard
I’m 15 years old and learn a lot from you more than we could have learnt from the school just an appreciation comment for you
same bro
Great stuff TB! I really digging your channel.
Seen many videos on finance by now but not like these you make. Never Imagined you would be making finance videos. Loving it........!
bhai such a selfless person, he is just taking his time and making us save more.... Bhaiya luv you 3000
He is not only a selfless person.. but also a smart entrepreneur.. he's making money from teaching you this.. and I'm not saying it in a negative way.. instead it's an appreciation text.. tanmay is smart
@@nehal5418 good one
@@nehal5418 you copied me
CA be like - CHILA CHILA KAR SABKO SCHEME BATA DE 🤣🤣🤣😆
I am doing CA its just a 0.00001 % of our syllabus
Exactly dude. As a CA student, I am jealous that every one is learning about it without actually going through our pain 😂
@@satyamkasotiya6211 Yes xD their knowledge is restricted to just exemptions and deductions
@@abhishekgalve7345 CA ke syllabus me hardcore economics bhi hoti hai kya? Ya sirf accounting, tax law stuff? I mean I am looking forward to bachelor's in economics but am confused if CA prep is the right choice or Indian Economic Services Exam.
@@shikharverma5897 u will get to know abt micro economics in entrance level(FOUNDATION) @50marks i guess..
And at CA inter level u will get to know abt macro economics....@40marks......
If ur intrested in A/c, Tax, Audit,law, Finance then go for CA...
I myself am a financial advisor. But the way you explained the thing, i learnt a lot. I have been also watching your other videos about finances. You are doing great great job. It was so much needed. Thanks a lot, Tanmay.
Someone finally teaching some important stuff ....thanks a lot!!
25 din paisa double scheme toh😂
⚠️ *This should be a mandatory part in school/College syllabus* ❤️❤️❤️
Agar bhai ye cheez school main seekhane lage toh bacche commerce lenge hi nhi aur raha baat Taxation ka toh har colleges main ye subject rehta hai tabhi toh college passouts are also referred as TRP(Tax Return Preparer) as per section 139( which refers to filing of IT returns).
Other TRP's include students who have completed their CA/CMA/CS Inter.
Hi Tanmay, sharing this for information purpose - in Shikha's example, she has one more exemption available under section 80TTA - Upto Rs 10,000 savings bank account interest is exempt.
Also, when it comes to investing under 80C, if you want to invest long term, you can invest in PPF as compared to FD as PPF interest is tax exempt but on FD interest you end up paying taxes.
Also, the donations that we make to various funds like PM-CARES or Feeding India or various other places, they are also tax exempt to the extent of 50% / 100% of the sum invested (most funds come under 50% where they are not government operated)
ALSO, employer's contribution to EPF which is generally included in the CTC of a person will not be considered as part of taxable salary. So if Shikha's CTC is 13 lacs and her employer contributes 80k as EPF, her salary for the purpose of income tax computation will not be 13 but 12.2 lacs. She will also get a professional tax deduction which is around Rs 2400 per year.
Hope this helps. :D
Bro could you tell which sections are these ...EPF portion of employer wala & professional deduction wala ..and if you could : phone bill ka kya scene hota hain ?
What is CTC?
@@vat6sal 80CCD
Few Corrections :
Deduction u/s 16(iii) for Professional/Employment Tax is upto 2500
For Donations : Deductions are allowed for 50%/100% or 50%/100% subject to qualifying limit, depending upon the categories.
@@AreteCodezz Cost To Company
Thanks so much for this valuable info!! Could understand this difficult concept so easily!!😁😁
Thank you Tanmay. Although most of the things I already knew but now I feel more confident about it.
I'm a CA aspirant & i have to say everything was on point not too much not too less it was just perfect...more power for helping people to understand the importance of Financial literacy
"aapki naukri khatre me hai lol"
im just 18 but truly , this cluless series of tanmay bhai is so easy to understand , it is really preparing youngsters to gain knowledge on such an important part of one's life ,
On point, simplified info. Thanks!
Great Tanmay 😊👍🏼 so much of scary info disseminated with so muchh fun 😀 great delivery
As a teenager, getting to know many new things here. Thanks Tanmay bhai.
This man has really been a very good mentor and is really explaining us like an older brother. Thank you Tanmay❤
Thanks for another great lesson Tanmay!
Ohhh bhaiii thanks alot. I looked allover the you tube for tax vlog. You explained it very clearly. Again thanks alot bro...
This gave me solid understanding of something which many ppl of my age literally have no clue about
This guy has helped us to understand tax regime easily
Honestly as a CA Student I don’t think anyone could have explained it any easier. Thanks Tanmay.
Hehe😂
Dude you already know how our tax professors teach.
Tanmay has taken a tip of the needle and explained.
Also, it's great for people who have no knowledge about Chapter VI A and deductions.
But definately not a CA level trainer
True dude
Thankyou tanmay bhai. 4 saal ki engineering me kuch bhi yeh sab kabhi bhi nahi sikha tha. Boht sukriya.
Thanks a lot! You made it so interesting and easy.
Abhi and niyu be like: Job risk main hai boss😂
12minute mai business taxation padaya jo professor ne online mai 4 mahine liya fir bi kuch nahi samja
Thank u bhat sab😍😍🤗
Great work, Tanmay. More power to you!
If tanmay would be my school teacher then definitely my parents will see me as a topper 100%
No wonder why you are schooler
You just reminded me of my CA COACHING days DIRECT TAX CLASSES😆🙏❣️
I recently got fond of your videos(the funny ones) all the old aib videos and now I am here Looking at one of the most funniest comedians talking about stocks, mutual funds, finances....I really appreciate the way you explain such vast topics of finance in such a simple way....You are doing a great job sir!!!
awesome bro liked the way you made it look simple
Hey Tanmay ! I am a 10th class student and I love talking and gaining knowledge about finances ... Thankyou for the knowledge. I know I am very young though but I love talking and discussing about money ... Thankyou for guiding me how money works ❤😊
As a accounts and tax professional, I can vouch that Only Tanmay bhat can make such complicated topics seem easy. Kudos to you and your team.
This is real knowledge without any propaganda 💯😭....
Thankyou Tanmay, Don't stop👍
Too good, Tanmay! Keep up the good work
Teenager like me are thankful to Tanmay Sir! TH-cam dekhne ke fayde is watching This channel!
This is a treat for all the Company Secretary (CS) & Chartered Accountant (CA) aspirants 😂💙
Love from Bengaluru, Tanmay! 💛❤️
😂💯
Dont forget cma 🙌
@@naveenbhatt4122 yes!!
How is this a treat 🙄
Better than the other channel. Good Stuff
This channel is gold .more people should watch this channel ..thanks Tanmay for so much info🔥🔥
heyy Tanmay,
Learning 'bout finance being a sci student is greatt.
Thank you so much man! ✌🏽❤️
You r not alone😎
I'll tell u wht , even my commerce mates won't be knowing any of this ...I'm so sure about it😆all they talk about is balancing some sheets
@@prayagvijayan6302 hahaha, yess, i've listened that
Yeah real learning lie in self learning today's education system is to old and not good
me at 17 years of age : wow itna paisa bacha sakte hai...........
my dad : abbe saale paisa kaise banate hai wo to sekkh le...........
good one dad!!
😂😂
That is been the most intresting learning for me, where Tanmay (being a comedian) is teaching a out my taxes and other stuffs also. Kudos 😉🤟🤟
Always felt confident after watching your videos! Thanks a lot...
I would like to request Anshuman to run a discussion channel where finance enthusiasts can share and discuss their views too!
Discord.
I have been paying taxes for the last 3 years, only now I understood why my 30% calculation is more than my total TDS amount is.
Arey wahh🔥🔥❤️❤️❤️ good going Tanmay ji👍🏼
You made tax so easy! Thanks man! ❤️ Big love
You should also mention "Your Chartered Accountant" in "Other Tax Calculators"
@7:26 totally wrong!
Rebate u/s 87A is of tax amt or 12500 which ever is lower
So you never get refund of 12500.
Refund can be claimed only if your tax liability is less as compared to TDS/Advance tax deposited
You explain very simply and intersting way thanks for educating us
very informative, i like this new thing you are pursuing, subbed.
CA's be like - Ha yeh dekhlo pehle 🙄😂
Tax is simple until It's in Tanmay's videos and not ICAI syllabus
Exactly
Thanks for the clear explanation
Thank you for posting such stuff for dummies (including me)
My parents don't understand these things. So now i can explain them. Thank u Tanmay
They understand bt not the digital way of E filing
I see Tanmay opening his own college in the upcoming few years jaha log marr rahe honge admission ke liye😂😂❤❤❤
Totally informative Tanmay bhai.. thanks much
Nice to see your just not making us laugh but also giving real life knowledge which is actually help us thank you man 👍
Tax Smart Tips
Section 80GG: Rent paid for accommodation - If you do not receive House Rent Allowance (HRA) as part of your salary, or if you are not a salaried employee, only then can you claim this deduction. It is available for the rent paid by the taxpayer for his accommodation in a financial year as per prescribed Limits.
You can contribute an additional amount up to Rs. 50,000, to the National Pension Scheme if cash flow permits and claim deduction under Section 80CCD (1B) of the I.T. Act.
The section 80E allows you to claim the interest amount being paid on education loan availed for self, children or spouse or the student for whom the individual is the legal guardian. There is no limit on the amount, but the deductions are valid until 8 years from the year of the first interest paid.
Section 80U allows deduction of Rs. 75,000 if you are suffering from a disability (40% disability). In case of severe disability (80% disability), the amount of deduction will be Rs. 1,25,000. However, the section covers only the taxpayer but not the dependents.
Joint home loan borrowers can claim the maximum tax benefits individually. It means each holder can get a tax rebate of Rs. 1,50,000 for principal repayment under Sec 80C and Rs. 2,00,000 for interest payment under Sec 24.
Keep saving taxes on your post-retirement fund by investing into a combination of Tax-saver FD to have liquidity & ELSS to enjoy tax-free higher returns!
HUF is a separate entity, and can claim deductions under various Sections of Income Tax.
Life insurance surrender value is tax-free, subject to certain conditions. For ULIPs the tax-free redemption period is 5 years while for regular plans the period is 2 years.
Debt mutual funds give you an indexation benefit which reduces your tax outgo if you redeem the funds after 36 months.
Section 80DDB: Expenses on treatments for specified diseases qualify for deduction from Total Income. The maximum amount of deduction is Rs. 40,000 for patients below 60 years, and Rs. 1,00,000 for senior citizens (Above 60 year of age). This exemption can be availed for treatment of self or dependents.
If you are an NRI (Non-Resident Indian), you can claim Income Tax relief granted under provisions of DTAA (Double Taxation Avoidance Agreement) or Section 91 of the Income Tax Act.
Section(s) 80QQB and 80RRB of the Income Tax Act, offer relief on royalty income for Authors and from artistic works or patents. Any royalty income from literary work is exempt up to Rs. 3,00,000 under 80QQB, similarly for patents the same exemption is provided under Section 80RRB.
Being a salaried employee, you can avail a standard deduction of Rs. 40,000 on your taxes.
Indian companies donating an amount to any political party, in any form other than cash, can avail for tax deduction under Section 80GGB.
Tax deductions are available on any donations made to political parties in any form other than cash by an individual under Section 80GGC.
Expenditure incurred on medical treatment of a dependent disabled relative are subject to tax deduction under Section 80DD. It is limited to Rs. 75,000 for disabled and Rs. 1,25,000 for the severely disabled individual.
If you are buying a home for the first time, you can claim income tax deduction on the home loan interest up to Rs. 50,000 per financial year, there are conditions for loan sanction period, value of property etc. You can continue to claim the deduction until you have fully paid your loan.
If you make frequent donations to registered charitable organisations or NGO’s, you can claim tax deductions from 10 to 100 percent depending upon the organisation, under Section 80G.
Donations made towards rural development and scientific research are eligible for tax deductions under Section 80GGA of the Income Tax Act.
You can get relief from capital tax gains under Section 54 of the Income Tax Act. If the proceeds of the house sold are used to purchase another residential property within prescribed time limits, the capital gains are exempted.
Any amount received in the form of gift up to Rs. 50,000 is not taxable in the hand of the receiver for a financial year under Section 56 of the Income Tax Act. However, if the amount goes above Rs. 50,000 that the whole received amount is taxable.
If you own a hotel or convention centre in specified districts having a world heritage site, you are eligible for tax exemption under Section 80-ID, subject to conditions.
If you are in a business of collection and processing of biodegradable waste to generate power or produce biological products than you can gain tax exemptions under Section 80JJA.
ULIPs can help you avail significant returns on short-term equity investments while reducing your taxable income by up to Rs. 1,50,000 under section 80C. With ULIPs, your investment returns are safe from the brunt of a short-term capital gain tax. Also, you have an opportunity to maximise your earnings by switching between multiple fund options for as many times as you want in a financial year, during the lock-in period.
A registered co-operative society that has income through specific business or activity can claim tax deduction under Section 80P if the income is included in the total gross income of the society.
If your annual income is less than Rs. 5,00,000 you can claim tax rebate under Section 87 A of the Income Tax Act. However, the rebate amount is only available for an individual assessee not to HUFs.
🙂
Bc flat 20% above 10lakh income krdo naa itni complexity kyu?
Vaise bhi top 1/5 of the taxpayer contribute 80% of tax income of government. So why are they teasing the middle class
I laughed so hard when you said .... " The govt. needs money for highway, dam, hospital, airport, 'CORRUPTION'..." as if it's one of them....
Fake Account Alert!
It's one of them....for government 😂
Love this financial series
Explained in the best way possible!
The "legally" in the title hints that soon you'll come up with part 2 talking bout illegal ones
Tanmay being a comedian was good, but he speaking abt finance is even better. ❤️
FACTS
Thanks a lot, bro!!
Maan damnn nobody would've able to explain in such simple and detailed manner❤️❤️😍
From random aib bakchodi to taxes... Wow this guy has really grown ❤️
I THOUGHT THE SECOND QUESTION WAS " IS THE GOVERNMENT FUNCTIONNG PROPERLY?"🤣🤣🤣😆
gov ke bare mei randi rona nehi kar pa rahe toh bahut dukh ho raha hoga 😂
Thanks for educating us!
great work Tanmay..keep it up
Me after becoming CA: Ye kis line mei aa gaye tannu bhaiya.. Kyu gareeb k pet pe laat maar rahe.. 😝
Same pinch😂😂🤦♂️
Even before watching this, by the title, I know that it's about Section 10, 80C to 80U of Income Tax Act, 1961
+1
I just started working I’m 20 and jokes apart its fun learning from Tanmay Ji!! Please continue thiss pleaseee because i need more help in understanding finance management better
Useful content! Thanks Tanmay
This dude it too funny , too cute and too talented and we don't deserve him
8:48 - "Good for shikha" by Chat
In case you missed it.
Literal GOLDEN knowledge, Dhanyavad!
YOU ARE AWESOME SIR! I LOVED IT!!! SO INFORMATIONAL!
when is the "saving taxes illegally" coming out?