Old vs New Regime | Which is better? Tax Saving Options | Income Tax Planning Guide 2024
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- เผยแพร่เมื่อ 24 ม.ค. 2024
- Income taxation in India has become complex with the introduction of the Old Regime vs New Regime. Individuals often struggle to determine the better option for tax payments. This is the season for proof submissions, and delaying action can result in significant tax payments in February or March. To avoid this, individuals earning 5L or more should refer to the table shown for regime comparison based on yearly salary and deductions.
Salaried individuals can change their regime while filing the Income Tax Return (ITR) if they become eligible for additional deductions or exemptions during the year.
Deductions play a crucial role, covering areas like home loans, investments, donations, and company reimbursements. The provided chart illustrates various deductions under the Old Tax Regime for a hypothetical annual income of 10L.
Exemptions and deductions differ; exemptions mean a portion of income is entirely tax-free, while deductions reduce taxable income. The first level of exemption is the EPF (Employer's Contribution), accounting for 12% of the basic pay. Deductions include standard deduction, home loan interest, and various investment options under sections 80C, 80D, 80E, etc.
When considering investments, emphasize term insurance over high-premium policies. Term insurance offers substantial coverage with minimal premiums. Ensure insurance choices align with your family's needs. Use reputable platforms like Policybazaar to compare and choose the right policy for tax deductions.
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Avoid common mistakes like obtaining a house loan solely for tax benefits, making meaningless investments for tax saving, or opting for ULIP plans. Utilize joint housing loans for maximum benefits, validate HRA proofs, and avoid fake proofs. Strive for maximum deductions, but prioritize investments aligned with broader financial goals.
Lastly, be cautious about common mistakes in tax-saving efforts. Saving taxes should be incidental, not the primary driver of investment decisions. Prioritize investments aligned with financial goals, as chasing short-term tax breaks may not contribute to long-term wealth growth. Focus on investments with higher potential returns, even if they offer less immediate tax relief.
Content taken from • 2024 Income Tax Saving...
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I am a beginner in investment.
I saw ur videos investing in Nift 50.
While investing. In Coin app
In the subject line it mentions "Index find /Etfs"
Should I invest in that.. Plz suggest
What does that mean plz
Bro sip la epdi month on month amount change panrathu bro please say (angelone)
If I cancel sip where the money goes
Hi bro UTI Nifty 500 value 50 index fund is performing better than UTI Nifty 50 index fund. Do I switch into a Nifty 500 value 50 fund?
What is the difference between term insurance and health insurance
Much accurate and clearcut points on every single video. As a 21yr old boy seeing his video has already made a terrric change in my investment jouney. Already feeling immense pleasure to this guy and to his work. Your so good sir and thank you ♥️✨
Hi bro,
Very clear video👍..
Could you please explain below things,
1) In standard deduction of Rs.50,000 (simply we can reduce Rs.50,000 from salary..? )
2) Where should mention the interest income which we receive from bank F.D (1 or 2 years F.D)
3) Where should we mention interest income receive from property
4) Where should we mention STCG or LTCG .?
Please explain where should we mention above things in your excel sheet.
Mainly this STCG,LTCG is very confusing and don't knwo where to het that statement and also what to do with that
Very useful and explained in layman terms...thanks bro...we are expecting more videos like this from you..🎉
Thanks Anna , romba usefula irundhuchu ❤
Very informative. Thanks for the clear cut video
Very useful and needed video bro..thanks a lot ☺️
Excellent calculation and video...
Great thank you... Excellent knowledge sharing. Kindly post the video, how to file the ITR and get the refund.
Welcome back from long time
Brooooo 😭😭😭 ivlo naal enga irntheenga 😢, thanks a lot
Hi
Thank you for your valuable content .
Thanks for Tamil explanation.
I've noticed you mentioning standard deduction for salaried people, but it is applicable for all individual filers.
In my understanding, difference in Exemption & deduction is-
Exemption is applicable only to Salaried people (impact head Income from Salary) while
Deduction is applicable for all individual filers ( impact Taxable income ).
In terms of meaning both nature is same.
Please correct if I'm wrong. Thanks again for understanding and sharing your knowledge.
It is not so.. Standard deduction is only for salaried persons.. standard deduction is not like other section 80 deductions.
Thanks for the Useful Information Anna...❤
Idhavida detailed IT calculation kaatravanuku lifetime settlement ra 💥💥 The only detailed video needed for new IT payers. Thanks a lot ❤❤
One question, is it possible to calculate at this point of time if I am eligible for tax free and invest the amount needed (in eligible deductions like ELSS funds) within March to become tax free?
Super ji.. awesome
Bank FD ஐந்து ஆண்டுகள் போடுவதற்கு பதில், NSC V111 issue வில் முதலீடு செய்யலாம் . அதில் வட்டி அதிகம். மேலும் Accrued int ஐ 80C ல் காண்பிக்கலாம்.
Your tax vedio is good. Post one vedio how to fill tax for the systematic withdrawal plan investment for a non salaried employee.
very useful video!
Very nice
Thankyou sir
Thankyou for detailed information
Good
Can your share your insights on how an NRI can invest in Indian stocks? What brokerage apps you suggest ? what are the tax differences on capital gains for NRI and Resident Indian. Thanks
Your videos are very useful bro thank you ❤
Useful
Bro , please explain Fund of Fund ( FoF) , i saw few nasdaq 100 funds which is better to invest via FOF or direct investment in US Stocks.
Super super bro, very useful talk
Thanks bro ❤❤❤
super clear 👍
Good video,
I checked the Tax calculator in G-link
1st 2 sheets are same
please add the deduction sheet.
Bro stock analysis made easy series ahh continue panduga or you can make a one lengthy video of stock analysis interested people watch whether it short or long
I always like the way you deliver the content..great and helpful..much appreciated
Neenga Employee than ethula sollurenga bro.. Bro Person nu Tax Save panna video iruku na sollunga or Video podunga Bro..
👉Want to add 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, Buying a Car, or House, 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.
Bro first of all i thank for your video. Because of u i learned lot of knowledge, Terminology and tricks in share markets...can u suggest some best small cap mutual fund for short term like 3 to 5 years for lumpsum...
Hi, if you dont mind could u pls share what video making tools (camera, sotware, microphones etc) you use to create your videos? Thanks
Very good video
Bestttttttt Explanation
Section 10(I) and 10(ii) பத்தி சொல்லுங்க bro..
Bro,Endha time la SIP invest pannanum,acc to market trend pathi oru video podunga bro
Hi Brother, I also live in the Netherlands. Could you please shed some light on the dutch tax calculation along with 30% ruling?
sir iam invest nifty50,next50,hdfc midcap,nippon small cap,nasdaq100 sip is good?
Hi bro UTI Nifty 500 value 50 index fund is performing better than UTI Nifty 50 index fund. Do I switch into a Nifty 500 value 50 fund?
As iam cg employee, my pension amount will accumulate under nps.There is option to change the pfm, but how to select the best pfm in this.if possible kindly make video for nps cg holder.nps tier 1 have 3 pfm lic,sbi &uti .but uti is performing low continuously . If i change the pfm , how will it perform
Thank you na
Sir I started HDFC LIFE classic police IN POLICY BAZZER growth will be good in that
PPF VS INDEX GROWTH MUTUAL FUND WHICH ONE IS GOOD FOR RETURN
Robert Kiyosaki, author of 'Rich Dad, Poor Dad ' is having 1.2 billion debt .but their fans says ,the debt is for save tax . please explain ....
Not only Robert Kiyosaki, but any billionaire, including Ambani, may carry substantial debt. They leverage debt for investments, benefiting from potential tax deductions and also have access to debt at negligible interest rates.
However, this scenario differs for the common man who might face more challenges. Unlike billionaires, ordinary individuals may not gain much from interest deductions and could incur losses. Managing debt responsibly is crucial, considering factors like interest rates and repayment terms, to avoid financial stress. Individuals should carefully assess their financial situation and make informed decisions about taking on debt.
@@finance.boosan Thanks for your information 🙏🔥
Hi,,, please have a look in to the issue described in your class videos... Not able to access your videos... We have highlighted in your class... Please look into ASAP
India is becoming simplier
If TDS is deducted, should we consider it calculating tax and pay?
Hi Boosan, Thanks for explaining clearly. Can you please make a video on how you converted your MF and shares to NRI account while being abroad and how to convert it back after settling in India. With zerodha it is offline process and with Kuvera they used to say to close all existing and start new NRI account where we will loose old Investments. Will this conversion works in same way for new OCI card holders also as they will renounce Indian citizenship? Thank you for your other explanations too.
Super bro ❤❤👍👍 Good explanation 😮😮 Need your Excel sheet bro. Am in payroll role bro your TDS working template will help for my career bro please 🙏
Bro...namma below tax slab la vandalum equity, mutual fund, ltcg, stcg ku lam tax pay panra mathri irukuma
2024 best lumpsom investment fund ena bro?
How long the course will be?
Liquid fund details video please
I have 1 dout what is the difference between debts fund to bonds someone pls explain this
Sir in my income, employers contribution is not included. Then should I deduct it in my income in new regime,?
Bro calculation i cant find your web site plz suggest
Boosan pls tell about bike insurance and how to choose which company is good
Yes Please!!!
Bro please explain about Motilal Oswal nifty 500 index fund.....
Hi bro
how can i get the above video used tax Excel to calculate my own salary slab
Tata capital monefy app சொல்லுங்க brother
Hi bro.. Can you please explain a video about sovereign gold bond which is going to be held this month with limited time period. Before that we can get a clear clarity. Thanks in advance!
under 80c if i invenst in elss funds for the amount of 1.5 lakhs, then can i show the entire 1.5 lakhs which is the cap for the 80c in deductions ?
Hi brother how to invest index fund
Itc
Wipro
Coal lndia
Tata power
Sbin
Long-term invest pannalama
Where can i see the details other than salary? Exp. Bank sb interst, Fd interest, ltcg, stcg and etc
Brooo quant active fund la invest start pannirukan ipodha next 15years ku pannalaam nu irukan bro correct a irukuma
50% pf from basic salary not happens in corporate company also what to where we can report
Can you share the excel sheet please or how you populate column details
Bro deduction pathi soluga bro
Hi bro...ltcg tax la first 1lakh ku namma tax pay panna thevai ila adu every year vara first one lakh ka
For instance 2020 mar la stock vanguren
2021 apr la i sell stock as ltcg
(First one lak tax free)
2022 inda year vara first one lak um tax free ah bro or 2021 la matum tana
And every upcoming year also..
Clarify bro
Every year the first 1L₹ LTCG is tax free.. we can repeat this harvesting every year
Brother, 80G epdi tax reductions la shown panrathu, Atha konjam explain panunga, declare panrapapo panamudiyala, return epdi 80G ku vangurathu
sir do you do itr filing.. what is the cost
Hir sir Tn State govt employee oda CPS (CONTRIBUTION PENSION SCHEME) NEW REGIME LA LESS PANNALAMA UNDER SEC 80CCD(2)
Brother tax harvesting every year panna compounding gains lose pannuvom ah atha konjam explain pannunga ?
Anyone have idea about this ?
Bro...fixed and variable pay irukumpodhu which ampunt i have to take fr gross salary?
My expected gross annual salary may come to 8 lakh.
Should I pay the tax for the remaining amount after deducting 7lakh i.e rebate .
Please give suggestions.
30,20,10 years eppadi invest pannurathu....triyala ...konjam sollunga brother
Please elaborate more about term insurance.
Best TERM INSURANCE | Things to see before buying Term Insurance
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ITR file panurathu epd soluga bro !!
09:28 Default ah Salaried employees ku 50 percent standard deduction nu solli irukinga. Correction: it is INR. 50,000
Standard Deduction is included in the excel or it is without?
Bro, I have a doubt, in the new tax calculation, taxable income is 8,87,500. it is greater than 7 lakh. for this in which slab they will calculate the tax. whether they will consider 10% of taxable income as tax or the first 6lakh of taxable income is considered for 5% of tax and remaining in this case 1,87,500 of 10% of tax amount will be calculated. please explain bro.
How to become an entrepreneur from scratch oruu video podungaa brother ❤
👍
Tata AIA Flexi Growth Fund and ULIP explain briefly bro?
Hi, can anyone help
I have been repaying home loan for 4 years and I have declared that in tax exemptions until now, which is now closed, so in this case can you please tell me if I can opt for HRA in the next financial year by paying rent to my mother who is also the co applicant of closed home loan
If both salaried person ,suggesting both to take term insurance?
Bro IT calculator link not working
Can u share your Excel tool
Hi sir
I have only trading income no other income, please suggest me the tax saving
You are also eligible for deduction under section 80c and 80d up to Rs.200000
Can I claim hra to pay rent to my mom for my dad house the property is dad name now he not alive
Now the property is inherited to me and my mom?
Plz reply bro
Brother, So I have been in the New regime with a monthly salary of about 55k.
I received bonus in the month of March 2024 and about 30k went as income tax as TDS will I be able to get this money back ?
Where is the excel to download?
please tell me the 80DDB and 80DD
In new regime calculation, taxable amount is 887500. After rebat of 700000, is 187500 taxable amount?