Check the excel sheet, here: bit.ly/3ve34RK Buy my new book 'MAKE EPIC MONEY' here: www.makeepicmoney.com/ My Money Apps: bit.ly/3Zg56eR My bestselling books: ‘GET EPIC SHIT DONE’: ankurwarikoo.com/getepicshitdone ‘Do Epic Shit’: ankurwarikoo.com/doepicshit My gear for shooting this video: 🎥 Sony a7III camera: bit.ly/3M42wAV 🎬 Sony FE 24-70 f2.8 Lens: bit.ly/3KCCiF0 🎙 Shure SM7B Microphone: bit.ly/3O1NAVA 🔆 Fill Light 60W: bit.ly/37aJolP 💡 Key Light 150W: bit.ly/3O9nyjs 📽 Benro IT15 Tripod for Sony a7III camera: bit.ly/3O4PvJ1 Useful links: 20 books for your 20s: bit.ly/WarikooBooks 20 online courses for your 20s: bit.ly/WarikooOnlineCourses Gadgets that I use: bit.ly/WarikooGadgets The above links are on Amazon. If you buy any of these using the above links, I stand to make affiliate income from it. 100% of this income is contributed towards the education of kids who cannot afford it. In 2021 we contributed 38L and in 2022 we contributed 53L.
Hi Ankur! By profession I m engineer, but some days before I just think about understand income tax calculation, And I m sock by notification of this video, Thank you so much sir! for make this video, because I understand anything explain by you only
Thanks for sharing..I plan to prepare it myself but your excel copy saved my time... Approx 16lac if your taxable salary and 4.25 lac approx u can have as deduction then both break even.. few other things to consider like if u opt for new tax regime then u loose benefit of meal voucher, transport, ltc, fuel reimbursement, telephone etc perks...so do consider it
Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.
Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.
I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.!!
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Ankur, you should include 80CCD 1B that's separately considered in old regime than 80C. It also gives Max returns tbh, with the only catch being lock in period.
Ankur, the 80D limit is 75k max if parents are senior citizen otherwise 50k is the maximum limit. In the New Tax Regime, Corporate NPS benefits and Let-out property benefits are given.
sir i'm 19 yr old but one thing i can suggest to you is that you can become a brilliant teacher in finance and i would love to join your school if you start in future
I am sorry to say that there are few wrong informations given in the video. 1. In Section 80D you can claim upto ₹75000. 2. HRA has an amount limit that can be claimed. It is minimum of (Actual HRA received, 50% of [basic salary + DA] for those living in metro cities, 40% of [basic salary + DA] for those living in non-metros, Actual rent paid - 10% of [basic salary + DA])
Sir I am 15 Year old teenager Residing In India. I have always been inspired by entrepreneurs and big businessmen, to get rich and make money . This video helped me a lot to Understand The Indian Economy and My responsibility as a citizen . Thank You sir and i really appreciate your content👏🤝
सर आपने बहुत ही सरल तरीके से समझाया. धन्यवाद. 🙏🙏 सर अभी मेरे individual ki file मे इंटरेस्ट और रेंट इनकम है. क्या मै old regime se new regime कितनी बार chenge kar sakta hu ya nahi. 🙏
Sir, we now know about mutual funds and share market , and investments , thanks to your videos . But please now make a detailed Playlist regarding taxes for youngsters who had just started their jobs 1-2 years back and are now 25-26 So that they can know more about taxes and how can they can pay taxes and save taxes in a legal way . Thanks .
Go for new tax regime. No need to save tax as it offers huge tax break by default. Take NPS and invest rest of the spare money in good mutual funds. I am doing the same from last year. Paid nearly 60-80 thousand less tax than before.
As a CA student, I feel like there's a lot of ways to save Tax. This video is just a topic of our 1 chapter in CA Intermediate, but Ankur sir has explained it nicely and conveniently for those who have no idea of Income Tax. You can always ask any CA Final student also, he'll be able to tell a lot of ways to minimise your tax.
@@santanubhattacharjee9519 income tax liability arises on yearly income not on monthly income. If your income is upto 7,00,000 you do not have to pay any tax under 115BAC which is default tax regime. You will get the benefit of 87A rebate. So upto 7,00,000 income tax liability does not arise
@@santanubhattacharjee9519 income tax liability arises on yearly income not on monthly income. If your income is upto 7,00,000 you don't have to pay any tax under 115BAC which is default tax regime. You get the benefit of 87A rebate till 7,00,000. So if your yearly income does not exceed 7,00,000 you don't have to pay any tax.
@@santanubhattacharjee9519 income tax liability arises on yearly income not on monthly income. If your income is upto 7,00,000 per annum you don't have to pay any tax under 115BAC which is default tax regime. You get the benefit of rebate u/s 87A till 7,00,000. So if your yearly income does not exceed 7,00,000 per annum you don't have to pay any tax.
Ankur, in the new tax regime up to 10% of one's basic salary invested by an employer in NPS is non taxable. Given up to 75% of NPS can be in equity, and investments by NPS managers are in Blue chip companies and cost on NPS management is very low, I find this investment pretty good.
Yes. I highly recommend going for NPS if your company provides so. Not only your contribution but a matching contribution is made by your employer. On top of that it's a kind of mutual fund with expense ratio even lower than index fund. Nothing can match it as investment. On top of it, you get extra tax benefit apart from 80C and applicable in new tax regime too. Definitely a must have in investment portfolio. Still some people would say, what's the guarantee of pension? My reply that there is no guarantee in % returns but definitely investing in fixed return schemes will guarantee your poverty in old age.😂😂😂
for saving a little amount in old regime we are investing alot in Low ROI instruments, instead we can choose new regime and invest in high ROI instruments. New regime seems better to me.
New regime offers better tax saving without putting lot of efforts. Just get NPS to save more tax. Rest of the money can be put to investment in mutual funds.
But the real problem Ankur is that employees with higher packages won't get relief anywhere. In the new regime there is not much that you can save (as you have shown in one of the examples) and the old regime can benefit you if you are ready to scatter your money in various components for deductions. If a person dont want to lock their money for ppf/elss/etc and dont want to take education or vehicle loan then they have to pay hefty taxes 😔 and the most painful thing is, most of the income taxes are being paid by working professionals or employees. What about a roadside vendor who earns thousands on daily basis or multi million businessmen who find ways to save their taxes 😞
Sir , just a suggestion from my side. It would be very helpful if you can explain how much amount (which wont be taxed by the government) can our parents transfer into your bank account. (i have heard somewhere that we dont need to pay tax on the money which is transferred in our bank account by our parents) .Some youtubers have tried to explain it but it was not very helpful. I hope many people are waiting for a video on this topic.
Ankur, Please make a video on self realisation. As a bachelor life and getting into family goals ,needs keep changing. Many times a person feels he is happy in this daily routine. But the person out of the box can see there is no financial planning nor financial security. I think you can express this point more effectively in this youth. Thankyou in advance 😊
Amazing stuff as always! Please please find the time to answer my queries. I will be obliged! I am a web designer. I do job in MNC. I want to start working as freelancer on upwork, fiverr etc. and do some extra projects through references. Q1. I want to be able to deduct my expenses for travel, stay, marketing, equipment purchases, depreciation in equipment from my income. How can I do this? Q2. If it is necessary to have some sort of entity then which is best such that I need not do any compliance, or extra expenses or extra work for the entity? I just want to focus on my web designing. Q3. Also how can I reduce taxes? My total income from job and side projects will exceed 20lacs. Q4. If I have a firm/company working in, say, web development, then can I claim expenses for training for different fields like photography, personality development, or even your The Fastrack Millionaire course? Or do courses/training have to be directly related to the field of firm's/company's work?
At the end Ankur forgot that employees pay tax on earnings/income not on profit like businesses 😂. Tax is good for businesses not for salaried employees. You don't know the pain of making living with only 40~50% of one's income because rest all is looted by governments.
Hi Warikoo, Ur calculation needs correction. NPS CCD(2) & EPF can be availed in new tax regime. Also we need to consider HRA in new tax regime, whereas it can be claimed as exemption in old tax regime, therefore income amount will be different in both regimes.
As Indian citizens, we take pride in contributing our taxes to the government. However, there is a significant issue at hand: the government is not effectively utilizing these funds for the benefit of the people. It's disheartening to see many essential services and infrastructure projects stalled or delayed due to poor management. I firmly believe that citizens would willingly pay taxes if they were confident that their hard-earned money was being used to provide crucial benefits such as healthcare, improved infrastructure, subsidies, efficient transport systems, and more. However, even in 2024, we find ourselves far from realizing these aspirations. Since India's independence, we have dutifully fulfilled our responsibilities as citizens by paying our taxes. However, the promised returns and benefits seem elusive. I sincerely hope that if the government addresses these issues and efficiently channels tax revenues towards the welfare and development of the nation, it would significantly reduce tax evasion.
Dear sir , ek lower/middle class ka ladka/ladki jab earn karna suru karta hai tab uska pura family uska uper dependent rehta hai . Bhai/Behen ki shadi, khud ki shadi, bhai/behen ki padhai, aise bahat jaroorat Jo sirf personal loan se poora ho sakta hai. Usko 14-18% interest Dena padta hai. Aur government tax katne me koi kasar nehi chhodta 😢
This is wonderful video. Very clear explanation Sir 👍 Will you please consider creating similar calculations video for 44AD and 44ADA schemes? That will be very very helpful for many people out there.
As a CA student, I`m clarifying that It is not as easy as you think and you can`t compute your exact income tax liability just by watching this video. Yes, it`s good for your basic understanding of both regimes and slab rates but you have to get a professional person to compute your true and fair tax liability otherwise you have to pay penalties. Thanks ❤
No need to go to CA I'm a self taught CA for myself from last 4 years without paying a single panny I am able to save my own tax so if the concept is clear we are good to go with our own knowledge
As a CA student, U can always compute ur tax liability when u have limited sources of income, if u have more than 4-5 income sources it's always better to get consult from a professional.
Always remember for a middle class income tax USA huge burden along with the indirect taxes, the tax burden in this country is huge wherein the per capita income is inversely low.
NPS employer deduction under 80ccd(2) is there in the new regime. I know it won't make much of a difference but I think you forgot to mention it in the video.
Ankur I had a request, please make a video on this Topic - "Financial planning for IAS, Army officers" Because they will be given pension for a lifetime so they don't need to invest?
You have mentioned HRA has no limit. But there is a limit for HRA exemption too, you cannot claim more than 40% of you basic salary. also there are 3 rules, and the lowest will be considered. 😅
Hi Ankur Just a small correction at 15:07 , The maximum rebate under section 87A for the AY 2024-25 is Rs 25,000 under the new tax regime and Rs 12,500 under the optional tax regime. so, technically 7 lac income par without investment aapko koi tax nhi dena padega in new regime.
Thank you so much sir for all the information. Aap toh hamare yaha ke seniors se bhi acha sikhate ho. Btw, can u please consider making vidoes on Foreign exchange transactions. Working capital, informarion about treasuries, types of markets also. PLease. Just a humble request
I have seen Tata car comparison where you have not added initial capital cost like one car is 6.92 lakh EV cost 8.99 lakh so 2 lakh initial capital in 3 years may gives you @FD 50 thousand plus 2 lakh capital saved
Hi Ankur, I am currently at 40 age. You have mostly share the investment and retirement options for the 20s & 30s. Can you please share all investment options for to start at the age of 40s please..??
Que.1 are gift cards(amazon, flipkart, myntra, etc.) given by company is considered as income in new tax or old rax regime? Are they taxable in both the regjmes? Que2. If someone has a car loan then, is interested on that car loan given to the bank considered as loss and can be subtracted from net income?
DEAR ANKUR SIR PLEASE MAKE A DETAILED MYTH BUSTER VIDEO ON POLICY BAZAR'S RETIREMENT PLAN IF THEY ARE TRUE OR NOT AND ALSO TEL IN THAT VIDEO WHICH PERSON SHOULD INVEST IN THOSE PLAN NEERAJ BINDAL नीरज बिन्दल Yours truely follower
@warikoo ...one wrong information in your video... contribution to Nps by employer ( 80CCD-2) is also considered as a deduction in the new tax regime.please be diligent while making an informative content.
Sir, at 8:45, regarding housing loan in 80C, we can mention principal amount and also 24c interest paid as well. You mean we can add both. Say I pay 20k emi per month, that means 20k*12=240000, so in this case interest upto 2 lacs and principal whatever I paid both can be mentioned. Pls reply. Also anyone who knows about it please reply
Hi ankur, Can you please make a video for corporate life which includes how to manage work, kaise presentation de, kaise approach kare, kaise tasks manage kare etc and all that you think important.
Imo, your brain is your greatest asset. And, everyone pays indirect taxes. Highest on restaurant bills. Somebody was heavily trolled for saying this. Didn't expect.
When some finfluencers cry about paying so much tax, you're encouraging people to pay taxes. You are telling that it's a matter of pride that even if you don't do anything for this country, at least do your part by giving tax, so that the country runs properly and progresses to a brighter future. Our freedom fighters have given their lives for our independence and we can't give 20-30% from your income. That's a shame!!
Hello Ankur sir... very good evening to you and I hope you and your family are well... before I'm asking my query let me introduce myself I'm Biswanath Kumbhar, 34 years old and I'm also a teacher by profession. After seeing some of your videos I have decided to start investing and I need your suggestion that I can invest 10K per month so how to invest this money to build to good wealth. Kindly make a video or if you have made already than send me the link I will watch out
We are paying tex ... We are responsible .... But government what do for us... We have no better life for living, if we go to buy a new car than also paying tex, buy a land than also paying tex... So I think no high income no tex
Check the excel sheet, here: bit.ly/3ve34RK
Buy my new book 'MAKE EPIC MONEY' here: www.makeepicmoney.com/
My Money Apps: bit.ly/3Zg56eR
My bestselling books:
‘GET EPIC SHIT DONE’: ankurwarikoo.com/getepicshitdone
‘Do Epic Shit’: ankurwarikoo.com/doepicshit
My gear for shooting this video:
🎥 Sony a7III camera: bit.ly/3M42wAV
🎬 Sony FE 24-70 f2.8 Lens: bit.ly/3KCCiF0
🎙 Shure SM7B Microphone: bit.ly/3O1NAVA
🔆 Fill Light 60W: bit.ly/37aJolP
💡 Key Light 150W: bit.ly/3O9nyjs
📽 Benro IT15 Tripod for Sony a7III camera: bit.ly/3O4PvJ1
Useful links:
20 books for your 20s: bit.ly/WarikooBooks
20 online courses for your 20s: bit.ly/WarikooOnlineCourses
Gadgets that I use: bit.ly/WarikooGadgets
The above links are on Amazon.
If you buy any of these using the above links, I stand to make affiliate income from it. 100% of this income is contributed towards the education of kids who cannot afford it. In 2021 we contributed 38L and in 2022 we contributed 53L.
Sir I don't get 'Make Epic Money'... Ordered in prebook.Plz help..
Excel sheet please
Cant find the Excel sheet shown in the video. Is it only me?
How about NPS deduction????
Where's the spreadsheet sir
Hi Ankur!
By profession I m engineer, but some days before I just think about understand income tax calculation,
And I m sock by notification of this video,
Thank you so much sir! for make this video, because I understand anything explain by you only
Thanks for sharing..I plan to prepare it myself but your excel copy saved my time... Approx 16lac if your taxable salary and 4.25 lac approx u can have as deduction then both break even.. few other things to consider like if u opt for new tax regime then u loose benefit of meal voucher, transport, ltc, fuel reimbursement, telephone etc perks...so do consider it
Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.
People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.
Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.
I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.!!
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Just ran an online search on her name and came across her websiite; pretty well educated. thank you for sharing.
Ankur, you should include 80CCD 1B that's separately considered in old regime than 80C. It also gives Max returns tbh, with the only catch being lock in period.
Ankur, the 80D limit is 75k max if parents are senior citizen otherwise 50k is the maximum limit. In the New Tax Regime, Corporate NPS benefits and Let-out property benefits are given.
True I opted for corporate NPS in the new tax regime
Please make a video on how we can file ITR by ourselves ❤
No intros, no subs likes demanding , no Chik chik ads
Pure plain Worthy Content. ❤
sir i'm 19 yr old but one thing i can suggest to you is that you can become a brilliant teacher in finance and i would love to join your school if you start in future
There's also employer contribution to epf and nps, which can be availed with new tax regime which further brings the total tax down.
thank you so much for the calculator. I realise that it takes a lot of effort to compile that. It helped so much in gaining clarity over my decisions.
I am sorry to say that there are few wrong informations given in the video.
1. In Section 80D you can claim upto ₹75000.
2. HRA has an amount limit that can be claimed. It is minimum of (Actual HRA received, 50% of [basic salary + DA] for those living in metro cities, 40% of [basic salary + DA] for those living in non-metros, Actual rent paid - 10% of [basic salary + DA])
CA watching it from corner
For 80D it is ₹50,000 the max exemption you can claim
Sir I am 15 Year old teenager Residing In India. I have always been inspired by entrepreneurs and big businessmen, to get rich and make money . This video helped me a lot to Understand The Indian Economy and My responsibility as a citizen . Thank You sir and i really appreciate your content👏🤝
I am 13 from Pakistan good luck 🎉
सर आपने बहुत ही सरल तरीके से समझाया. धन्यवाद. 🙏🙏
सर अभी मेरे individual ki file मे इंटरेस्ट और रेंट इनकम है. क्या मै old regime se new regime कितनी बार chenge kar sakta hu ya nahi. 🙏
Sir, we now know about mutual funds and share market , and investments , thanks to your videos .
But please now make a detailed Playlist regarding taxes for youngsters who had just started their jobs 1-2 years back and are now 25-26
So that they can know more about taxes and how can they can pay taxes and save taxes in a legal way .
Thanks .
Go for new tax regime. No need to save tax as it offers huge tax break by default. Take NPS and invest rest of the spare money in good mutual funds. I am doing the same from last year. Paid nearly 60-80 thousand less tax than before.
You are the best all your videos are really informative and helpful
NPS-related deduction under Section 80CCD (2) of the Income-tax Act, 1961 is allowed under New Tax Regime under employer's contribution
Thank you Ankur for making simple to understand😊
As a CA student, I feel like there's a lot of ways to save Tax. This video is just a topic of our 1 chapter in CA Intermediate, but Ankur sir has explained it nicely and conveniently for those who have no idea of Income Tax.
You can always ask any CA Final student also, he'll be able to tell a lot of ways to minimise your tax.
Plzz tell me if my monthly income is 25 k , i need to pay any incm tax ?
Pd le bhai May me exam arhe 💀
@@santanubhattacharjee9519 income tax liability arises on yearly income not on monthly income.
If your income is upto 7,00,000 you do not have to pay any tax under 115BAC which is default tax regime. You will get the benefit of 87A rebate.
So upto 7,00,000 income tax liability does not arise
@@santanubhattacharjee9519 income tax liability arises on yearly income not on monthly income.
If your income is upto 7,00,000 you don't have to pay any tax under 115BAC which is default tax regime. You get the benefit of 87A rebate till 7,00,000.
So if your yearly income does not exceed 7,00,000 you don't have to pay any tax.
@@santanubhattacharjee9519 income tax liability arises on yearly income not on monthly income.
If your income is upto 7,00,000 per annum you don't have to pay any tax under 115BAC which is default tax regime. You get the benefit of rebate u/s 87A till 7,00,000.
So if your yearly income does not exceed 7,00,000 per annum you don't have to pay any tax.
Ankur, in the new tax regime up to 10% of one's basic salary invested by an employer in NPS is non taxable. Given up to 75% of NPS can be in equity, and investments by NPS managers are in Blue chip companies and cost on NPS management is very low, I find this investment pretty good.
Yes. I highly recommend going for NPS if your company provides so. Not only your contribution but a matching contribution is made by your employer. On top of that it's a kind of mutual fund with expense ratio even lower than index fund. Nothing can match it as investment. On top of it, you get extra tax benefit apart from 80C and applicable in new tax regime too. Definitely a must have in investment portfolio.
Still some people would say, what's the guarantee of pension? My reply that there is no guarantee in % returns but definitely investing in fixed return schemes will guarantee your poverty in old age.😂😂😂
Please do include NPS as well for additional 50k deduction under section 80CCD and also employer exemption under new tax slab for NPS.
Conveyance allowance is also exempted in new tax regime
for saving a little amount in old regime we are investing alot in Low ROI instruments, instead we can choose new regime and invest in high ROI instruments. New regime seems better to me.
New regime offers better tax saving without putting lot of efforts. Just get NPS to save more tax. Rest of the money can be put to investment in mutual funds.
But the real problem Ankur is that employees with higher packages won't get relief anywhere. In the new regime there is not much that you can save (as you have shown in one of the examples) and the old regime can benefit you if you are ready to scatter your money in various components for deductions. If a person dont want to lock their money for ppf/elss/etc and dont want to take education or vehicle loan then they have to pay hefty taxes 😔 and the most painful thing is, most of the income taxes are being paid by working professionals or employees. What about a roadside vendor who earns thousands on daily basis or multi million businessmen who find ways to save their taxes 😞
Salaried People of all Religions, Caste are Working for Nation by paying Tax almost 3-4 months of their income
Thank Ankur for the detail info, but if you please make a video on demonstrating the same from incomeTax portal, that will be more helpful
Sir , just a suggestion from my side. It would be very helpful if you can explain how much amount (which wont be taxed by the government) can our parents transfer into your bank account. (i have heard somewhere that we dont need to pay tax on the money which is transferred in our bank account by our parents) .Some youtubers have tried to explain it but it was not very helpful. I hope many people are waiting for a video on this topic.
Thanks for this video my friend. It helped.
Thank you Sir, this was very helpful and many doubts got cleared. 😊
Ankur,
Please make a video on self realisation.
As a bachelor life and getting into family goals ,needs keep changing.
Many times a person feels he is happy in this daily routine. But the person out of the box can see there is no financial planning nor financial security.
I think you can express this point more effectively in this youth.
Thankyou in advance 😊
Amazing stuff as always!
Please please find the time to answer my queries. I will be obliged!
I am a web designer. I do job in MNC.
I want to start working as freelancer on upwork, fiverr etc. and do some extra projects through references.
Q1. I want to be able to deduct my expenses for travel, stay, marketing, equipment purchases, depreciation in equipment from my income. How can I do this?
Q2. If it is necessary to have some sort of entity then which is best such that I need not do any compliance, or extra expenses or extra work for the entity? I just want to focus on my web designing.
Q3. Also how can I reduce taxes? My total income from job and side projects will exceed 20lacs.
Q4. If I have a firm/company working in, say, web development, then can I claim expenses for training for different fields like photography, personality development, or even your The Fastrack Millionaire course? Or do courses/training have to be directly related to the field of firm's/company's work?
Yes, most of the doubts are clear, Thanks!
Sir , please make a video on the informal economy in India and its impact on different classes of people. Thank You !
At the end Ankur forgot that employees pay tax on earnings/income not on profit like businesses 😂. Tax is good for businesses not for salaried employees. You don't know the pain of making living with only 40~50% of one's income because rest all is looted by governments.
Very true only people have to suffer is middle men's salaried person.
Well said
Only 1.50 lakh deduction under 80C is too less it should be increase. All major investment comes only this section 😢
Rich dad's cashflow quadrant
Then become like businessmen. You can't stay like king, if you are actually a peasant.
i think 15lakh plus income segment keliye old regime accha hai with deductions
One of the best video sir..Always give value to the subscribers time💐👍
Sir,exemptions too should have been explained along with deductions because for many taxpayers exemptions too is a confusing part
Hi Warikoo, Ur calculation needs correction. NPS CCD(2) & EPF can be availed in new tax regime. Also we need to consider HRA in new tax regime, whereas it can be claimed as exemption in old tax regime, therefore income amount will be different in both regimes.
Very well explained, great learning. Thank you🙏
As Indian citizens, we take pride in contributing our taxes to the government. However, there is a significant issue at hand: the government is not effectively utilizing these funds for the benefit of the people. It's disheartening to see many essential services and infrastructure projects stalled or delayed due to poor management.
I firmly believe that citizens would willingly pay taxes if they were confident that their hard-earned money was being used to provide crucial benefits such as healthcare, improved infrastructure, subsidies, efficient transport systems, and more. However, even in 2024, we find ourselves far from realizing these aspirations.
Since India's independence, we have dutifully fulfilled our responsibilities as citizens by paying our taxes. However, the promised returns and benefits seem elusive. I sincerely hope that if the government addresses these issues and efficiently channels tax revenues towards the welfare and development of the nation, it would significantly reduce tax evasion.
Can you do a video on tax calculation if you draw part salary and part consultant compensation from the same company every month with an excel sheet?
One difference between Ankur and New Tax Regime:
Effective earning until 7 lacs per annum is non-taxable.
Dear sir , ek lower/middle class ka ladka/ladki jab earn karna suru karta hai tab uska pura family uska uper dependent rehta hai . Bhai/Behen ki shadi, khud ki shadi, bhai/behen ki padhai, aise bahat jaroorat Jo sirf personal loan se poora ho sakta hai. Usko 14-18% interest Dena padta hai. Aur government tax katne me koi kasar nehi chhodta 😢
Thanks for the excel sheet. It's very easy to understand and helpful.
This is wonderful video. Very clear explanation Sir 👍
Will you please consider creating similar calculations video for 44AD and 44ADA schemes? That will be very very helpful for many people out there.
As a CA student, I`m clarifying that It is not as easy as you think and you can`t compute your exact income tax liability just by watching this video. Yes, it`s good for your basic understanding of both regimes and slab rates but you have to get a professional person to compute your true and fair tax liability otherwise you have to pay penalties. Thanks ❤
No need to go to CA I'm a self taught CA for myself from last 4 years without paying a single panny I am able to save my own tax so if the concept is clear we are good to go with our own knowledge
@@Sharmahemant-h1dwell said.. same here.
No need for CA for basic computation, better find a different career path. Cleartax is the best.
As a CA student, U can always compute ur tax liability when u have limited sources of income, if u have more than 4-5 income sources it's always better to get consult from a professional.
Always remember for a middle class income tax USA huge burden along with the indirect taxes, the tax burden in this country is huge wherein the per capita income is inversely low.
Income tax limit should be linked to inflation, indexation as in other fields
NPS employer deduction under 80ccd(2) is there in the new regime. I know it won't make much of a difference but I think you forgot to mention it in the video.
Ankur I had a request, please make a video on this Topic -
"Financial planning for IAS, Army officers"
Because they will be given pension for a lifetime so they don't need to invest?
Bhai IAS ko kha pension mil rhi hai....they are under NPS
great presentation and well explained
Sir please make series on income tax un India also on GST
You have mentioned HRA has no limit. But there is a limit for HRA exemption too, you cannot claim more than 40% of you basic salary. also there are 3 rules, and the lowest will be considered. 😅
Thanks for clearing my doubts. You are the best
Hi sir its very easy and helpful to know abt itr. Thank u
7:21 pe aapne badiya aapna speech balance kiya sir😁
Hi Ankur
Just a small correction at 15:07 , The maximum rebate under section 87A for the AY 2024-25 is Rs 25,000 under the new tax regime and Rs 12,500 under the optional tax regime.
so, technically 7 lac income par without investment aapko koi tax nhi dena padega in new regime.
It's 7.5 lakh actually as u have 50,000 standard deduction excluding 25,000 rebate.
@@Rivendell2346 you are partially correct. 50k deductuon Applicable only for salaried class nor for everyone that's why I didn't wrote that.
@@RamneetSingh. Correct vai
Under the new tax regime, a deduction u/s 80CCD(2) contribution made by the employer towards the NPS can be claimed.
Very well explained.
I think Deduction for employer’s contribution to NPS account [Section 80CCD(2)] is there as deduction for new tax regime.
Thank you so much sir for all the information. Aap toh hamare yaha ke seniors se bhi acha sikhate ho. Btw, can u please consider making vidoes on Foreign exchange transactions. Working capital, informarion about treasuries, types of markets also. PLease. Just a humble request
Good explanation sir
You forget to mention NPS contribution of 50k both in new and old tax regimes
ankur dada pls make one video on how divert money from tax deduction
Tax Kaise bhare us par video banaiye sir please
Round shape frame glasses will suit your face more than the rectangular frame considering your square shape face.
I have seen Tata car comparison where you have not added initial capital cost like one car is 6.92 lakh EV cost 8.99 lakh so 2 lakh initial capital in 3 years may gives you @FD 50 thousand plus 2 lakh capital saved
Hi Ankur, I am currently at 40 age. You have mostly share the investment and retirement options for the 20s & 30s. Can you please share all investment options for to start at the age of 40s please..??
Well, there are deductions available in the new tax regime as well.
Que.1 are gift cards(amazon, flipkart, myntra, etc.) given by company is considered as income in new tax or old rax regime? Are they taxable in both the regjmes?
Que2. If someone has a car loan then, is interested on that car loan given to the bank considered as loss and can be subtracted from net income?
Home loan interest is available for deduction in new tax regime.
How to compute Taxable income?
Is it the entire CTC or the income computed by the company in Form 16?
DEAR ANKUR SIR PLEASE MAKE A DETAILED MYTH BUSTER VIDEO ON POLICY BAZAR'S RETIREMENT PLAN IF THEY ARE TRUE OR NOT AND ALSO TEL IN THAT VIDEO WHICH PERSON SHOULD INVEST IN THOSE PLAN
NEERAJ BINDAL
नीरज बिन्दल
Yours truely follower
@warikoo ...one wrong information in your video... contribution to Nps by employer ( 80CCD-2) is also considered as a deduction in the new tax regime.please be diligent while making an informative content.
Sir, at 8:45, regarding housing loan in 80C, we can mention principal amount and also 24c interest paid as well. You mean we can add both. Say I pay 20k emi per month, that means 20k*12=240000, so in this case interest upto 2 lacs and principal whatever I paid both can be mentioned.
Pls reply. Also anyone who knows about it please reply
Great video Sir🔥
Amazing video as always ❤🎉
Hi ankur, Can you please make a video for corporate life which includes how to manage work, kaise presentation de, kaise approach kare, kaise tasks manage kare etc and all that you think important.
Thanks for this Video I was literally looking for this 😊
No sir you are wrong there ...New tax regime mein standard deduction ke alawa 80cccd2 ka deduction bhi milta hai
Imo, your brain is your greatest asset. And, everyone pays indirect taxes. Highest on restaurant bills. Somebody was heavily trolled for saying this. Didn't expect.
SD like what we studied in 10th?
Nicely shared Ankur!
Sir ek freelancer keliye bhi tax return ka video banaye
0:32 best part
When some finfluencers cry about paying so much tax, you're encouraging people to pay taxes. You are telling that it's a matter of pride that even if you don't do anything for this country, at least do your part by giving tax, so that the country runs properly and progresses to a brighter future. Our freedom fighters have given their lives for our independence and we can't give 20-30% from your income. That's a shame!!
Wonderful video sir... 🔥🔥🔥
We are able to claim the education loan tax in new tax regime also.
Please sir make a video on how to start a referral businesses by using website
Very helpful video sir
Hello Ankur sir... very good evening to you and I hope you and your family are well... before I'm asking my query let me introduce myself I'm Biswanath Kumbhar, 34 years old and I'm also a teacher by profession. After seeing some of your videos I have decided to start investing and I need your suggestion that I can invest 10K per month so how to invest this money to build to good wealth. Kindly make a video or if you have made already than send me the link I will watch out
Superb sirji
Thanks a lot sir, Much appreciated.
Thank you brilliant video well explained and much needed
Accounting year 2024-25
Interest income 6,95,000
Ltcg mutual fund 1,20,000
New regime me return file karege to tax banega ya nahi
Sir, One question from
Can we take deduction if we invested in NPS(National Pension System) is New Tax regime ?
Rs.50,000 in NPS (Tier I account)
thank you so much for the video.
To save tax you must have... As a student I have to think before twice before having chai with friends 😂😂
We are paying tex ... We are responsible .... But government what do for us... We have no better life for living, if we go to buy a new car than also paying tex, buy a land than also paying tex... So I think no high income no tex
Baat toh sahi kari hai ji
Ye kuch nya video tha ❤
Thank you so much Ankur ji
You dint cover NPS under 80CCD(2) which comes under deductions in new regime also.