Maximizing Tax Savings: Understanding the New Income Tax Regime and Tax saving guide in 2024
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- čas přidán 20. 05. 2024
- Small correction sec 80CCD(2) limit is not restricted to 50000. Please refer this video for 80CCD(2) for limit.
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The Union Budget for Financial Year 2024 brought significant changes to the income tax landscape, making the new tax regime the default option for many taxpayers. From revised tax slabs to extended rebates and new deductions, understanding these changes is crucial for optimizing tax savings.
📊 In this detailed video, we delve into the nuances of the new tax regime, exploring strategies to maximize savings while navigating the trade-offs of exemptions and deductions.
💡 Our comprehensive Excel calculations guide you through various tax-saving options, including Section 80C deductions, HRA exemptions, LTA claims, and Section 24 house property loss deductions. Whether you're a salaried individual or a business owner, this guide empowers you to make informed decisions for a tax-efficient financial year.
💰 Don't miss out on expert insights and practical tips to ensure you're making the most of your tax-saving opportunities! 🚀
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Disclaimer- Although all provisions, notifications, updates, and live demos are analyzed in-depth by our team before presenting to the public. We hereby provide our point of view only and tax matters are always subject to frequent changes hence advisory is only for the benefit of the general public. Hence neither Fintaxpro Advisory LLP nor its designated partner is liable for any consequence that arises on the basis of CZcams videos.
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#TaxSavings #IncomeTax #TaxPlanning #FY24Budget #TaxRegime #FinancialPlanning #TaxTips #TaxDeductions #TaxExemptions #Section80C #HRA #LTA #Section24 #FY24Update
Tags:
Tax Savings, Income Tax, Tax Planning, FY24 Budget, Tax Regime, Financial Planning, Tax Tips, Tax Deductions, Tax Exemptions, Section 80C, HRA, LTA, Section 24, FY24 Update, Union Budget, Tax Calculation, Tax Strategies, Taxpayer Education, Tax Efficiency, Personal Finance, Business Finance
Video Timing
0:00 Intro to Topic
1:30 Default tax regime for AY 2024-25
1:40 How to opt in for old tax regime
3:02 Tax Rates in new tax regime for AY 2024-25
3:35 Surcharge in new tax regime for AY 2024-25
4:27 Pros of new tax regime
4:38 Standard deduction available in new ta regime
5:02 Rebate in new tax regime
5:33 Tax relief of 25000 in new tax regime
10:56 Concept of Marginal Relief in new tax regime
12:45 Family pension deduction in new tax regime
13:24 Deductions available in new tax regime
15:03 Cons of new tax regime
17:15 Deduction/Exemptions not available under new tax regime
21:01 Evaluate between old vs new tax regime
31:20 Outro
Small correction sec 80CCD(2) limit is not restricted to 50000. Please refer this video for 80CCD(2) limit.
czcams.com/users/live3jqTPIbI428?feature=share
Sir ji link aapne share Kiya hai usme 80ccd2 k baare me kahan btaya hai.Plz sahi link share kre ya bata de ki isme max. Limit kitni hai 50000 ya usse jyada.
Thanks sir for your support
many many thanks for your detailed information
Thanks you sir 🙏
Very Great.
Rich information thanks
Very important video sir thanks ❤
Thank you Thank you Thank you
Great information. Thanks
How to prove k home loan let out property k liye liya gaya hai???
For claiming interest deduction in new regime.
Vivek sir please make a video on how to manage a Revaluation account in tally ...main thing is what would be the "under group" income or expense ?
very good infermation sir
Great !!
Excellent presentation
Great effort sir very usefull information about new tax regime 👌👌👍
Glad you like it.
Very helpful video for me
best video
Well explained, thanks
Very educative . Thanks
Sir Ek Sawal hai ki agar humne goods purchase Kiya sale karne ke lie or usme se kuch goods staff ne khane peene me istemal me le liya to use hum kaise treat karenge kharche ke taur par ya koi other head me ?
Excellent Video. Also can you please suggest which tool you used to create the process flow. 😊
VERY INFORMATIVE VIDEO
Glad you think so!
VERY NICE
Hello sir please inform to salary person in receive areas big amt. To section 89(1) in relief the tax amt. In new tax regime
Sir agar koi state govt employee hai aur uska gpf account hai aur usne pran main personal invest kiya hai without employer contribution to kya woh nps aur gpf dono claim kar sakta hai in old and new regime?
Really appreciate it 🙏 🙌 😌
Nice sir❤
Keep watching
If any person opt for old regime and claim home loan deduction and also claim HRA
What are the consequences and when it is possible to clam both??
@20.38 par jo tax free reimbursement hain unko kaise claim karna hai??
Where to fill this data.??
Please give example
Let out home property ke liye kya document submit krne pdenge?
What about Pre EMI on house loan under new regime?
very nice information
Sir itr 3 for ay 23-24 filed on December 2023 in new tax regime but on processing new tax regime not allowed as form 10 IE filed after due date and return process with demand, Sir in such case can i file updated return and claim 80 C deduction
Both tax regimes explained beautifully. Very nice video. Sir can you make a similar video for NRI s also.
Will try
Nice sir
Thanks and welcome
Hello sir big question in new & old tax regime how many times change in tax payers
Sec 24(1) deduction will be available?
Sir, gross income around 32 lac including govt pension and professional income.total deduction 80c,80 ttb and 80u 2.75 lac. Which one will be better old regime or new regime
Sir
In P/H case conveyance allowance rs. 38400 is rebatable Or not in new tax regime.
Sir 85000 has been deposited in NPS by the state government for salaried employee and 85000 from my salary. Article 80CCD2 will be found in the new REGIM? But there is no mention of NPS amount of 85000 by Govt in the pay slip
सर थैंक्स बहुत बढ़िया डिटेल
सर मेरे को एक क्वेरी है लॉन्ग टर्म कैपिटल गैन में मुझे 120000 का मुनाफा हुआ है तो न्यू टैक्स रेजीम में कैसे काउंटिंग होगी
Dedection of Rs. 100000/- LTCG under section 112A. Is available in new rigim. Please guide us.
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OK now taken HRA REBATE
which tax regime is good for physically handicap employee with 70% disability certificate.?
Vivek sir i am a accountant, I have no words for u love u so much way of talking and nature of voice
Glad you like it :)
In new tax regime under 80ccd (2) the limit is 50000 or has no limit as it is employeer contri. in salaried case
No limit for 80ccd(2).
Pl.sir handicaps Alose ka Bara btaeg
Kitni income per ITR nahi bharna hai?
Now got it after reading text on screen
Sir I retired from a Government Bank service on 31/3/2023. Employer paid me leave encashment in April 2024. He deducted income tax on encashment of leave. Can I claim full exemption in my Return. Please reply
How can I get tax rebate on maturity of Krishan Vikas patna
I have salary income till 31st December 2023, & now starting my own business how can I fill itr .
I want to fill utr from u...and now my tax deducted is 46000..can I minimize my tax?
Brother, rebate under 80ccd(2) is not restricted to 50000.this limit is under 80ccd(1b) which is not allowed in new tax regime. Plse amend. Otherwise you have given a good detailed explanation. Thanks.
Thank you so much for the value feedback. Yes you are correct 80CCD(2) limit is not 50000 thank you for correcting.
You may refer this video for 80CCD(2) limits Maximize Your Tax Savings: Essential Income Tax Deductions for Better Tax Planning PART 2
czcams.com/users/live3jqTPIbI428?feature=share
Is 80CCD(1) available for deduction in new regime in AY 24-25 that is self contribution to NPS up to Rs.50,000/. Pl explain.thanks
Not available in new tax regime.
Sir, Good morning. Urgent guidance needed. Sir my son is studying in Canada and his status is NRI. He earned Rs. 3000 as Savings account interest and earned LTCG Rs 9000 by selling MF totalling Rs 90000/- during the FY 2023-24. He could not get NRO Account yet but likely to open the same in his visit to India shortly. Can he file his ITR showing his NRI residential status without having NRO Account.
Regards
Sir aapne gst itr aur tds ke course ne ek topic hai gstr1 iff filing usme 2020-21 ka data file kaise karte aap e wo bataya hai par woh gst ki online site par se bataya hai scigst ki help se gstr1 iff kaise file kare woh bhi usme update kijiye ya youtube par bataye latest koi data ke sath🙏
Okay
Sir Other Interest Income (a) Interest on Securities?? does it mean Dividends u/s 194
193
New tax regime me 80G for religious trust applicable hoga ya nahi?
No
@@FinTaxPro thanks
Hello, I have taken a course of GST TDS. I have few queries regarding GST so how to connect with Vivek sir.
Please call at 8368741773
Please provide pdf as asked by you in video of deductions chart
Please check telegram channel
Do you register trademarks? If yes then what is your fee?
Yes we do.
Please call on number provided in description.
Old regime is best
HRA NOT TAKEN IN ACCOUNT
Sir My income is less than 7 Lacs. TDS deducted from interest paid by bank.
Sir in New Tax regime will I get refund of TDS.
Yes
80CCD(2) kitna hota hai jaise 80990
No limit bro.
where is the pdf to download?
hoe can i download you pdf
Sir I have retired from govt job I got disability pension please tell me is my both pension tex exesumption
I will waiting for your reply
Pensioner's ko ki income tax Dene porega?
Accountant apni balance sheet bana skata hai
Kya mera comment pin 📌 ho sakta hai. 😊
Ha bilkul 😃
Sir
Where is pdf of deduction? is it available for those who are not your course student?
Join telegram channel for free notes
If Income Above 5 Crore Then What Is The Rate of Surcharge???????
Already explained
pdf available nahi hai?
Telegram group m check kijiye
New tax regime me 80C me 50000 kaise milega( Case:B)?
80CCD(2) m milega only
@@FinTaxPro upto 50000rs only aur old scheme me upto? Aur yeh scheme is saal apply hogi ya next years se?
80c to 80 u deduction for new tax regime
Not available
Jab main itr 4 fill krne jaunga usmein default new regime shiw krega old ke liy 10iea bharna hoga
Yes
Yes
Yes
If my taxable income is 725000 than what
👌👏👏👏🌹🙏
Sir marginal relief to bahut azzeb h 7 lakh k uper jitni income h man lijiyega 1000 extra h to bus 1000 per tax dedenge ??? 7,01,000 per new tax main STCG main 36,556 ka tax bn raha tha ab sirf marginal relief k karan 1000 extra denge or 4 % cess please 🙏 doubt clear Krna sirji😊
Because 87 A rebate only applied less then 7L salaries when u exceeded limit of 7L u fall in 5% after 3L and 10% after 6L
@@sanjaykumar-ek6co ye rule ab aaply nhi ho raha naa 87 A main marginal relief aagya h naa bhai ab calculation alag ho rahi only excess amount per tax aa raha
आप बोल रहे है कि 701000 पर 36556 टैक्स आ रहा है
@@sanjaykumar-ek6co wo pehle jab marginal relief nhi aaya tha per marginal k baad only 1040rs tax itna bada mistake h government ka
Ye course me add hai kya ?
Yes
waaaahhhhhhhh
Sir Why r u confuse while talking or explaining
Don't understand marginal relief
754000
How much tax would be pay
partner ka jo partnership firm se Renumeration milte hain woh Salary income hote hain ya BGBP income hote hain....aur partner ka ITR 1 hote hain ya ITR2 hote hain
naam se clear nahi ho raha kya ;)
Salary head m hi jayegi salary to
@@FinTaxProplease check.. it should be pgbp
Thanks sir 🥰