Calculate INCOME TAX for 2024! | Ankur Warikoo Hindi
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- čas přidán 15. 03. 2024
- Check the excel sheet, here: bit.ly/3ve34RK
In this comprehensive guide, we dive deep into the intricacies of income tax, equipping you with the knowledge and tools needed to navigate this essential aspect of personal finance. From understanding the nuances of the old and new tax regimes to exploring strategies for maximizing tax savings, we cover it all to ensure you're well-prepared for tax season.
Learn how to optimize your tax liabilities by taking advantage of deductions, exemptions, and other tax-saving instruments. Whether you're a salaried individual, self-employed professional, or business owner, this video offers valuable insights to help you make informed decisions and optimize your tax efficiency.
#IncomeTax #TaxSavings #warikoo
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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?
Sirji employer contribution towards nps tax rebate hota hai in new tax rebate mein
How about NPS deduction????
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
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
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
Very well explained, great learning. Thank you🙏
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.
Thanks for this video my friend. It helped.
Thanks a lot sir, Much appreciated.
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.
There's also employer contribution to epf and nps, which can be availed with new tax regime which further brings the total tax down.
Looking good sir 💯❤
You are the best all your videos are really informative and helpful
thank you so much for the video.
Very informative video. Thanks Sir
Thank you sir
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 .
Yes, most of the doubts are clear, Thanks!
Thanks for clearing my doubts. You are the best
❤ love the video
Very helpful video sir
Thanks for this Video I was literally looking for this 😊
Thanks Ankur for this informative video
Very well explained.
Very helpful video
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.
Thanks for the excel sheet. It's very easy to understand and helpful.
Wow loved your visison
Thank you Sir❤
Nicely shared Ankur!
Good explanation
Super sir❤❤
No intros, no subs likes demanding , no Chik chik ads
Pure plain Worthy Content. ❤
Very helpful
Great❤
One of the best video sir..Always give value to the subscribers time💐👍
Thank you so much Ankur ji
NPS-related deduction under Section 80CCD (2) of the Income-tax Act, 1961 is allowed under New Tax Regime under employer's contribution
Nicely explained
Thank u sir
Thank you brilliant video well explained and much needed
Sir , please make a video on the informal economy in India and its impact on different classes of people. Thank You !
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
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
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. 🙏
Very good
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 😊
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)
Thanks
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.
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 😢
Tax Kaise bhare us par video banaiye sir please
Sir,exemptions too should have been explained along with deductions because for many taxpayers exemptions too is a confusing part
@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.
i think 15lakh plus income segment keliye old regime accha hai with deductions
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
Sir dividend income se related taxation k baare me bta dijiye plz
Ye kuch nya video tha ❤
Please share this Excel sheet............Thank You
To save tax you must have... As a student I have to think before twice before having chai with friends 😂😂
7:21 pe aapne badiya aapna speech balance kiya sir😁
How to compute Taxable income?
Is it the entire CTC or the income computed by the company in Form 16?
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?
Thank you sir I’m doing startup buss in service industry I want to learn more about taxes & gst , have you doing any tranning sessions for this ?
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.
hi Ankur.. i think home loan interest for rented property is eligible for exemption in New tax regime. Please confirm
Thank you for the clarity.please share the excel sheet.
Does medical insurance cover term plan premiums as well sir?
Hi please help us understand amc sip vs normal sip, which is better
aapne kaha housing interest agar 2L hai aur husband n wife dono usko claim kar sakte hai 2L each is it so?? or dono milkar total 2L?
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.
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.
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
Do I need to fill ITR if I choose a new tax regime?
Sir new regim me bhi ppf intrest per tax exampt hoga
Plz share for professionals also
I want to know one thing. I have only bought stocks and mutual fund shares and never sold them till now. Shall I fill ITR1 or ITR2? Shall I have to show it capital gains?
I think Deduction for employer’s contribution to NPS account [Section 80CCD(2)] is there as deduction for new tax regime.
Sir if by default I’m in new tax regime by my company can I change it to old tax regime while filing ITR this year?
Home loan interest is available for deduction in new tax regime.
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.
Very informative video.. I need the link for calculation and can’t find the link anywhere. Could you please provide the tax calculator excel link here
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
Ankur ji Agar new tax regime me agar investment declaration nhi kar skate to fir excel sheet me payable tax kyu change ho rha hai new regime ke section me agar hum investments add karte hai to? please Help
Salaried People of all Religions, Caste are Working for Nation by paying Tax almost 3-4 months of their income
Sir loan wali bitly sheet ka link work nahi kar raha hai old videos mai
I think you have forgotten to include standard deductions on Old tax regime or merged it with investment + standard deduction ;and that 50k under new tax regime col C7 isn't investment but standard deduction.
However it's not mentioned anywhere. Please update your content and Excel.
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. 😅
Hello sir I want to get to know that I have to invest in mutual funds so what are the best ?
If i am optiong for new TAX regime, I heard that, i dont have to produce the investment proof like 80c amount or HRA receipt. Am i right?
Hi ! Can you make a video on ELSS funds for investment purpose for long time ?
Please make vedio on tata aia param ramshak term insurance policy
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.
@Warikoo How to download the excel sheet?
Under the new tax regime, a deduction u/s 80CCD(2) contribution made by the employer towards the NPS can be claimed.
Is the excel sheet editable?
If not how much time do we wait for the access to be granted?
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