Income Tax Calculation 2024-25 between ₹3 Lacs to ₹20 Lacs [SOLVED]
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- čas přidán 20. 05. 2024
- Income Tax Calculation 2024-25 between ₹3 Lacs to ₹20 Lacs [SOLVED]
In this video by FinCalC TV we will see Income Tax Calculation examples for FY 2024-25 AY 2025-26 with comparison of old and new tax regime. Standard deduction is applicable in new tax regime and old tax regime and also 7 lakh income will not attract any tax under new tax regime due to tax rebate under Section 87A.
Income Tax Calculator:
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Income Tax Slab Rates 2024-25:
fincalc-blog.in/income-tax-sl...
How to Calculate Income Tax using Tax Slabs:
• How to Calculate Incom...
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CHAPTERS:
00:00 Income Tax Calculation 2024-25 Intro
01:04 Income Tax Slabs for FY 2024-25
01:44 New Tax Regime Slab Rates
03:31 Income Tax Calculator for 2024-25
04:21 Rs. 3 Lakh Income Tax
05:46 Tax Saving Options in Old and New Tax Regime
08:26 Rs. 4 Lakh Income Tax
08:48 Rs. 5 Lakh Income Tax
08:58 Rs. 6 Lakh Income Tax
09:59 Rs. 7 Lakh Income Tax
10:31 Rs. 8 Lakh Income Tax
13:54 Conclusion
HRA Exemption Calculation:
• HRA Calculation in Inc...
After watching this video following queries will be solved:
How To Calculate Income Tax FY 2024-25 AY 2024-25?
What are the income tax slab rates for FY 2024-25?
What is standard deduction for FY 2024-25?
Old Slab rates vs new slab rates?
Income Tax calculation FY 2024-25 using excel examples?
Tax rebate under section 87A?
What is tax rebate u/s 87a
Eligibility for tax rebate 87a
Old income tax slab rates calculation vs new income tax slab rates calculation
New Budget 2024 income tax
standard deduction new tax regime
NEW TAX REGIME:
- No Income Tax on Income between Rs. 0 to Rs. 3 lacs
- 5% Tax on Income between Rs. 3 lacs to Rs. 6 lacs
- 10% Tax on Income between Rs. 6 lacs to Rs. 9 lacs
- 15% Tax on Income between Rs. 9 lacs to Rs. 12 lacs
- 20% Tax on Income between Rs. 11 lacs to Rs. 15 lacs
- 30% Tax on Income above Rs. 15 lacs
OLD TAX REGIME:
- No Income Tax on Income between Rs. 0 to Rs. 2.5 lacs
- 5% Tax on Income between Rs. 2.5 lacs to Rs. 5 lacs
- 20% Tax on Income between Rs. 5 lacs to Rs. 10 lacs
- 30% Tax on Income above Rs. 10 lacs
EXAMPLES:
Let's say your gross total income as Rs. 6,15,000
Let's say your total investments as Rs. 75,000. So your net taxable income becomes equal to Rs. 6,15,000 minus Rs. 75,000, which is equal to Rs. 5,40,000. These Deductions are applicable only if you are using Old Tax slab rates. Your net taxable income when considering New Tax slab rates remains Rs. 6,15,000, as no deductions are applied on your total income.
Now to calculate your income tax, if you are an employee or pensioner, you get a standard deduction of Rs. 50,000 only if you are using old tax slab rates.
So your net taxable income becomes equal to Rs. 4,90,000 if you are using Old Tax Slab Rates. But it remains as Rs. 6,15,000 based on new Tax Slab rates.
WATCH FULL VIDEO TO KNOW MORE ABOUT NEW INCOME TAX SLAB RATES AND MORE EXAMPLES.
#IncomeTax #Budget2024 #TaxCalculation #fincalc
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DISCLAIMER:
Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown.
![Income Tax Calculation on Salary Payslip | How to Calculate Income Tax [Calculator]](http://i.ytimg.com/vi/vCVeUvoo3Hs/mqdefault.jpg)
![Senior Citizens Income Tax Slab Rates and Tax Calculation 2023-24 [Examples]](/img/n.gif)
Income Tax Calculation FY 2024-25 video kaisa laga? COMMENT KARO 👇👇
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Kindly explain the marginal relief concept for income in the range of 7lakh to 7.27 lakh
0:53 @@sachinkatariya2389
Very nice and informative video sir ji. All doubts have been cleared. Thanks.
Too informative, just what I was looking for..
Perfectly explanation sir
Thanks very helpful, got what I was looking for
Helpful information 👍👌
Very helpful information and thank you
Nice explanation 👍
Thanks 🙏
Very nicely explained sir
Very Nice & Thanks Sir
Thanks for the info
Very nicely explained 👏
Very very helpful
Let out property (one property) in case two homes for salaried employees explain No limit on interest to claim applicable?
Good one ..do u guys give us personal tax savings clearly as per our criteria?
Great video and nice explanation. Thank you.
Glad it was helpful!
Thanks alot
Thanks Thanks
Can a senior citizen claim deduction of 50000 interest from banks in New tax regime?
In new tax pl confirm whether for supper sr citizen basic exemption is Rs 500000 or 300000/-
Old tax regime me tax annual gross income pe hota hai ye fir annual net taxable income ke upor hota hai ?
thanks
I think NPS of employer share is allow for deduction in new tax regime? is this true if so plz suggest
Very nice video but I am senior citizen and my income source is through interest income or through capital gains then which regime is better for me
Sir how about 80 EED? Can we take bot section 24 as well?
Kya new tax regime me 24a standard deduction on house property le sakte hai?
Itr fill karne keliye charges lagtha hey kya sir
Nice explain, my search end here🙏 if total amount recived 7 lakh with salary and interest of other source, which new or old regim better for me, ?😊no investment,please reply sir🙏
KVP par bhi video banaiye
Hello sir, I do pay professional tax rs.200 per month. So if I go with the new tax regime, so shall that be taxable income or deducted. Kindly reply
How much tax i pay for no investment on 12.5 fixed salary?? And which one better old or new regime
Aapne yaha 80ccd2 ko miss kar diya apke calculation me
Its NPS contribution from employer
Deduction can ckaim in new tax regime
I want to ask you above 15 lakhs tax is 30 percent. When it starts 40 percent slab . Person earning above 100 lakhs will come under 30 or 40 percent .Pls clarify.
Tax kispe lagta ha....gross salary ya fir payable amount pe yani in hand jitna ata ha
sir mere CZcams channel se 1 saal me current account me 16 se 17 lakh take income hota hai toh income tax dena hoga ki nhi plz 🙏❤️
Good
aap govt. servant level 6 and level 7 ka strategy bta do
Sir Meri father ki annual pension 450000 hai aur unki fd se annual interest 2.5 lakh aati hai to kya unko tex ya tds dena padega . Agar tds katega to itr karne se wapas aa jayega
16lac pe new regime pe 1,71,600 ka calculation nahi samja...
Hi sir I'm sachivalayam employee 3months loss of pay leave lo unna ippudu incom tax ela cheyyalo kaastha cheppagalara sir
Kya hum every year change kar sakte hai kya old /new regime
Which regime is best for 21-22 lacs pa?
Sir meri wife ko 20k+20k+30k salary aati hai apg job se to tax pay krna pdega
Sir Kindly write Maximum deduction and every deduction in details in your online tax calculator. It will be beneficial for normal person
Noted
@@fincalc thank you
Please provide excel sheet for calculation of tax for my employees
NPS ka nh bataye new tax regime me, 50k + employer ka nps deduction ka nh bataye h
7.5 par kitna tax lgega acc to new and old
Indian tax system ko samajhne ke liye best book
I have a foreign income. Which form should i fill?
How to calculate tax on agriculture + business income ?
Jisaka sir 2lakh saving hai.. Which one is better
My salary is 650000 If I select new regime will there be a salary deduction
6-7 salary suppose.... Rebate 87 A kaise useful hoga.... Itr me proof dene pr .... HRA nhi h usme...new regime me... To rebate kaise use krenge?
Rebate 87 A ko in detail btaiyega pls.... 😊
Sir crypto ka Tex kese pay Karenge Jara uska video banay ye
Standard deduction means??
Thank you for the very useful video. However, as an NRI, I am unable to use the tool effectively since some benefits are not available to NRIs.
will update the calculator.
please provide some of the features to be included in the tool as NRI
Sir 80CCD2 me NPS govt contribution me new tax regime me rebate milegi ya nahi?
Yes. 80CCD2 deduction is applicable in both old as well as new regimes up to max limit of 7.5 lakhs per year.
Is hand-in salary or total salary considered to calculate income tax??
Total salary is considered
Do we have any difference compared to last year tax slab
no changes compared to last year tax slabs
Sir what is let out property in new tax regime? Pls reply
let out property is your property that is given on rent by you
Senior citizen TAX calculation what about ?
Sir agar kisi ke salary ka range 11 lakh hai aur investment sirf 150000 ka kiya hai PPF account mein . To uske liye konsa regime shi rahega ?. Please reply
New regime sahi rahega iss case me. Tax calculator use karke dekho
Link: fincalc-blog.in/income-tax-calculator/
Sir Age 78
Not Filling ITR
Yearly Pension 400000
Int on Fd............700000
Investment 150000.taxsaving FD
Sir kindly help The
Problem
Share tax calculation
How to claim tax rebate under 87A? Will it be applied automatically before I get my salary or I have to do something? My salary is 5.5 LPA and I need to submit my tax regime today..please respond 🙏
Same anyone have answers please reply to it.
Can 80 CCD (2) be claimed in new tax regime & what will be its max limit?
7.5 lakhs per year in both old as well as new regime
nps under 80 ccd (2) also allowed under new tax regime
clear your own concepts before guiding others
Sir Need ur help, Sir NPS contribution on 30th March 2024 , payment done today but credits will get credited in NPS account on 1 or 2nd April, For Tax Rebate under 80C will i be able to take the benefit this financial year ??? Please its urgent
yes should be able to take benefit based on transaction date
Plz i help.if someone salary is 8.5 lakhs.than how much income tax he/she have to pay...
please use income tax calculator:
fincalc-blog.in/income-tax-calculator/
Only equity share long-term and short-term gain income taxes example updates
Mera income 9 lakh Hai mere liye koun sa best hai
Tuition fees calculated in which section ... Nice video .....
80C old regime
Assessment year 2024- 25 and financial year is 2023- 24.
Sir current account me
Kya salaried person 80d me apne parents ka medical expenses upto 50000 bhi claim kar sakta hai? Matlab 25000+50000= 75000
Yes parents senior citizen hai to 50000 limit hai
Proof chahiye hoga kya ya fir declare basis par consider ho jata hai@@fincalc
Agar parents ka age 58,56 years phir kitna tak limit ha insurance ki?
@@mahadebkesh532925k (self) + 25k (parents) = 50K.
50,000
80ccd(2) consider nhi kra new tax regime mai
Sir main ek salaried employee hu aur agar mera yearly income 550000 hain toh kya mujhe income tax varna padega kya according to a new and old regime
If you're salaried person, then you can claim std deduction of 50k so no tax in both regimes. But be sure that you don't have any income from other sources. You can claim deduction 80eea for saving bank interest up to 10k in old regime
👍
Sir
My gross salary is 660000 rs in fy 2023-24.accirding to tax slab tax us zero # under new regime
But our employer deducted money using old regime without intimating us .
What to do ? Whether we can claim back that through itr or any problem bcoz f new n ikd regime sir
Take refund
While filing ITR for FY 2023-24 you will have the option to choose between the Old & New tax regime. Choose the New tax regime and then claim your entire deducted amount as refund.
Sir, my total CTC is 7.5 LPA.
From this 24000 is EPF and professional tax per annum.
So if i choose new regime, is it allowed to deduct taxes or my organization should not deduct any taxes?
Please clarify if anyone knows..
Zero tax....for new regime
@@mukeshcr1891 Yes sir, but does tax will payed and can be claimed by filing ITR or tax should not be payed?
CTC 7.5 lakhs also includes your contribution in pf as well as employers contribution. Employers contribution is deductible in new regime also.
You mentioned 24k as epf but not employers contribution.
7.5lakh
Minus 50k sd
Minus 80ccd2 as employers contribution.
Remaining amount below 7 lakhs so after rebate u/s 87a no tax to pay.
@@sachinkatariya2389 if employers contribution is also included then My ctc will be ₹ 7,43,400. But my org said ur tax is paid. Which is 5543. How can I get it back?
New tax would have very good if it was increased to 8 lacs at least with no tax and SD of 50K
If someone submitted tax return in new system ,further next year could he/she submit the same in old system ?
yes you can do
Thank u
Short term capital gains and income 7lakh she Kam he to kya kre
Ans
80 D, Only 25000 ,nd not 50k
New Tax Reg MPS also there
Nps but 80ccd2 only (7.5 lakh limit) but not 80ccd 1 or 80ccd1b
Calculate kr ke download kareg
In new regime if salary is 7,50,000 lakh, will tax need to pay?? Or it would be zero
Asking this because 50k is a standard deduction in new regime.
Yes tax will be zero due to standard deduction
@@fincalc thanks a lot for clearing my doubt.
If salary is Rs. 7,70,000 and have no deduction available, how much would be taxable amount needed to pay??
Is there any way to avoid tax in the new regime?
Please advise
@@dineshmandal6179 wit new regime you need to pay tax since taxable income will be above Rs. 7 lakh, you can make investments under old regime and save income tax. watch this video:
czcams.com/video/KscdSx9Cvfg/video.html
if my salary is 20 lpa and i have 55000 paying for lic yearly.Can i claim 150000 under 80c or 55k? please reply
If only lic 55k invested than you can claim , not 1.5 lac. To claim 1.5 lac you will have to invest in 80C various option are there
24-24 calculator is not available in your app. Pls update ASAP
yes will be updating the app with FY 2024-25 very soon. stay tuned
Can hra b deducted if v show housing loan interest
Sir ye 87A rebate kya h confusion h vs deduction
It rebate 87A if your income is below 5 lac old regime or 7.5 lac new regime then only u can get
823502 me kitna tax lagega
Sir my salary this year 7.7 lakhs. NPS 50000 then what will be my tax as per nee/ old regime
In old regime
7.7lakh
-2500 ptax
-50k std ded
-50k nps 80ccd1b
= 667500 taxable income
Tax is 46000
(But you are eligible for various additional deductions in the old regime)
COMPLEX WAY TO DOWNLOAD ITEX CALCULATOR
95 lakh ka kitna bharna hai please bta dijiye 😢
Wat about tsx in2023/2024
If wife having education loan that can claim husband ( in loan husband is not co borrower)
Regularly taxes learning videos dala kare. Self employed, government employee, semi government employee, banking employee taxes slave बतलाये
theek hai
80 G मे १००% deduction के लिए क्या करे
766390₹ ka new tax regime me kitna hoga aur kyo
std deduction aur marginal relief milega iss income pe
calculator use karo:
fincalc-blog.in/income-tax-calculator/
aur ye video dekho marginal relief ke bare me:
czcams.com/video/Xzht6WDDLb0/video.html
550000