New Tax Regime vs Old Tax Regime: Which Is Better? | Economy | UPSC
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In this video, compare the old and new tax regimes to determine which is more beneficial for taxpayers and the economy. Analyze key differences, advantages, and disadvantages of each system. Explore the impact of tax reforms on individual taxpayers, businesses, and the overall economy. Prepare effectively for UPSC examinations with comprehensive insights into taxation policies and economic implications.
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![Income Tax Calculation 2024-25 between ₹3 Lacs to ₹20 Lacs [SOLVED]](/img/n.gif)
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We need more videos on Tax in India'.... Salaried persons are being used as cash cows leaving middle class to stay in middle class and not allowing them to grow to upper middle class...
True but I am happy to contribute in my country GDP and looking after lots of infra developments recently enabling me to drive and commute conveniently ... We need more such videos to plan smartly .. agree !!!
Tax 10%se jyada nahi hona chahiye by Rajiv Dixit
Rajiv dixit ki party ki hi sarkar hai 😂😂
Comment krne Ameer nhi aate yeha or tax system achanak he nhi khatam Kiya ja skta
Rajiv Dixit expert economist tha kya ?
@@khottasikka4700Rajiv Dixit kisi party ke nhi the 🙏
@@khottasikka4700राजीव दीक्षित किसी पार्टी में नहीं थे
Tax payers who pay income taxe have no benefit from centre Government, this is very disappointed.. Government should giving some benefits to tax payers like...life Insurance, Medical treatment benefit...etc.
Even govt excluded these benefits in New Tag Regime
Even after paying so much tax, the government is not providing any good facilities.
Time lagta hai bhai 10 saal mein sab kuch nahin hoga
@@nikhilvardhantawania4591 mai kisi political party ko target nahi kr raha hu dost. Bas bata raha hu ki hamare system me bahut jyada loopholes hai. India ko china se pahle freedom mili thi lekin aaj china aur India me jameen asman ka fark hai
9000+ crore saare party milka kr electoral bond ke through sab party kama rhe hum yaha 80crore 100crore aur 200crore me baat kr rhe aur wo v 10saal ka baat kr rhe jo kaam padd rha 🙂👍🏼
😂😂😂😂😂 10 saal se 18 ghante kaam kr rhe hai ab aaram krne do @@nikhilvardhantawania4591
@@user13rs25880 cr. logo ki baat hai naki paise ki, 80 cr. logo ko free khana deke har saal 2.5 lakhs crores ka loss karti hai ye govt. or 12 lakhs crores se bhi jyada ka kharcha hoga 5 yrs mein😮. Tax leti hai Middle se or loan maaf karti hai corporate companies ke, free ki cheeze deti hai garibo ko, Middle man ko kya mila - BABA JI KA THULU😂
Ministers like MP, MLA etc. should also pay tax. It is so unfair that they get free telephone, air tickets, house, servants, free electricity, subsidised canteen food in government offices / state rooms, no tolls and so much more. It's more like a lottery for them.
Exactly!! It is like private employees, millionaires and billionaires paying taxes and govt sector looting this, mostly ministers.
Tax on what salary? Or the amount of black money they get ? 😂
Yes. I support you.
@@umabisht3588 MP MLAs got 1 lakh to 3 lakh/month. So they should pay tax.
PPF - PENSION PROVIDENT FUND ❌
PUBLIC PROVIDENT FUND ✅
NPS - NATIONAL PENSION SYSTEM ❌
NATIONAL PENSION SCHEME ✅
PPF - invest is applicable in new tax....?
@@sanjibkumarsen1163yes
@@sanjibkumarsen1163 no
@@go1dmonthly 1000 in inflation i am dead😂😂
10-12 lakh and above tax hona chahiye and highest tax slab should not be be more than 25%
are you mad that is not even 1% of the population. 98% of the population is already not taxable. we need to tax everyone but reduce the percentage.
@@parasgahlaut1866 yes true ..
True but 25 % means we are working 4 months for government
Tax should not be more than 2%
thoda padh likh liya hota to aisi zahil bate nahi karta
@@AG-wm5mo E bhai esa nahi hota . wo toh jisspe surcharge lagta hai woh 25% ka rr karte hai
Thank you sir please make more videos about topics like finance, taxation, tax harvesting...etc, topics like this are very helpful
For those who is happy from increase rebate bracket of 7 Lakh but truth is different.
- Govt removes 80C (ELSS, PPF, EPF, FD, Children tuition fees, etc) which is having limit of 1.5 lakh exemption.
- HRA (House Rent Allowance) is also removed which can benefit you to exempt 50% of basic salary or 10% of total salary.
- Medical insurance premium or 80D is also removed.
- Savings Bank Interest u/s 80TTA and 80TTB is also removed from exemption.
- Interest on Home Loan u/s 24b on self-occupied or vacant property is also removed from exemption.
- Other Chapter VI-A deductions
In next election, we middle class or working people will only vote for the government who talks about improving taxations for working class. We won't vote for religion or anything else, our main concern will be taxes.
What do we get for paying such high taxes?
Can we atleast get faster legal case completion, priority in legal matters etc etc.
We get no benefits even after paying this much tax from govt
tax dene ke liye job karni hoti pahle wo dhundh le, i am 80 percent sure that you will gonna exceed the annual income 7 lakh, you need to earn above 8L, koi logic na mile to religious matter bol ke cool bann lena chahiye,
Job hai bhi sahi tere paas?😂
@@gira_hoya_banda 🤣👌🏼
@@Mananyadav- jitna tere ghar ka saal ka kharcha hoga na usse jyada tax deta hu mai. Aur nalle berojgaro ko kya pta tax hota kya hai. Baap ke paise pe jeene walo khud kama ke dekho tb pta chalega
@@gira_hoya_banda behen ka rishta laega jija ji ke lie?
Thank you sir for the clear explanation 🙏
* Chlo shururaat krte h or dkhte h chl kya rha h*
Ankit Sir best line 😂❤❤
New regime is simpler as there are fewer specific exemptions but increased base exemption. Overall you will pay the same tax but new regime will make it easier to file tax.
No, this is not correct, in new tax regime taxes are higher, approx doubled. Thats why i am still filling tax under old tax regime.
If govt really wants people to opt for new tax regime, they would have to increase income brackets.
@@user-bj3rz6zj3n Did you not watch the video? They did increase the income bracket... In old system Tax exempt till 5Lakh in new system tax exempt till 7 lakh. Government is trying to increase compliance by reducing complexity. Also less paper work equals less processing cost for government which translates to taxpayer money saved. Money saved is also money earned after all.
@@user-bj3rz6zj3n you have to pay less tax in new tax regime than old one but their are no or very less exemptions in new tax regime
@@parveshsinghbisht7421 Yes if you have invested in EPF then you can deduct it.
@@user-co5vh9zs4c so tax will not get deducted if net income is less than 7 lakh
Thanks it is really helpfully
I think max tax shall be 10-20% that too above 7-8 lakhs....
Any percentage higher than 10-20% in tax makes people unwilling to pay tax ultimately leading to lesser collection of tax
Policy makers have phd degree in economics 😂😂
@@kapindrasinghrajpoot8779 PHD degree done in close cabin with zero field knowledge : they are the main reason many people evade paying tax
Government takes so many taxes from saleried employee to provide facility for rich businessman and poors. 😢
Recently joined the Central gov job ..i was worried about filling ITR ..many thanks to you !!!
Bahut badiya explain sir
My doubts have been cleared
Great session
Thank you my doubt has been cleared, I will go with new regime....
Thank you for clarifying sir
Very simple explanation ❤👍🏻
Great sir 👍🏽
Question answer is (a) agriculture income partial income upto 50,000.00 exmpted then after amount will be taxable
Great knowledge
Include politicians income under income tax, every person will get rax benefits after that...80C will get increased to 10L.
Good video.
New Tax Regime would be beneficial for most of the people...less complicated and easier to file
Ca kis liye hai
Paise k hisab nahi rakh sakta to paise kyse kamayega 😂
Not at all anpadh
Paagol😂 after 60 family rasta pe hoga
@@A2ZcLIp Bhai CA Finalist hu...😂
Thank you sir❤
Shi mai vedio quality ek no. Aari h
Very informative video..
Nice explanation
Sir, NPS or OPS ke bare mein ek video banaiye
Very helpful
Great video sir❤
Mene new Activa 6 g kharidi paise jodkar or mene 2 saal tak savings ki or jab kharidi 3 April ko jismein mene 17000 tax gst ka or 8000 tax RTO kaa diya
Jitni facility mil rhi hai vo bhi bohot badi baat hai , sirf 7-11% log hi tax *bharte* hai . Khud hi socho ye 90% logo ka tax burden in 11% logo par aaega to tax to jada lagega hi , imandari se sabko tax bharna chahiye
Chup government political loot 🎉
Kyu bhai maine 90% public ka theka le rkha hai kya
Simply going with the new tax regime!
Bro only 1.5% people give tax in india so government don't have that much money and then government take loan from world Bank OR IMF ... if 10% people start giving tax to government then government will not have to take any loan from word bank or imf
True
Well income tax is direct tax paid by few peoples whether indirect taxes are paid by everyone over goods and services .
We are paying Indirect tax even for having wheat.. what are u talking about? GST is everywhere from eating in a restaurant to buying vehicles
Thank you sir
08:09 - Public Provident Fund. Not Pension provident Fund.
(c) payment of lease rent
Really Ankit sir's explanation is best...
Apni pathsala wale sir
The ruling government is distributing this tax to all the criminal leaders such as Brij Bhusan Singh.
Kuch bhi 😂😂😂
phir yahan bhi politics , u r*tarted immature 2 rupees IT cell.
@@prodoshdutta5136😂
😂
PPF - Public provident fund
New tax regime introduced under section 115BAC of Income Tax Act,1961
From the Previous year 20024-25 as per Income Tax Act,1961 (fy 24-25) it will be the default tax regime for taxpayers
Here is the slab rate for tax calculation
Upto 3lakh-------------exempt
3,00,001 to 6,00,000---5%
6,00,001 to 9,00,000---10%
9,00,001 to 12,00,000--15%
12,00,001 to 15,00,000-20%
Above 15 lakh ---------30%
Income Upto 7 lakhs is exempt (no tax will be paid)due to rebate under section 87A of Income Tax Act,1961
No tax untill 750000 because 50,000 standard deduction also for salaried person
@@Human12914 yeah you are absolutely right for salaried individual exemption is upto 7.5 lacs
Can i got a job in your firm. I'm jobless despite of knowledge. Everywhere unemployment
@@Human12914 Sorry, I'm a student myself, how can I give you a job
I Pay 45k tax every month for God knows what! Such a pain in the ass
I know it's just jajiya
Same here, 45k tax every month for no effing reason.
Option A (Agriculture Income)
Option -B
We can also invest in Elss and term insurance
Tax slabs maximum 10-15% hona chahiye upto 50 lakhs
PPF stands for public Provident Fund
Is it necessary to declare about the tax regime for pensioners??
Firstly govt has not been able to brought out Direct Tax Code Bill. And people has to pay income tax at higher rates than corporates/ companies pay taxes.
Dear Sir u said the new tax regime is the default option now. Is it applicable to state govt employees also ? Or do state government employees have to inform their employer separately ? If yes within which date we have to inform ?
Sir, all excemption hone ke bad ebong income 50 lacs ke kam kounsi income me tax old region> new region hota hain woh bataiye for govt employee.
Meaning of surcharge is useless as high income group never gets paid all in salary form. Salaries are on TDS but LTCG and STCG are taxed low.
Ais kab tak update hota hai??
Itna high tax koi bhi country nahi leta jitna India leta hai. Aur uska koi bhi benefit nahi milta. Na government school achha hai, na hi government hospital. And yahi do jagah sabse bulk mein kharch hota hai. Majboor hai hm.
I think we all youths need to unite and not side with any political parties and ask the government and held them accountable for taking our tax money and not improving the quality of life
Intrest on certain govt security
PPF investment is applicable in New tax ...
Sir wo refund nhi aata...govt. ne 25000 tax maaf kr diya...naa aap tax jmaa kroge naa he koi refund aayega
Sir can u explain 80cccd(2) with example??
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D) shares from unregistered firm
last one is better (KDOT)
R8 now, do we have the options to switch from new to old....?
Tax free income slab has to be moved to Rs 10 lakhs and slabs should be Rs 10 - 20 lakhs with 10% tax and above that 20 and 30%.
If your investments are more than 3 lakhs then go for old regime, if not then new.
Sir plz upload NPS video
Is there any excel calculators available?
Why should an individual invest in ppf,nps if deductions are not provided?
Ppf - Public provident fund
Can common people go to the court regarding income tax?
Sir what about Ambani and adani do they pay income tax
Come on boy, you should ask about tax by business man / entrepreneurs.. why only Adani and Ambani why not Birla, TATA, etc??
The three listed Ambani companies paid more than Rs 20,730 crore in tax in FY23.
Seriously Jain Sahab ?
@@PankajSharma-df8yp Rahul mutra drinker hai isko bas 2 hi yad rahte hain
Taxation is high especially as Rupee is so much devalued..
Jo exemption milte the wo saree khtam KR die to increase Kya kia kuch b nhi
Kya mutual fund ko invest ki jaankari de sakte hai
PPF- Public provident fund not pension provident fund
PPF is public provident fund.. NOT pension provident fund.
Sir last year i have choose New tax Regime
Can i change this During income tax return filling this year (for FY 2023-2024)
How change new tax regime to old tax regime
Is there any Standard deduction in new tax regime?
Maximum Businessman and Shopkeepers do not pay taxes properly. A salaried person already has to pay tax directly or indirectly!
Populatiin vs Tax payers in 🇮🇳 100:01 , which means only 1.4 cr citizens have paid tax whereas it will be arround 5 cr.
That means, almost 3.50 crore population evades tax.
It's Public provident fund and not pension provident fund
Small businesses ko cover nai kiya explanation me.
Content king study iq
Sir, maine 1 lakh ka PPF liya hai iss baar aur 6 LPA salary hai... mujhe kon sa tax regime lena chahiye pls bataiye?
standard deduction 7.5 lac also include in NTR
What about epf in new tax regime? Is it taxable
Income tax bhi pay kro .pension walon PE bhi tax lga dete hai .market se kuch bhi purchase kro tb bhi tsx😢
Income tax and GST tax kya ye dono dena hai ya dono m se koi ek tax pay kar de toh bhi chlega
Agricultural income
We need more education on tax
Agriculture income answer hein sir.
If criteria for the eligibility of EWS is income under 7 lac then, why govt is even imposing tax on such person. Income upto 10 lakh should be tax free on the othet hand highincome earners like corporate getting rebates. From 37% to 25% Wow
Why the government felt need of having two different tax regime. If you can throw some light on this..