How to Save Income Tax on Salary above 7 Lakh | Old vs New Tax Regime Calculator
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- čas přidán 1. 06. 2024
- How to Save Income Tax on Salary above 7 Lakh | Old vs New Tax Regime Calculator
In this video by FinCalC TV we will see How to Save Income Tax on Salary above 7 Lakh in hindi. Even with income of 11 lakh you need not have to pay any tax with old tax regime and deductions of Rs. 6 lakh mentioned in this video. Important deductions include standard deduction (Rs. 50,000), Section 80C (Rs. 1,50,000), Section 80D (Rs. 50,000), Section 80CCD1B (Rs. 50,000), HRA or house rent allowance, Section 24 (Rs. 2,00,000) for home loan, etc.
Standard deduction of Rs. 50,000 is available in new tax regime from FY 2023-24. Tax rebate limit is increased to 7 lakh from FY 2023-24.
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CHAPTERS:
00:00 How to Save Income Tax on Salary Intro
02:43 Tax Saving Option #1 - Standard Deduction
03:01 Tax Saving Option #2 - Section 80C
04:37 Tax Saving Option #3 - Section 80D
05:08 Tax Saving Option #4 - Section 80CCD1B
05:33 Tax Saving Option #5 - HRA
06:17 HRA Exemption Calculation Example
10:05 Tax Saving Option #6 - Section 24
11:22 How Income Tax on 11 Lakh is ZERO?
11:43 Using Income Tax Calculator
14:58 How to Save Income Tax on Salary Conclusion
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Old vs New Tax Regime Calculation:
• Old vs New Tax Regime ...
New Tax Regime Slab Rates for FY 2023-24 are as follows:
Rs. 0 to Rs. 3 Lakh Income = 0% Tax
Rs. 3 Lakh to Rs. 6 Lakh Income = 5% Tax
Rs. 6 Lakh to Rs. 9 Lakh Income = 10% Tax
Rs. 9 Lakh to Rs. 12 Lakh Income = 15% Tax
Rs. 12 Lakh to Rs. 15 Lakh Income = 20% Tax
Rs. 15 Lakh and above Income = 30% Tax
Other important changes in Budget 2023 includes:
- Tax Rebate limit increased from Rs. 5 Lakh to Rs. 7 Lakh in New Tax Regime. So no tax up to income of Rs. 7 Lakh with new regime
- Tax slab rates changed for new tax regime
- Standard deduction of Rs. 50,000 available with new regime also
STANDARD DEDUCTION
Standard Deduction is a flat deductions of Rs. 50,000 - available for salaried employees and pensioners
HRA - HOUSE RENT ALLOWANCE
can be claimed to save income tax if you stay on rent
SECTION 80C
Section 80C is the popular section among tax payers to save income tax.
Maximum Rs. 1.5 Lakhs can be claimed as deduction with Section 80C in a financial year
SECTION 80D
Section 80D is for claiming your medical insurance premiums
If you have medical insurance and pay premiums every year, you can claim the amount under Section 80D
SECTION 80CCD(1B)
Section 80CCD(1B) is for claiming your investments in NPS - National Pension Scheme
It has the limit of claiming Rs. 50,000 in financial year when you invest in NPS. This limit is above and over Section 80C we have seen above
SECTION 24
Section 24 helps is claiming your home loan EMI interest component, that you pay every month
While the principal component can be claimed under Section 80C with Rs. 1.5 Lakhs limit in financial year, interest component that you pay can be claimed under Section 24 with Rs. 2 Lakhs limit in financial year.
#saveincometax #incometax #newtaxregime #fincalc
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DISCLAIMER:
Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown. It is advised to seek professional help before taking any financial decisions. The owner of this channel shall not be liable in any way.
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@@rayas_eduhub issue is solved now, please check. thanks for informing
@@rayas_eduhub issue is solved now please check. Thanks for informing 👍
ASSAY T
कैपिटल गैन को आई में जोड़ना और उस पर कितनी छूट मिल सकती है बताएं
Sir, you are explaining very effectively & besides you have provided different calculators which help us to calculate various things, Thank you Sir
Thanks a lot for making such a useful website and making so knowledgeable video. Salute to you 🙏
I dont easily subscribe anyone but your videos are helpful so u have got a new subscriber
Thats called knowledge sharing in a simple way. Thanks sirji👌🏻👍🏻
Commendable job
Simply fantastic
God bless you brother
Hello, very nice video with good information.... Please clarify, Is house property tax paid can be claimed or not and under which section?
Thankyou for the informative video. Mera hra hai metro city me and ek home loan chalraha hai same metro city me jo ki under construction hai jiske vajah se own house me my nahi rah raha hoon. Is scenario me kya mai both hra aur home loan ke saving kar sakta hoon?
Thanks sir for providing Vedio for increasing in knowledge
Good one, useful video bro.. 👍🏼👌
Use full for all
Please make video for SY-23/24 Itr-1 filing stap by stap details.
VERY VERY INFORMATIVE VIDEO
ITR - 1 ke form me regime ko select karne ke bad change kar sakte hai kya?
Means Maine old regime select Kiya form fill Kiya ab mai new regime select karna chahta hu to kya edit karke mai regime change kar sakta hu ( final Submition ke pahle)
Hra claim ke lia kya document ya receipt submit karna padega. Ya rent agreement se ho jayega
Please update "Tax Calculator" to include Standard deduction under new tax regime and update updated tax slabs.
Really awesome very useful and informative video in such a easy language.sir 80c ke deduction me 150000 tak ke nsc claim kar sakte hai but nsc 5 sal pahle purchase kiye the aur fy22-23 me mature ho rahe hai aur interest mil raha hai vo fy22-23 ke Ais me show kar raha hai to 31 july 2023 takme jo return file karunga usme tax bachane ke liye as a deduction use kar sakta hun...?Plz guide me.aur second thing pichhle sal jo home loan interest aur mediclaim par jo mene deduction refund claim ki thi vo me fy 22-23 me nahi claim kar raha hu to muje do no saal ki deduction different hone se it dept. se notice mil sakta hai.bahoot log ye bat ko lekar confuse hai.Hoping to be favoured.thanks
Sir plese tell me new tax slab finisal year 2022-23 Hill allouance, HRA, NPS(Gov share) or hilth incorance isme kin per tax rebate hai
Very easy samjaya bro. Thanks
Informatic
ITR file karte time hame Jo data feed karna h kya woh form 16 m Jo likha h wahi karna h ki jo hame Mila h HRA wagera us hisab se
section 24 & HRA ek saath donoii claim kar sakte hain keya...sir ??? from West Bengal
please answer
Sir mene apna 2022-23 ITR 26 July 2022 ko fill Kiya tha lekin me usme income revised karna chahta hu to mujhe kitna charges lagta hai?
If lease os provided by the employer, and HRA is then not paid. So in this case also HRA deduction can be claimed ?
Helpful video 👍
Central force me Food allowance & Risk allowance
Milte hai.
Isko income tax deduction me show karsakte hai keya?
Sir traces me savings interest show nhi ho rha h. To kya itr bhrte smy show kru ya nhi? Meri traces me only fd interest show ho rha h.
Hum next financial year me old tax regime use kar payenge?? Ya fir by default new tax regime hi lag jayega??
Very helpful ❤
8:01 very nice class
Sir, if we are claiming for Housing Loan interest and principal amount, simultaneously can we claim HRA
I am a super senior citizen having net taxable income pension exceeds Rs 5lacs. I have to pay tax only for the amount exceeding Rs5 lacs for fy 22-23? Or have to pay addl amount of Rs 12500 from 2.5 lacs to Rs 5lacs. Pl clarify namaste
Too much illustrative...superb
Sir ji,
ITR-1 filling me Jab mai new regime select kar raha hu to standard deduction Rs.50000/- aur 80c aur 80d claim nahi kar paa Raha hu.
Jisse tds return nahi show ho Raha hai.
Aur income tax calculator me refund show ho Raha hai.
Please reply sir
Sirji mera salary income 3 lakh and stcg 4lakh ltcg 50000, total income 750000/- mera konsa regime better hoga, kitna Tax banega, please bataiye
Very easy to understand ☺️
Nicely explain ❤❤❤
Kcc ( kisan credit card) use kar sekte h kya for tax saving
Can we claim HRA and Home loan benifits together in a same ITR ??? I think that is not possible so how 11 lakh salary can be brought to 0 tax. Another factor if the home loan is on the house you are living or self occupied then is it possible to claim HRA at the same time ?????
Bhai agar delhi me rent agreement 1.80 lakh ka annual banwa liya to kya wo pura claim kar payega ?
SIR, IN NEW tax REGIME fy 22-23 CAN WE salaried govt employee of old pension scheme get tax exemption of travelling allowance. 2. how can we get maximum exemption if salary goes 13 lakh
Agar joint home loan ho toh 2 lac both ko separately deduction milegi ya only 2 lac to both
Sir 80D section of Health insurance depends on age,
Plz note if age of below 60 yrs is 25k & above is 60 yrs is 50k exempted. Plz rectify this video..
Otherwise every statement is best by u 👍
Agar pichle year itr 2 bhara tha to iss year kon sa wala bharna hoga ?
Govt employees stock market me invest kar sakthe kya??. Govt salary ke sath sath stock market ka profit kaise calculate karna hai income tax ke liye.plz sir ek vdo banavo
If some details are not mentioned in form 16 then can we claim the deductions?
Hello actually our company told in NPS if your employer contributes 10 % of basic salary+DA you can claim that as well .Do you have a idea .will send you PPT you can check
Two home loan honase donase deductions milsakta he kiya
Hum Post office ke 900000/- ki 10 mahine me premature kiye, toh penalty charges 18000/- Kiya mere interest income se minus hoga ?
Sir, form 16b me salary jyada show kar raha hai aur 26as me salary kam show kar raha hai. form 16a & 26 as & ais ka figure toh match kar raha hai lekin form 16b se gross salary match nahi ho raha hai.sir is condition me apni gross salary kaise calculation karu. Pls help me🙏
11:05 how a person can claim HRA and interest on Home loan section 24 simultaneously if his house is in same city of job? Mostly peoples will buy home in the same city where doing job.
HRA and Home Loan Interest saat me claim kar payenge?
I think no....
How to calculate NPS 10% in 80cc(d1) and NPS 14% in 80cc(D2)
राममंदिर निर्माण(जन्मभूमि, अयोध्या) के लिए समर्पित राशि पर अधिकतम कितनी छूट मिल सकती है। अधिक तम समर्पण राशि कितने तक हो तो छूट मिल सकती है?
Sir ji, mai Company ke Quarter me rahta hu aur mujhe House maintenance milta hai toh is condition me kaise claim kar sakte hai.
Sir,
Rs 50000 deduction under 80 TTB is also applicable.
Further there is deduction under 87A
Pl correct me .
Further pl also see to incorporate capital gain provision in IT CALCULATOR.
I shall be grateful.
Regds
Sr Citizen
Regds
Sir new regime me donation deke kuch labh hai??
Thanks for valuable advice
welcome
Nice video Thanx for information
Thanks for liking
Bht asha.
Thanks 👍
Sir gross income kiski final Maane, form16, 26as ya AIS ..
Sir ....I invested additional epf which section it is ...
Sir kya car loan ka deduction le skte h
This is one of the best video
Thank you ☺️
Is any ossibilit for extention of date for filing return.
I worked in bank as an officer....I have availed lease accomodation...No HRA is paid and the rent is paid by my bank.....any deduction on HRA is possible?
Sir new tax regiem me 3-6 tk ka nill hai na to sir 7 tak kese nill hoga plz suggest me?
Bhai parents ke name se house rent agreement banwa sakte h kya ,house papa ke name se h to agreement mummy ke name se bana sakte h pls reply 🙏
सरजी मैंने गृह ऋण लेकर मकान बनाया है। लेकिन मेरी पोस्टिंग अन्य स्थान पर जहाँ मै किराये पर रहता हूँ। अतः बताये की मुझे गृह ऋण और मकान किराया दोनों मे आयकर से छूट मिल सकती है क्या
Section 80/U handicap person deduction 75000 can be applicable in old tax ?
Home loan or hra dono claim kr skte h?
Excellent video
Thanks 👍🙂
Can you please update how to deducted income tax on new tax regime?
Thanku sir...
Welcome 👍
HRA & Section 24 ये दोनो भी क्लेम कर सकते है क्या ?
Kya B salary me da count hoga
Bank interest be pakda our HRA bhi consider Kiya, aak hi consider kar sakte hi bhai
Sir ham 60000 ka home credit se loan lete hain to uski repayment karne ki date konsi hogi plzzz video Bano plzzzzz sir me auto debit on nahi karna chahata payment me phone pay se karunga emi due date plzzz plzzz video bana do
Bhai tax bachane ke liye NPS , lic and ppf me 300000 yearly block karte jae to kya matlab. Us money ko hum use hi nahi kar sakte to. Simple way me samjhao ki apne khud k ghar me rahne wala Aadmi jiska koi loan nahi koi lic,ppf,NPS nahi to wo kitna income show krke sahi slab me aa sakta hai
Don't find section 24, for a home loan in the current year excel. Can you plz help me to get the section in itr?😊
Very nice information sir 👍👍
thanks
Please reply
Hey, I have watched many of your videos but there is not a declaration of the TAX on the minimum amount of Short-term capital.
For Eg. If I trade Rs.10,000 (Principal amount) and get profit of - suppose in between 500 - 2,000. Here I still have to pay the Tax? And I don't have any other income.
if your total income is below 5 lakh in a year than no tax
At 80c we are getting total ded 150000 including HB principal amount , so y r u separately deducted 150000 & 200000..plz give clarify.
Sir army wale ke liye kon sa tax hai old ya new
Bhai saab section 80ccd2 k bare me detail video dijiye.
Very nice Sir 👌
Keep watching
Thanks 🙏🏻
You’re welcome 😊
Sir I left the job in january this year, till now I am searching a job i did not get the job, but my final settlement done on feb , and ITR return amount deducted some 1 lak , how can I claim that , becouse I not received form 16, but I got form 12, please tell me sir , I can file ITR
Thank you sir ji
welcome
80ccd1b ma man lijiye employee contribution hai 40000/-to ye 80cc ma exempt mila ha to ye admi phir se 80ccd1b ma 50000/-exempt claim kar sakte hain
Any insurance amount paid to us...is taxable?
My query is about IT return 10E related
That I got some arrear for the
FY 16-17, 17-18, 18-19, 19-20
Can I show all arrears in FY 18-19, & 19 - 20 in this two years instead of actual 4year or in the year (22-23)which I received the actual amount?
No. You have to do it for all four years. I faced similar situation.
Pl. clarity regarding sr. citizen in new regime or old and also about interest rebate in new regime! Thank you.
created separate video for senior citizens. watch here czcams.com/video/rfW84weCMCs/video.html
new tax regime include 80ccd(2)?
Can we use new tax regime now for filing ITR 1 for the financial year 2022-23.Any subscriber to reply please. I am a Pensioner of the Central government.
11 lakh -6 lakh it means somehow or somewhere I have to spent 6lakh in a year right? To get tax exemption
please show income tax calculations for
senior citizens who are not pensioners
Agar hm 1 baar new tax regime me itr file karen to har baar usi regime me itr file hoga ya har baar option aaega regime choose karna ka?
option aayega har baar
Please detail about salried person and a lot of business in share market
How are you taking HRA exemption and interst on self occupied property together??it's practically not possible even in books also it's not possible
Interest on let out property is considered.. not on self occupied
Hi, can you please provide clarity, can the house property tax paid be claimed and if yes how to calculate this and under which section it can be claimed?
House property head ke andr 2 lakh tk ka deducation le skte h, ITR file krvani ho to mere se contact kr lena refund bhi krva dunga
2 lakh bhar skte hai esa kahi likha hai