New tax regime | How to save income tax in FY24
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- čas přidán 20. 05. 2024
- The new tax regime was introduced in FY21 but it was the Union Budget for FY24 that helped popularise it. The tax slabs were revised, the rebate under Section 87A was extended up to Rs 7 lakh of income, the benefit of standard deduction was introduced in the new tax regime as well and, above all, the new tax regime became the default option. There is even a marginal relief for income from Rs 7.5 lakh to Rs 7.78 lakh. So, for this income range, the tax will be the amount exceeding Rs 7.5 lakh, not the amount as per the tax slabs.
Given these changes, many switched to the new regime. However, if one opts for the new regime, one has to also give up most exemptions and deductions. So, the question that arises is if it’s possible to save tax in the new regime.
In this video, we explore 3 ways in which one can save tax in the new regime. We also discuss some other more specialised ways. Last but not least, we talk about a case when you should actually not go for the new regime. You can watch the video to find all of these.
Link to our tax-saving video for the old regime: • Ultimate tax saving gu...
Chapters
00:00 Introduction
02:12 Tax-saving avenue 1
03:44 Tax-saving avenue 2
07:12 Tax-saving avenue 3
08:26 Other avenues
09:56 Conclusion
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Thanks for the info! So the Employer PF Contribution is already taken care while calculating TDS or do we have to mention explicitly while filing income tax return?
What is all covered in reimbursements? Professional development, uniform, meal coupons, books and periodicals, telephone allowance, are they covered under reimbursement under new tax regime
Disappointed by budget! 😢 😢 those who are earning around 10lakh suffers mostly
Bhag bc gareeb..
10 lakh walo ko lund kuch ni dena.. mera 42LPA hai aur monthly 70K tax jaata hai after exemptions. Itna in hand aata hai 10 LPA walo ka
Can you do anything about it?. No na...
What is your issue in paying tax??
Businessman kabhi tax nehi deta, hum middle class hi dete hay. Income me bhi tax, aur kuch buy karo usme bhi tax@@achu10mech41
Think about those who work 12hrs and earn less than 2lakhs. You are paying for them because the nation is not just you and we all earn because of our people, one way or the other.
I get a amount from my employer for the fuel and mobile charges
Can I treat them as exemptions or reimbursement?
If exemptions which section should I quote?
very clearly explained all the relevant aspects. thank you
Once we accept the new then the benefit of capital gain bonds will be available?
Medical reimbursement covered in CTC can be tax exemption in new tax regime??
Does we have to add employer's contribution to our gross income.
Sir is section 24a benefit available in new tax regime?
Just the video I needed to see today. Getting my popcorn and notepad.
This won't help you, if you are expecting this to be an update of today's budget 2024.
Hello, hoped you liked the video. Please share it with your friends, family and colleagues as well.
The NPS 80 CCD(2) is 10% and by employer …. But can we increase the % and via bank instead of employer?? Thank you in advance!
what about 80G in new tax regime? is it exempted?
Nice presentation.Kindly try to make videos in Tamil so that Tamil audience can also be benefited from contents like this and for getting more financial awareness
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Hello sir.
Sir, for government employees, 10% on Basic + DA should be calculated to deduct under 80ccd(2) right? Plz reply sir.
14%
thanks :)
@@vineeth8612
which tax regime is good for physically handicap employee with 70% disability certificate.?
How someone is going to save tax in case of PF ?!! What is marginal relief for income from 7.5 to 7.78 L ??
Increase the Font size of English Alphabets and words.
Hello, thanks for your suggestion. Will share it with the video team.
It's really unfair that under new tax regime, the employee's PF contribution is taxable.
I don't have any problem even if it's taxable, but atleast allow employee to opt out of it.
I have a question directly investing in bond or through dept mutual fund which is good
Hello, mutual funds are always a more convenient way to invest, whether its equity or bonds. You should consider investing directly in stocks or bonds only when you have the required knowhow.
Sir,
Is NPS SUBSCRIPTION UNDER 80CCD (IB) ALLOWED IN NEW TAX REGIME?
No
If I transition from Company A to Company B and receive a specific sum as Leave Encashment as part of my full and final settlement at Company A, can that amount be exempted under Section 10(10AA)?
That’s what I just heard, never knew about this. I think I could have saved some money 😢
No exemption only will applicable on retirement for leave encashment.
For non govt. Company yes... You can claim leave encashment upto 25L cumulatively
Hello, yes, leave encashment on changing jobs is tax-free up to Rs 25 lakh. However, this limit is applicable for an employee's lifetime. For instance, if you claim an exemption of Rs 1 lakh for leave encashment, the limit gets reduced to Rs 24 lakh.
Rebate is for all or only for salaried people
Sir,
If I select new for 2023-24 financial year, can I choose old regime in 2024-25 financial year.
Pls clarify.
Yes, you can. In fact you can just pick one of the two schemes which is beneficial to you even at the time of tax filing
eligible exemptions and deductions u/s 16 as per new tax regime? is professional tax ( 16 iii) of Rs 2500 exempted in new tax regime?
Hello, no, professional tax is not exempt in the new regime.
@@ETMONEY THANK YOU SIR FOR YOUR KIND HELP.
If new regime doesn't have tqx exemption, then is there any point of having elss (1.5lak)and nps (50k) investments..?
Hello Sir, I have one request to you is, Most of the Index balancing is done in once in 6 months, can we suggest the concerned authorities to make it rebalancing once in 3 months, why because market dynamics have changed, if done in 3 months once, index will be like Dynamic Index, with the fast changing market environment, it's necessary, I felt like so, if you also thought the same kindly convey the message to the SEBI, NSE & BSE...
Does Family Pensioners also get Rs 50000 standard deduction under new tax regime?
Hello, family pension comes under income from other sources and not under income from salary. So, the standard deduction of Rs 50,000 is not applicable. But you can claim a deduction of Rs 15,000 or one-third of family pension, whichever is lower.
I have a doubt that
In new regime, if my income is 7.5 lakhs , does org should pay IT and we should claim it
or no tax should be deducted from my salary.
Please help on this as im new for this.
You should pay TDS on a monthly basis and after filling ITR you will get all the amount you have paid through TDS including interest.
@@neelesh_porwal Thanks for the information Mr. Porwal
You didn't explained about the tax above 7.5 & below 7.78?
Any interest on pf contribution more than 2.5L per annum is subject to taxable as per your income tax slab. You missed this point and misinformed the whole audience. However there is no bar on how much you can contribute to pf , the interest is taxable.
The 7.5L rule is a net sum of pf+ppf+nps .
Hello, thanks for sharing your observation. Will pass it to the content team.
PPF too?
My employer does not mention HRA in salary slip as I am in new tax regime. How will I get HRA tax exempted if I change from new to old tax regime at the time of filing ITR?
Can't go back to old regime
yes you can
Leave travel reimbursement is taxable under new regime. Isn't this double taxation as we already pay gst while buying air tickets??
Only pay taxes
Nope. If that's the case, then every article is double taxed as we are buying those articles from after tax money
@@hrushikeshavachat900 pehle salary mili with tax deduction, then us paise se tickets Li,gst pay Kiya, then uski reimbursement Li, uspe bhi tax, ab hua na double taxation
@@silentfollower881 Nahi. Tune ek hi baar tax pay Kiya. Kyuki ek bear tuze reimbursement Mila. Woh reimbursement Tera employer expenses karke claim karegi.
Can we do tax harvesting, tax loss harvesting in new slab as well?
tax harvesting has nothing to do with income tax. it is used in investments.
How about gift
Government should collect Income Tax slab wise directly from the bank accounts.
The interest on home property part is confusing. Otherwise, a good video
Hello, thanks for your feedback. Will share it with the content team.
Can I go from new to old?
At the start of financial year you will get chance
Bhai bhaut zayada hi details me bataya hai
0:37 Damn, my CTC is 7.78L
How are you going to save tax ?!! What is marginal relief for income from 7.5 to 7.78 L ??
@@devengurjar My CTC is 7.78 from December 2023 only. Idk, I will ask my CA auditor who will file ITR for me.
@@CyberPsychGaming ohk..do reply if you get answer regarding marginal relief... Not sure if they are considering capital gains from listed shares 🤔
are you TAX EFFICIENT?
nothing new.. wasted my time.. I am tax consultant..
What about employee's NPS contribution? Isn't it tax exempt upto 50k a year??
Hello, only the employer's NPS contribution under Section 80CCD(2) is tax exempt, not the employee's contribution or the additional Rs 50,000 under Section 80CCD(1B).
@@ETMONEYhow abt PF contribution? didnt understand that part ! Total Salary is 7.70 L , and Pf is deducted from salary ..!! How one can come under 7 L after standard deduction ??
Tax ke liye salary to taxable le lete😂
20k salary vala tax nhi janta
Vo basic salary hai bhai
@@priyanshusharma5449 means tax is calculated only in basic?
@@x_man007 ni bhai PF basic salary ka 12% deduct hota hai vo bta rha hai vo
As long as BJP is in power middle class will never get any relief
Congress govt mai relief tha kya 🤣
Congress ke time pe middle class thi hi nahi.sare amir they. Yeah to BJP ne aake banayi hai..
@@sulabhrocks 😭🤔😕😅😁
Haan wahi to. Congress k time to middle class, bpl etc. tha hi nahi. Sab ameer the.
BJP k aate hi ota nhi kahan se itne saare classes aa gye!!!
Govt wants you to spend! Financial independence is not govt's intrest anymore
Worst explainer
New tax regime is useless, hence this video is also useless
or maybe your understanding lacks