👉Want to add few points for people who make some COMMON MISTAKES while focusing on TAX SAVING: 1. Saving taxes should be incidental, not the primary driver of your investment decisions. 2. Prioritizing tax savings can lead to suboptimal choices. So, Investments should primarily align with your financial goals like child education, wealth creation, retirement planning, Buying a Car, or House, Foreing trips (WHY NOT) etc. 3. Chasing tax breaks with short-term investments might provide momentary gains but may not contribute to long-term wealth growth. Focus on investments with higher potential returns, even if they offer less immediate tax relief.
On Switching between the Old vs New tax regime, many people have questions, Here's a quick note for them: Who Can Switch Between the Old and New Tax Regimes: 1. Salaried Individuals: - You can switch between the old and new tax regimes multiple times within a financial year. - Choose your preferred regime when filing your Income Tax Return (ITR). - Individuals with Business or Professional Income: 2. Individuals with Business or Professional Income: - You can choose between the old and new tax regimes only once. - To switch back to the old regime, file Form 10-IEA before the ITR due date. - Once you switch to the old regime, you cannot switch back to the new regime.
Hello Rohit, and thanks a lot. I think one should see tax saving options (under Old Tax Regime) as more of an opportunity to build your financial safety net or investing journey. Government designed this in such a way that people can do some forced savings and investments. I will write my view in parts for easy visibility to other people also
First thing is Health Insurance, which one must have, even if govt removes the tax benefit on this in future. Then to cover you 80C, ELSS and Life Insurance are really good ones. And assuming you have PF deductions and HRA benefits from your Employer. So, These all should be a good point to start with.
By having all these, you would be able build a safety net that help you grow. ELSS & PF will provide Growth and Helath & Term insurance will give Protection to you and your loved ones. Since I have no idea about your income range, so if its high then home loan is a good option. And yes don't listen to any people on YT (including me) who says that don't buy a house, rent is better etc. If you know and understand your situation then you must have a home (with additional benefit of tax, up to 3.5 lakhs and even up to 7 lakhs in case of Joint home loans.)
Hi Suraj, Due to some medical exigency and unavailability if medical insurance. If someone spend some amount in hospital bill. Can he able to add that expenses under any section as a deduction
Hello Rahul, If the expenses are incurred for the medical expenses of your senior parents (aged 60 or above), you may claim up to Rs 50,000 as a deduction u/s 80D, provided they don't have a health insurance policy.
👉Want to add few points for people who make some COMMON MISTAKES while focusing on TAX SAVING:
1. Saving taxes should be incidental, not the primary driver of your investment decisions.
2. Prioritizing tax savings can lead to suboptimal choices. So, Investments should primarily align with your financial goals like child education, wealth creation, retirement planning, Buying a Car, or House, Foreing trips (WHY NOT) etc.
3. Chasing tax breaks with short-term investments might provide momentary gains but may not contribute to long-term wealth growth. Focus on investments with higher potential returns, even if they offer less immediate tax relief.
Very helpful video 🎉
Thank you.
Superb work, man I have seen may be 10 videos on tax regime, but only this video could gave me the clarity I was looking for.👍👍👍
Thanks a kot 🙏
Great inputs on the tax planning. 👍
Please share link for other related videos also.
Thank you. Sure will share the same.
On Switching between the Old vs New tax regime, many people have questions, Here's a quick note for them:
Who Can Switch Between the Old and New Tax Regimes:
1. Salaried Individuals:
- You can switch between the old and new tax regimes multiple times within a financial year.
- Choose your preferred regime when filing your Income Tax Return (ITR).
- Individuals with Business or Professional Income:
2. Individuals with Business or Professional Income:
- You can choose between the old and new tax regimes only once.
- To switch back to the old regime, file Form 10-IEA before the ITR due date.
- Once you switch to the old regime, you cannot switch back to the new regime.
Very informative video that can help taxpayer to fathom the complexity of tax regime in a very convenient way👍👍
Yes thank you.
Great insights on tax regime..👏🏻
Thank you
🎉
Thank you.
Hi, my office is adding the ltc reimbursement in taxable income as I'm in new regime. Is this ok?
Sir, because the tax exemption on LTA is not available under New Tax Regime.
@@CA_Surajdeo leave travel allowance and leave travel reimbursement/concession. Are they two different things
Hey Suraj, nice video. Can you suggest the best options to start with, on the tax saving journey?
Hello Rohit, and thanks a lot. I think one should see tax saving options (under Old Tax Regime) as more of an opportunity to build your financial safety net or investing journey. Government designed this in such a way that people can do some forced savings and investments. I will write my view in parts for easy visibility to other people also
First thing is Health Insurance, which one must have, even if govt removes the tax benefit on this in future.
Then to cover you 80C, ELSS and Life Insurance are really good ones.
And assuming you have PF deductions and HRA benefits from your Employer.
So, These all should be a good point to start with.
By having all these, you would be able build a safety net that help you grow. ELSS & PF will provide Growth and Helath & Term insurance will give Protection to you and your loved ones.
Since I have no idea about your income range, so if its high then home loan is a good option. And yes don't listen to any people on YT (including me) who says that don't buy a house, rent is better etc.
If you know and understand your situation then you must have a home (with additional benefit of tax, up to 3.5 lakhs and even up to 7 lakhs in case of Joint home loans.)
@@CA_Surajdeo thanks Suraj 👍
Hi Suraj,
Due to some medical exigency and unavailability if medical insurance. If someone spend some amount in hospital bill. Can he able to add that expenses under any section as a deduction
Hello Rahul, If the expenses are incurred for the medical expenses of your senior parents (aged 60 or above), you may claim up to Rs 50,000 as a deduction u/s 80D, provided they don't have a health insurance policy.