Budget 2020 | New Income Tax Rates | New Income tax slabs | Income tax calculation 2020-21
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- Опубліковано 10 вер 2024
- Budget 2020 | New Income Tax Rates | New Income tax slabs
In this video, we are going to discuss new tax rates proposed by the budget 2020. We will understand how these new tax rates which are optional and what is going to be the benefit if you avail of this option.
It's a video immediately after budget. He is telling he will give detailed video later after getting full details. Who the hell is disliked this video..
Tax Guru.. you have done a nice job. Keep it up..
You are welcome sasi ji and thanks for your support
I will say it is just to get more views by posting video before anyone else. If you dont have detailed information then why posting video soon. It will just create confusion in public.
And still....click bait
Income Tax in Budget on a lighter note:
Masala Dosa price slashed from Rs 50 to Rs 40 !!!!
But from now, there will be no chutney. Those who want chutney can buy it separately for just Rs 15 along with the 40 rupees Dosa.
The best part about this move is that it simplifies the whole process and provides flexibility to customers. Earlier, even those who ate only dosa without chutney had to pay Rs 50, but now they can eat only dosa for 40.
Note - Sambhar will be charged extra 😜
Cleverly budgetis like Marsala dosa
For all those who have liked this msg and for those who are against the new tax slabs. Please note that the old tax slabs and deductions remains unchanged and the new slabs are optional only if its benefiting you. In your terms you can still have a dosa and chutney for 50 rs only and if you don't like chutney you have an option to save 10rs on chutney. Please analyse before you post something stupid.
Best finance explainer ever
You're far better than so called economics
Thanks a lot Aakash ji and I am glad to hear. Kindly subscribe and share this channel
@@TaxGuruJi subscribed
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Jai hind
thanks a lot
Very disappointing budget.... peoples who like investment for their future, are in loss. Mla n mps enjoying old pension schemes and tax exemptions. What a joke to common peoples
Vikram ji I will upload a detailed video covering all the aspects by tomorrow morning
No this is concentrated to benefit low income individuals.
Hahaha
Sir
Plz reply to this que.
Iam from andhra prades...
My que is
Example::: as per new dicgc rule
If ram has 10lakh rupees.
If he deposit 5lak in sbi and another 5lak i. Andhra bank
If both banks are closed permanently... Then how much amount ram get as per dicgc new rule of 5lak insurance limit?
Is he get totally 10lakhs from both banks of sbi and andhra bank.
Or only he get 5lak of insurance amount... With out considering all bamks?
I hope u understand my que
Plz reply boss with example
@@TaxGuruJi y u have not upload a detailed video yet? I'm waiting fr it
Budget in a nutshell:
Masala Dosa price slashed from Rs 50 to Rs 40 !!!!
But from now, there will be no chutney. Those who want chutney can buy it separately for just Rs 15 along with the 40 rupees Dosa.
The best part about this move is that it simplifies the whole process and provides flexibility to customers. Earlier, even those who ate only dosa without chutney had to pay Rs 50, but now they can eat only dosa for 40. Win-win situation for everybody.
😆
आपका वीडियो मैं अपने डाउट क्लियर के चक्कर में बहुत बार देख चुका जिससे बहुत हद तक मेरे डाउट क्लियर हुए हैं मैं काफी सराहना करता हूं आपके इस कदम काबहुत ही बेहतरीन तरीके से समझाते हैं और नेक्स्ट वीडियो जिसमें सारी बजट से समझ जो भी खामियां हैं आप बताओगे इंतजार रहेगा
Thanks a lot Abhay ji. Kal morning me upload ho jayega income tax calculation ka detailed video
I have started filing ITR on my own because of you only.
Sadhanyawaad 🙏
You are welcome and I am really glad I could help. Stay connected
How it is possible,plz tell me, I also want to file my ITR by myself
@@awesomejyotsingh9317 There is a video uploaded by this channel for that. Please follow that. Step by step instructions with live screen illustrations are there.
@@TheCommentrator Thanks! I am new subscriber of this channel.I will find that video. Thanks for response.
@@awesomejyotsingh9317 ua-cam.com/video/dZ-yifcTZuw/v-deo.html
Awesome and clear video! Better than all news channels.
Thanks a lot sir. I have written the note on bottom regarding cess
@@TaxGuruJi sorry, i missed it!
Not an issue
Agr saving account me 3 lakh one time deposit kiye to taega kya sir ?
The 2020 budget eliminates concessions of one and a half lakhs in 80 CC which you are getting now (LIC, 5 year tax FD etc which you save now), which would result in a loss of Rs 30,000 for those earning over Rs 10 lakh in 80CC, but the new tax slab could save you close to Rs 30,000 on tax (due to reduced tax bracket). Then there is no big change in paying income tax (saving 30K in new bracket and loosing 30K due to removal of 80CC). Only advantage is that you don't have to invest in FD / LIC to gain 80CC benefits (ie Rs 1.5 lakhs which can be used for something else.)
Sir, I will upload a detailed video covering all the aspects by tomorrow morning
Wrong calculation 80 c and other deductions not mentioned
Rajeev ji watch the complete video and understand I have mentioned the reason.
Did you even listen to what he said??
FYI
80c is removed from exceptions
This budget will give you benefits because your subscription will rise. I am such one . U got yourself a new subscriber due to this complicated tax slabs
I am the opinion that for individual below 60 years there is no tax upto Rs250000/- and for individuals between 60 years and 80 years , no tax upto Rs300000/- and for over 80 years no tax upto Rs500000/- as hitherto in existing regime.
But I have not found specifically mentioned anywhere for the two latter categories. Will you please confirm/clarify ?
Your voice is so nice and clear.😊
Thanks a lot Manvva
Bahut achi aur samajhne jaisi jankari aapne di h sir
Jo tax deduction remove kre Hain wo new tax slabs pr applicable hai ya old par bhi h .mtlb dono pr applicable h ya new PR???
Vikalp ji I will upload a detailed video on tax calculation covering all the aspects by tomorrow morning
@@TaxGuruJi ok sir
Okay
My salary is 68200.00 rs in hand. Additionally 1800.00 rs EPF. Kindly tell me how much amount I have to pay as tax. What will be my slab. I have no savings and insurance benefits..
Saravanan ji can not suggest without analysis of income/investment documents. I will upload a detailed video on income tax calculation as per the new rules.
@@TaxGuruJi Thank you sir, please upload video asap. In Madras style.
I AM WAITING... 😂
You are welcome. Will upload video by tomorrow morning
@@TaxGuruJi Sir I saw the news that up-to 5 lakh there is no tax (exemption). But u said that 2.5 L to 5 L we have to pay tax 5%.. Which one is true..?
@@saravanans945 2.5 lacs tk nil h , 2.5 -5 lacs tk 5 % h jisme 12500 tax bnta h ( Whose income is 5lacs) but usko 87A ka rebate milta h upto 12500 jo ultimately tax 0 ho jata h.
Sir mera ek question hai.
Ek senior Citizen jisne first time itr file kya ho AY 2019-20 mai but is financial year mai uski uncome NILL slab mai ho tab is case mai kya karna hoga.
Thanks for this quick summary 😊
Eagerly waiting for the next video on this...
You are welcome Tushar ji and I will update as soon as possible
I want highlight one point with my limited financial knowledge :
While comparing new slabs, we should also consider the interest which we used to gain from savings done under section 80C and other instruments.
Tushar ji I will try my best to explain
Thanks for giving immidiate video sir...I am sure it your next video every doubt will be clear.
You are welcome Shubham and definitely I will try my best
sir office jo tds katleta he usme kya kare??q ki mera 80c me 1.5 lakh ka deduction ata he me new regime me jau ya purane me rahu??
Hi Sir, I am salaried IT employee without knowing have selected new tax regime FY20-21 in Jan 22 2020 .Is it possible to change from new tax to old tax regime before ITR filing.
And also FY21-22 again I will get option to select either new or old tax regime right
Person who owns house UpTo less than 100 sq yards should he must pay tax acc to d new norms proposed in new budget???
Navya this information is totally wrong. Its an option available for everyone without any condition
Kaash aap mujhe degree ke waqt Income Tax subject padathe. I watched your video on Budget 19-20. Ab jaakar mujhe samajh main aaya yeh upto 5 lakhs no tax ka kya chakkar hai. Sach main aap Guruji hai.
Guru dakshina ke roop main, main aapke channel ko subscribe kar di 😀😀😀
You are welcome Kalpana and I am glad this video helped. Kindly share this channel
Dear sir. ek ques.h Agar hm har sal tax dete h to phir agle sal tax usi sal ki income pr tax lgega ya phir pichli sal ki income pr bi tax sath lagega jo ki hm us sal diye the.????
Jaise aapne ye video banaya waise aap corporate tax kaise calculate karte hai uska video bana denge aapka samjane ka tarika bhot acha hai turant samjmain ata hai 😊👍🏻
Sir, apne bahot ache se details samjhate ho, apka vdo dekhne k bad koi confusion nehi rahta, ap aisa vdo banate raihe. Or ek rqst ki jab new slab rate me Konsa deduction eligible hai or konsa nehi hai iske bare me aur ek vdo chaiye.
Thank you tax guru ji
You are welcome Tubai ji. Tax calculation ka detailed video jaldi hi upload hoga channel par
Ok sir waiting for new video.
sure I will update as soon as possible
Rebate is also only given to people whose income is 5 lakh or below 5 lakh sir.
Sir what you mean by selection of option?? Is there any option to use old tax slab???
Yes sir new tax slabs are optional
kya main 2020 me new regime ke hisaab se ITR File kar sakta hun?
please reply.
Sir
The expenses incurred for training purposes like flight ticket and halting allowance at the place of training.
The expenses incurred during transfer ie transportation cost.
How to deal with these expenses. These were reimbursed. But expenses are showing in 26AS organization is paying every thing but because of these I fall under higher tax slab.
Sir, I think in the new regime also the tax exemption limit for super senior, senior and others remain as Rs 5/3/2.5 Lacs. Am I correct, Sir?
Yes
@@TaxGuruJi Thank you very much.
welcome
Sir mujhe ye btaye agr mre account me under 1year deposit hua chahe koi medium ho .
Eg ..mra income ho ya ksi other source under 5lakh to uspe tax lagega ya Jo save ho uspe lagega..
Means money time having deposit and withdraw continue for many reasons it's means we pay tax either only left of my account .. balance ya according total deposit money ..
Please reply sir ..
Ye 1 Lac se 5 Lac jo huwa hai ye sirf govt Bank k liye hai ya ye niyam Pvt Bank par v lagu hota hai jaise ICICI HDFC Axis ?
Sir ,plz solve my problem ,
fd ka interest 260000 hain ,
uske alawa koi income nhi,
to fir tax lagega kya ?aur kitna?
aur Rebate milega kya?
Ravi tax aapki total income par lagata hai saare source ki income ko milakar
Will rebate of rs.12500 u/s 87A will continue or not..........
BJP govt wants every salaried person should leave job and start selling pakoda . In this way we don't have to pay tax
This budget was not as per expectation as they have already provided benefits in the interim budget
@@TaxGuruJi They could have enhanced the amount in 80c
They do not have any room for it as it might result in higher fiscal deficit
Sir
Plz reply to this que.
Iam from andhra prades...
My que is
Example::: as per new dicgc rule
If ram has 10lakh rupees.
If he deposit 5lak in sbi and another 5lak i. Andhra bank
If both banks are closed permanently... Then how much amount ram get as per dicgc new rule of 5lak insurance limit?
Is he get totally 10lakhs from both banks of sbi and andhra bank.
Or only he get 5lak of insurance amount... With out considering all bamks?
I hope u understand my que
Plz reply boss with example
@@bhanumurthy6425 ram will get 10 lakhs . 5 lakhs against each bank.
Sir tax take home pe lagta hai,,ya ctc per,, agar ctc 7.5 hai but take home annual 6.5 hai
If Deduction under 80U for handicapped in new rates is available or not,,,sir?
Home loan ka interest pehle 2 lakh tak ki deduction thi,ab 3.5 lakh ho gai hai..for home loans till march 2020 and for loan amt upto 45 lakhs..i hope this helps...
Yes this change was made in interim budget by FM
Hi,
Pls make an updated video on 80C deduction and new tax slaps. Do we can claim for 80C dedication and come under new tax slaps ?
Will cover this topic in future vidoes
What if we pay taxes by new taxes this year. But next year we want to file by old method
Sir,
For example my salary is between 2-5Lakhs, so...what is REBATE of RS= 12500 u/s 87A, please explain me
Ek Saving account per kitina Transaction limit he aur Upi transaction per bhi tax lagta he kya sir...aur upi transaction jaydha huye to uspe kya rule hekya..
Sir plz give information..
Jb clear hi nhi tha to video bna k benifit kyun show krrhe , new tax slab is not beneficial for middle class and salaried employees.
Bhai official document aayega tab hi to clear hoga. Jo budget me announce hua wahi easy language me bataya hai within one hour of release of budget
koi doubt nahi hain..clearly no deductions will be available under new scheme..& accordingly no one will choose new scheme...
sir maine pichale 9-10 mahino me 12-15 lakh cash deposit, 25-27 lakh ka credit card bill payment or kuch debit card se bhi shopping ki h. 5-7 lack (from credit card )spent on phonepe , payzapp,paytm,Mobikwik wallet. remaining spent on (Credit card & Debit card) on Amazon, flipkart & mi.com and mostly mobile phone purchased from these applications. or jitne bhi mobile purchased kiye h vo different -2 name se h. agar mein return fill karta hu to muje kitna tex dena hoga or return fill keise kru . profit is 4.5 lakh. abhi tak koi bhi return fill nhi ki h kabhi bhi or na hi GST or Current account h. please tell me
Yogesh ji bina income document and investment details ke explain nahi kar sakte. Kisi CA/tax practitioner se miliye proper documents and details ke saath
@@TaxGuruJi ok thanx sir ji
You are welcome
Thank you for your unique information, your channel is better then other
You are welcome Manish ji. Kindly subscribe and share
Hi, do we still get exemption on EPF amount under new tax slab?
No 80C is not available
Why is the total tax liability under the head called benefit? Not sure if I understood that
Raghav ji watch carefully without skipping
@@TaxGuruJi i did sir. Genuinely didn't understand
I will upload a detailed video after a few days. Subscribe for notifications
Some sites shows that people should forego standard deduction, deduction under 80c if one choose the new optional slab. If this true, then to isme assessee ka loss hi hoga. Everyone will continue under the old scheme. Kya confused optional slab banaya
Is not counting 80C in new budget 2020? What's economic?
Wait for a detailed video on income tax calculations
If someone have 7 LPA ctc how much monthly tax will be deduct ?
Thank you for the information, and I will be waiting for the next video. But I have one question regarding surcharges which was applicable for 50 lakhs and above - 10% and for 1 crore above - 15%. Whether this has also been changed or any update on how it will be calculated. Please could you explain on this.
You are welcome Manjunath ji. I will upload detailed video as soon as possible and as per my understanding, there is no change in the surcharge.
@@TaxGuruJi Thank you
You are welcome
As per new tax rate 20%, How 62,500 benefit for tax slab 10lac~12.5lac?? It should be 50,000 right.?
Arjun ji you should understand how tax slab works.
Subse fast updet he sir aap ka
Thanks Arjun
From my point of view... If it's all about better option then why they keep the older one. Mujhe ye to marketing jaisa lag raha hai... Kisi bhi option baat same hi rahega.
Ratikanta ji is par ek detail video mil jayega channel par
Very helpful video sir, thank you
You are welcome shripal
Slight change you may need to update here:
1. 50000 benefit for slab between 10-12.50 Lakh
2. 62500 benefit for slab between 12.50-15 Lakh
Thanks!
Hi Bro, What is the impact or benefits on the EPF and also 15G? Thanks!
Dinesh ji I will upload a detailed video on tax calculation covering all the aspects by tomorrow morning
If i recieved 20lakhs from uk in my account then tax applied on it or not pls rply
this step is taken to increase the GDP by encourage spending. Till now govt encourage savings. still higher income slab can save in 80c with new regime slab will be better as the tax will be less with savings.
Most awaited video from.you sir..thank you so much
Sir ye jo benefit ka column hai ye ITR ka refund hai??
Sir aapko aaj hi subscribe kiya h aapki ek bat bahut acchi lagi ke reply dene ki koshish rahti hay/sir mujhe ye jaankari chahiye ki agar february 2019 me 1 year ki fix deposit hamne ki aur 1 Mechurity par hamne vo rupay nikal kar rakh liye ab agar unhe ham post office me nivesh karenge to return me uski jankari deni padegi kya jabki us nivesh ko ham pichli return me show kar chuke hai
Pawan ji aapki jo bhi income hai (interest) wo show karni hoti hai income tax return me
Wow, nice information sir 👏👏.
Thanks and welcome
Under 80C, 150000 ka exemption avail kar k cost factor samjhaye na.
Tax calculation ka detailed video kal morning tak upload ho jayega channel par
hi sir I have joined in new it cimpany on Jan 8 th 2020 somehow without knowing have selected new tax regime for this financial year. And FY21 22 again I will get chance to select either old or new tax regime from April 2021
Thanks for the information
You are welcome Kalpana ji
In case of state govt employees will professional tax be exempted in New tax regime?
Worst one.. If we will not get 80c and home loan benefit or rent benefit then what is the use of this.. Shame on government
Bilkul sahi hai dost! Govt sucks!
This budget was not as per expectation as they have already provided benefits in the interim budget
Hello sir.. इनकम टैक्स भरने के कितने प्रकार होते हैं। क्या सिर्फ वार्षिक टेक्स भरते हैं या 3 महीने वाला कोई सिस्टम है क्या।
People who already invested in LIC,Long term FD,Home loan etc. dont have anything to cheer as we can't withdraw all these long term investments midway.Disapponting.
Rahul ji I will upload a detailed video by covering all the aspects
They can option for old regime
wait for detailed video
But no exemptions in New tax slab.. if you have large deductions don't opt for new tax slab..
Sir I will update a detailed video with a proper analysis
@@TaxGuruJi sure, thanks... Maximum saving with new tax rate is 80k.. but with old tax I get 1 lakh savings (1.5 lakh 80cc and 2 lakh home loan interest section 24)..
but it is still not clear if home loan interest will be available or not. We should wait before coming to the conclusion
@@TaxGuruJino exemptions and deductions in New tax slab... it will be confusing to have some exemptions in New tax..
@@confusingmaverick892 Exactly
Guruji, please help me with 2 questions regarding income tax - i left my job in sep 2016 and while i was working i missed the tax declaration in yhe month of April 2016 so 66k was deducted that month and later 2or3 k per month till aug 2016 . So can you tell.am.i eligible to get some.refund for that and i did not get the income, based on yhe deduction done intitially, plus i have the exemptions too loan principal and interest ..do let me.know.
And one more question - i did not work since 2016 so can i take any benefit of the interest paid on home.loan.during that period , once i join a new company .. thanks
Not possible to claim the refund pertaining to the year 2016-17 in any case
@@TaxGuruJi thnks a lot,
@@TaxGuruJi just one more thing, i m going to rejoin now after a span of three years, am i supposed to.do.something in terms of tax or some doc submission for these previous 3 years where i did not work..
Nothing to be done just file itr and pay tax as per your income
Sir 5 lakh par sal Ka kitna tax dena padega...
Do you have full list of available of deductions/exemptions still available under new tax regime?
Sir
Plz reply to this que.
Iam from andhra prades...
My que is
Example::: as per new dicgc rule
If ram has 10lakh rupees.
If he deposit 5lak in sbi and another 5lak i. Andhra bank
If both banks are closed permanently... Then how much amount ram get as per dicgc new rule of 5lak insurance limit?
Is he get totally 10lakhs from both banks of sbi and andhra bank.
Or only he get 5lak of insurance amount... With out considering all bamks?
I hope u understand my que
Plz reply boss with example
Sir I am manufacturer of Agriculture Items prop firm and I have file return for FY 2018-19 with CA Audit but now I want to avail benefit under 44AD can I am eligible for section 44AD. Now my turnover is 1.2 crore please tell
New Tax slab me PPF Ka interest & maturity tax free rahegi?? Thanks sir in advance.
abhi jo exam chl rhe h unke liye kon c slab rate pdhe
Soniya exams related information ke liye aap institute/collage me contact kijiye
Good Explanation .......
I am very grateful
thanks a lot
Goods information sir aisi hi financial video late raho thanks
welcome
Sir, if total annual salary is more than 15 lakhs is these new slabs applicable?
Its optional
Very nice explanation
Thanks
Sir meri last year itr pe maine 6751 tax diya tha 458000 ki itr thi self employed ki deduction thi meri 78000 something sir mera ca kh rha hai ki ab agar aap 5 lakh tak koi tax nu rebate milegi 12500 or 5 lakh ke uupar tax lgega ye sach hai
Sir tax kisi firm KE naam se file hota hai ya individual person KE name se file hota hai
Nicely explained the basic part.. Please make a another video once Govt clarify the exemption part.. So far i understand if we let go the exemption we need to pay more tax who are in higher income group and has savings and house loan.
I heard that ... 100 out of 70 tax exemptions will be not applicable ..may i know is that true ..
What if we don't opt for new slab
Will exemptions will be as their as earlier
Bhaskar ji yes it is true as per budget speech but it is not clarified yet which exemptions will not be available. We should wait for official notification
@@TaxGuruJi waiting for a video on this matter
sure I will update by tomorrow morning
Thanks. Waiting for next video 👍
I will update soon
Nice information tax guru ji
Thanks a lot Mohsin ji
DDT abolition comes into effect from today?? and companies which r abt to pay dividend and have announced, will they benefit from it or not??
One suggestion if u are using Excel and presenting the same in video, then disabling gridlines from view menu will make it look good, if borders are provided.
Sir me job krta hu kisi local shop pr or koi salary slip nhi milti nd 2lacs h anual income.. to kya muje b income tax pay krna hoga??
Updated video banao...aur online earning pe lagne Wala bhi tax batana...
Future videos me try karege is topic ko
@@TaxGuruJi thank you bro
You are welcome. Subscribe for video notifications
Nice
Thanks a lot sir
Thanks for the explanation, please let us know when can we expect the next video, eagerly waiting for your video.
You are welcome. I will upload detailed video tomorrow in the morning
@@TaxGuruJi thanks sir
You are welcome
Sir ek baat kahun aap yeh benefits ka hisab kis tarike se nikale ho.iski ganit mujhe toda ek udaharan ki taur par samjha de.
Detailed video mil jayega channel par
@@TaxGuruJi uska link dijiye
Details video abhi maujood hai kya.
Hii sir. Main pf ka claim kiya hai. Aaj 6 day chalu hai or pf status, pending at DA account dikha rha hai. Kya hai uska matlab
Vikrant ji kuch PF departments me officers ki delay ki wajah se jyada time lag sakta hai PF withdrwal me
@@TaxGuruJi thank you
welcome
Thank you for this video !
thanks a lot Mayur ji