SENIOR CITIZEN INCOME TAX CALCULATIONS AY 2024- 25 (FY 2023-24) NEW VS OLD TAX REGIME BIG CHANGE I
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- Опубліковано 6 лип 2024
- SENIOR CITIZEN INCOME TAX CALCULATIONS AY 2024 25 NEW VS OLD tax REGIME BIG CHANGE I
Due to Slab Rates changes in the New Tax regime from AY 2024-25, Income tax Calcuations of Senior Citizens also changed. In this Video we will dissuss the Tax SENIOR CITIZEN INCOME TAX CALCULATIONS AY 2024- 25 (FY 2023-24) NEW VS OLD TAX REGIME
0:00 Changes for Senior Citizen Income tax calculations from AY 2024-25
1:01 Tax Liability of Senior Citizen under old tax regime and New Tax regime
1:34 Calculation of Tax liability of Senior Citizen under old Tax regime on Income of Rs 7,53,000
4:04 Calculation of Tax liability of Senior Citizen under New Tax regime on Income of Rs 7,53,000
6:30 Summary of Tax liability of Senior Citizen under old Tax regime and New Tax regime
7:18 Slab rates for Senior Citizens under Old Tax Regime and New Tax regime
7:45 ITR filing due Date for AY 2024-25 in case of Senior Citizens
9:37 Requirment and due date for filing form 10IEA if Senior Citizen is having Income from Businss or profession
11:57 Whether Senior Citizen can Switch between old and New Tax regime every year
13:52 Whether Senior Citizen is required to pay Advance Tax
14:50 Deductions under Old Tax regime for Senior Citizens
15:55 Mistakes commited by Govt in New Tax Regime
#SeniorCitizens #ITR #Incometax #ITRfiling
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New Income Tax Slab for Senior Citizen,
Income Tax Calcuations AY 2024-25,
Income Tax Slab for Senior Citizen for FY 2023-24,
ncome tax slab for senior citizens 2023-24,
Income Tax slab for AY 2024-25 calcualtor,
Senior Citizen Income Tax -slabs for AY 24-25 ,
Income tax slab for senior citizen above 60 year of age,
Senior citizen income tax Slab for FY 23-24,
Senior Citizen tax slab fy 2023-24,
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DISCLAIMER ***
This video is merely a general guide meant for learning purposes only. All the instructions, references, content or documents are for educational purposes only and do not constitute a legal advice. We do not accept any liabilities whatsoever for any losses caused directly or indirectly by the use/reliance of any information contained in this video or for any conclusion of the information. Prior to acting upon this video, you're suggested to seek the advice of your financial, legal, tax or professional advisors as to the risks involved may be obtained and necessary due diligence, etc may be done at your end.
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Thank you for crystal clear presentation
You're most welcome, PLEASE LIKE AND SHARE
Thank You Sir, very much for clearing my Doubts. You are undoubted the BEST Tax Consultant ,I have ever seen.
THANKS, PLEASE LIKE AND SHARE
Thanks ,your language is very clear God bless you
thanks, please like and share
Guide and educate people of India is praiseworthy
thanks, please like and share
Thank you very good aachi जानकारी दी
WELCOME , PLEASE LIKE AND SHARE
Very nice. Bahut aachi tarah aapne samjaya.
WELCOME, PLS LIKE AND SHARE
Very good informatons 🙏🙏
So nice of you, Please like and share
Thank you
You're welcome, please like and share
Thanks sir. Many doubts got cleared
Always welcome, PLS LIKE AND SHARE
Veri nice sir
thanks, please like and share
Nice information
Thanks, PLS LIKE AND SHARE
GR8 demo ..sir
Thanks
Dono regime m post office k saving bank interest ki rebate u/s 10(15)(ii) m allowed h ?
YES
I have agricultural income too apart from rentals and interest from bank deposits
SHOW IN ITR , IT IS EXEMPT IN INCOME FROM OTHER SOURCES, IT CAN INCREASE TAX ON OTHER INCOME
Nice information sir ,do you have any link in Mumbai for filing ITR for senior citizen pensioner
PLS EMAIL ON TAXHEAL@GMAIL.COM
Under new regime at what rate LTCG and STCG will be taxed or 10 and 15 % respectively or slab rate
pls refer my video on stcg tax on share trading and ltcg tax on share trading
SIR THANKS VERY MUCH FOR VALUABLE INFORMATION.SIR I HAVE FOLLOWING QUERIES.
HOPE YOU WILL REPLY FOR BENEFIT OF ME & OTHER VIEWERS ALSO
HOW TO CALCULATE INCOME IN OLD REGIME/NEW REGIME IN CASE OF CAPITAL GAINS FROM
SHARES & MUTUAL FUNDS.
WHETHER CAPITAL GAINS FROM SHARES / MUTUAL FUNDS COME UNDER BUSINESS INCOME?
please refer my seperate video on this stcg on shares and ltcs on shares
Pl advise if total income is 9 lacs to 10 lacs...which regime ?
needs to calulate tax, if no investment then new regime is better
Will a man get deduction on 80tta in new tax regime? Please give your kind reply.
no
Sir, whether intrest and tds of qtr ending 31 Mar 2024 on scss account is to be reflected in fy 2023-24 ay 2024-25 or in next fy
IN FY 2023-24
Sir ek confusion hai ap kah rahe hai ki old regime opt krni hai to form 10 aei bhrna magar taxpayer already old regime me file krta hai to use bhi har sal form bhrna mendatery hai
form 10iea is only if having business income. If have no business income then for 10iea is not required to be filed
Sir am asking if taxpayer already in old regime then he is required to file form 10iea
Sir,
Can I show home tution income less than 20,000 a year no record maintained and doing fno trading less than 15,000 in ITR 3...or other ITR form is applicable... And thankyou sir... Please reply..
yes, but income tax department (if notice come) can ask the proof which is very rare
@@casatbirsingh Sir,
Is there any way to give them proof....please guide Sir... I shall be very grateful...
Sir can I show the REC 54EC interest in ITR 1 or it is mandatory to submit ITR 2???
yes, interest is taxable
Sir I am a sr citizen and having annual income between Rs 18 to19 lacs without any business income, which scheme is more beneficial for me old or new regime. Pl reply.
NEEDS TO CALCULATE . CONTACT US ON TAXHEAL@GMAIL.COM
Sir,
775500 income ho to marginal relief milega kya ? This is taxable income after Standrad deduction.
HOW MUCH IS THE TAX ? IT CAN NOT EXCEED RS 75500
Employer has added 80,000 to NPS as per 10% but employer contribution is not shown anywhere in my pay slip, so can this benefit be availed? This amount is not even added to the salary. 80000 of employee and 80,000 of employer total 1,60,000 is deposited in nps account. How to benefit in the new regime
IS NOT PART OF GROSS SALARY , THEN IT IS ALREADY REDUCED , THEN WHY AGAIN TO BE REDUCED
@@casatbirsingh
Thank you sir ji
Monthly dawa kray par nagad kharch ko ktauti 80D ME MILEGA YA NAHI.MILEGA TO KITNA ?
for senior citizen expenses allowed
Now make similar video for Super Senior Citizens; persons above 80 yrs.
thanks , noted, pls like and share
Hamne 22-23 m fixed deposite krai thi form15G bhar ke diya tha phir vahi FD aage utne din ki kra di kya hame 15G dobara bharna parega
EVERY YEAR IT HAS TO BE FILED
Whether we can file new or old tax regime in any year
PLS REFER MY VIDEO ON 10IEA FILING
Sir pl.explain the tax deduction on kvp at maturity
noted , thanks for comment
Sir,I have opted for old slab regime in my pension but can I now opt for new tax regime .
IN THE LAST YEAR ? YES IN AY 2024-25
Sir thank you for the reply, I am sorry I was not clear in my question. During FY 23-24 I had opted for old regime in .my pension account. Due to exgratia arrears my taxable income is ₹506,000 .so I have to pay IT ₹11200+sc.I have to file IT return now. Can I file as per new regime so I will get nil tax benifit please I request you to kindly advise me.
Mutual fund को क्या Business से Income मानेंगे?
no
I am seventy seven yrs of age. Got pension in AY approx sixe lakhs ninety seven thousands woul any amount be deducted as IT as I Have impression that No IT is deducted upo seven lakhs. Would u kindle clarify and help me on this issue. thanks
tds will not apply if you have opted new tax regime and informed your employer / bank
How to calculate age of senior citizen for income tax in India? If the date of birth is 14th March 1964, can he will be considered as Senior Citizen for FY 2023-24?
yes
Thank you very much for your quick response.
What will be the tax liability under New Tax System, if my Gross Income from Pension and FD Interest and Savings Bank interest, After Standard Deduction is Rs6,95,000 And STCG=Rs5000/-
no tax is payable under new tax regime upto rs 7 lakh income
Sir ji please tell the tax for Rs.915000/- income in new tax regime.
Sir I am 63 year old pensioner, My income is 8,50,000/- What will be my income tax as per new new regime?
PLS USE INCOME TAX CALCUALTOR ON INCOME TAX WEBSITE CHECK VIDEO ON MY CHANNEL
Sir, sirf share market income 5lakh se kam ho or dusri income nahi ho to kya super senior citizen ko tax bharna padega
CHECK MY VIDEOS ON TAX ON SHARE MARKET INCOME
सर, मेरी पेन्शन इन्कम है l प्लस मैं F&O मे इंट्राडे ट्रेडिंग करता हूं l सेविंग कुछ भी नही है l तो 1) मुझे पुराने रेजिम से या नही रेजिम से आयटीआर भरणा पडेगा? 2) मुझे लॉस हुआ है l ब्रोकर से जो yearly P & L , टर्न ओव्हर, की रिपोर्ट्स निकल के आती है, क्या वही रिपोर्ट काफी होती है? या अलग से CA से ऑडिट कराना पडता है? ऑडिट के लिए क्या-क्या डॉक्यूमेंट लगते है? हम तो कभी अकाऊंट्स रखते नही l
for audit limit, check my seperate video on ca satbir singh channel, you can opt new regime for upto rs 7 lakh income, no tax
hat is your charges to file itr
pls contact us on taxheal@gmail.com
Sat sri akalji I have pension income of approx 4 lacs and f & o income including short term shares income of approx net 1.60 lacs( by a small critical mistake too less against my last year's of approx more than 2.5 lacs which may increase in next years as I expect). please suggest specific for me the regime. Thanks, I am greatful to you 🙏
IF YOU HAVE NO INVESTMENTS , CHOOSE NEW SCHEME
I am a central govt PSU retired Pensioner .If my Pension Income is Rs7 Lakh, after Standard Deduction and short term capital gains is Rs5000/- How much Tax I will have to Pay?
if new tax regime than tax payable is rs 5200 ( assuming rs 5000 gains from share market sec 111A sale of listed equity shares)
I'm a Senior Citizen 74 yrs old director of a pvt ltd company without any remuneration.
I have yearly rental imcome of approx. 3.50 lakhs or less, and interest income approx. 1.20 lakh yearly Only. Which form i should fill old or new. Thanks
ITR 2 , NEW SCHEME WILL BE ALLOWED BY DEFAULT
Thank you Mr Satbir Singh.@@casatbirsingh
Thank you Mr Satbir Singh @@casatbirsingh
Mera fd se interest 140k hai aur meri mummy ki bhi 140k hai to ITR kisko bharna padega nhi bharenge to income tax lagega?
BETTER TO FILE RETURN TO AVOID INCOME TAX NOTICE. NO INCOME TAX WILL BE THERE
How Rs 600 is calculated in old tax regime ? Rs 500001 to 1000000 =500000@20%= Rs 10000 ,
my income was 503000 upto rs 500000 tax rs 10000 and than on balance rs 3000@ 20% = 600
What about health insurance premium?
not allowed in new tax regime
My income (pension and fd interest) is Rs 800000/- how much tax I should pay
need to caluclate , please email details on taxheal@gmail.com, charges will apply
NRIs la structure kya hai sir?
pls refer my video on NRI taxation
Nice information.
One question.
I am a Senior citizen and have income from
Pension
Bank F. D. Interest
Capital gain from M. Fund
Capital gain from shares and security
I am not a trader and I am not doing future and option trading
Should my income be considered as business income??
Please advise 🙏
no. if you dont have income intra day trading income
@@casatbirsingh
👍🙏 Thanks
You have not taken into account the additional benefits of Rs.50000/- towards contribution against NPS
YES, DEDUCTIONS MAY VARY FROM PERSON TO PERSON , ADDITION 50000 NPS NOT ALLOWED IN NEW SCHEME
I am 69 Sr. Citizen pensioner,let me know For Fin.Year 2023-24
a}can I claim upto 50000 under sec 80d{medical exp d} under New Regime
b}Can I claim upto 50000 under sec 80ttb{Interest on FD/SB of Bank/Postoffice Depisit} under new regime.
Thank you for detail video
no
@@casatbirsingh Thanks
But govt departments have recovered heavy amount with so o much difference --why and how? R r Especially in respect of sr pensioners - that implies we have to file for refund - let us see
THANKS FOR COMMENT
I do not require old tax system as no investment , pl give tax on net income after standard deduction 50000/ 740000/
please refer my other videos or use income tax calculator on income tax website
Pl take example of 740000 net gross 790000/
thanks , please refer my other videos on my channel
Fd is agriculture income i am super citizen but for agriculture income deducting ೧೦./..
pls explain your question
@@casatbirsingh fifteen lack kept inthe canara bank it is agriculture I come since from fi ve years they are cutting ೧೦ petcent income tax pl. Let .me know the remexy
What About NSC etc.
DEDUCATION ALLOWED IN OLD REGIME ONLY
सरजी, मैं सीनियर सिटीजन रिटायर शासकीय सेवक हूँ। मैंने ओल्ड रिजीम मे ITR फाईल किया है और 80D के तहत उपचार पर दस हजार खर्च क्लेम किया है मेरा हेल्थ इंश्योरेंस नहीं है क्या मुझे इसका लाभ मिलेगा कि नहीं?
in old scheme deductions are allowed
Thanks 👏
😢
pls comment
8lac par sr citizen ko kitna tax hoga
pls check slab rate as mentioned in video
Mediclaim ka kya hoga
not allowed in new regime
Sir I am 60+
Can I avail 22500/- as tax rebate in new tax regime my annual income is 60lakh
Pl guide / confirm
Thanks
for 60 lakh ? no
He knows Hindi only. Not English, not even spelling. That's why hindhi may bolthahai !
Thanks for comment
If old tax regime. Gt e. 5lac
YES
Appka 87A ka concept thik Nehi hai.
please inform the deficiency