12 Lakh Salary, Zero Tax | Tax Saving Guide for Salaried Employees Part#2 | FY 2021-22
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- Опубліковано 29 чер 2024
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In this video, we will learn about How can we save Taxes? How to Save Income Tax for salaried employees? How to save tax other than 80C?
Chapters:
0:00 Introduction
1:50 Can HRA and Home Loan Interest can be claimed together?
3:24 HRA and Rent must be the same?
4:16 Children's Education Allowance and Tuition Fees deduction?
4:47 Components of 80C?
5:31 Income Tax rebate 87A
7:03 Clarifications
11:49 12 Lakh no tax example
18:09 LLA English Subtitles
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Tax Planning Guide #1: • Best Tax Saving Guide ...
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People also can pay there parents as HRA if they are working from home
One more thing in calculation is if he is earning 1 lakh then he will have a car & 15 k needs to be deducted from 39 k. He will have 25 k. And then in 25 k he has to run his home, children education & other things.
I have a confusion. Pls clarify !
I have a home at my native and I am paying home loan on it for which I claim deductions etc however I am living in rented accomodation at my place of work and that is reimbursed by my employer which is not part of my gross and not shown in my form 16. Now can I claim HRA deduction
Considering
My basic is 58k
Reimbursed rent : 7k
Actual rent paid is: 9.5 k
Also will I have to add reimbursement of rent in my gross ( for tax calculation) if I have to claim HRA ? Currently I don't calim HRA neither I show reimbursed amount in my salary
Please check pf claim occur error please resolve it
If Home loan emi of March 2020 month paid in 5th April 2021. Then when it will get considered?
80C is over burdened Govt should update it to 2.5 lac. Cost of living has increased.
@Abhinav : Very valid point !!
@LLA : Are there any chances/hint that govt revise 80C limit from 1.5L to 2 or 2.5L ?
100% correct. They should increase the limit
@@ajitmedhekar2778 not until country is lead by some economist who actually understand our burdens 😜
@@mohdrehanansari3960 We had puppet economist for 10 years. He was busy in bootlicking.
@@alpha7806 Now we have an illiterate chai wala for 8 years. He is busy with just fake 'boasting'.. and mandir-maszid.. and hindu-muslim..!
Nice content bhaiya
Appreciate the simplicity 👏
Learning from You Anant !
I was not expecting this! I am glad that you also watch LLA video and appreciate their work by leaving a comment. #Legend_Found_In_Comment #LoveFromAssam
Sir I follow both of ur channels
Most content creators don't give much value to the comments. Its good to see you take the feedbacks seriously and act upon them too👍🏼
Keep it up !!
Really appreciate you uploading your videos in a language that a majority of the general public will understand. Thank you for making financial literacy available to all! Kudos! ^_^
Fantastic to see that you have so many jagruk janta ready to rectify some mistakes that may have been made, give constructive criticisms, and the LLA team reads the comments and engages with the community!
It's so nice to read your honest view
Unlike BJP😂
Education loan ki principal ka 80c k under include hoga pls reply me ..
Thumbnail was lit 😂👌
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It takes a heart to accept mistake!!
Jabardast explanation 👍👍
Say no to debt
Rather start invest heavily in early stage
Compounding give you more benefits in long term
Ghar bhi chaiye na bhai rehne ke liye. Sirf retirement me jiyenge? 😂
@@LalitPatilcasper
Logo ko dikhane ke liye nahi lena hai
Genuine need ha to. 2 bhk is max . You can buy bigger in future
And yes kuch log sirf dikhane ke liye lete hai . 30 saal main ghar le liya , jisme 80% to loan hi hai
My study: if you invest heavily in 30 . You can buy 3 times bigger the house in 40s . And that also in cash
Tax save ke chhakar main debt lena not at all advisable
@@kiranjoshi1000 bhai kaise kare investment start and kahan kare?
@@raghavbhatnagar551 parag Parekh long term equity flexi , sbi focused equity, hdfc nifty 50 index funds
Star learning online. Then invest in direct equity & midcap & small cap
@@kiranjoshi1000 super ☺️
sir ye video dekh ke mujhe laga pehli baar ki mein apne jivan mein kuch important miss kar rha tha aur time waste kar rha tha in youtube
for the first time i am speechless!
This man is awesome... He explains so well
Great video ❤
Can u make a video explaining why some companies include employers contribution to PF in the Gross salary amount.
One more info regarding deduction on interest from FD -
Under 80TTA, upto 10,000 can be claimed by anyone from Savings interest earned.
But under 80TTB, senior citizens (>60yrs) can claim 50,000 from Savings as well as FD interest.
Guess this was the source of confusion in the previous video.
Also guys plz add commas after thousand and lakhs in large numbers, so one is able to grasp the total easily. 10,00,000 is easily recognised as 10 lakhs than 1000000 is.
That is why I love this channel ❤️
Jarrod for sure deserves all the respect and shout-out.
The current home loan rent is around 7%, it is nowhere close to 10.5%
That being said Home loan amount is always 35-40L on the lower end even in Tier 2 city so the calculation seems fair.
Exactly... i was about to comment the same...its 7%
Please make a video on Section 44AD - Presumptive Tax. I’m interested to know about that option.
Very good work from LLA team very good learning for Jagruk janta
This is truly appreciating. Thanks.
80c ka limit badna chahiye....the present limit is absolutely laughable
I could not agree more
True
Should be ~2-2.5 atleast. The limit hasnt changed in ages it seems. But it is highly unlikely that'll happen in the distant future. Given Corporate taxes have reduced to 25% entire deficit will have to be borne by other type of taxpayers
True
What is your CTC?
Hi thanks for educating us. 🙏
One request - show us how to claim income tax exemption on special allowances (LTA, meal coupons, TA etc.)?
Excellent 👌..you proudly take all mistakes and admit it. Also correct that 👍
Rishav appreciate your hard work and explanation
Please make a video on tax saving for government employees who do not have an option of varible HRA. Everything is fixed according to government rules.
Firstly thank you very much.. simple yet very helpful content, but one question : Without taking a home loan is there any way to have 0 tax applicable with any other type of investment under any other sections?
NPS or ELSS or donations are better options Mam
Ppf us the best option
very humble in nature, liked it
3:00 got the best advice right here, thank you 🙂
Thanks for your efforts. Your channel, am sure, is a great learning tool.
Fyi, employer's PF contribution in excess of 12% of salary is a taxable income for the employee.
EPF Is taxable, but you can choose PPF for tax saving on extra income under 80c
I was waiting for this video...thanku sir
👍
Excellent Analysis
Thanks a lot. Nicely explained
Thanks and I feel good that I managed my salary without even see this video first.
Also we can claim mobile or internet bills. :)
If employees agrees for paperwork on their behalf so you can claim mobile, internet, food and petrol bill as well out of taxable income.
In IT we can only claim Mobile and Internet bill for other items they will give you advance even car too if you are going to visit client location. That car is Mercedes Benz 😂
@@vickyjoshiVjs then you don't even have to worry about taxes since you're in top 0.5% of the rich people.
@@LavSingh33 That 0.5% is more worrying then those fell into 99.5% 😂 😂
overwhelming knowledge! so much knowledge even my parents cant teach me this🤧
I liked your honesty .Keep growing
These videos are great. Thanks sir
As per my past 3 employers, HRA can be 40% of basic for non-metro and 50% for metro.
So, for 12 lakh income, basic would be 6 lakh and HRA would be maximum 2.4 lakh
6 lakh is the actual HRA received from your employer. It has no dependency on your basic. While what you are talking about is one of the way HRA exemption is calculated. You can google about how to calculate HRA exemption to get this.
@@AnuragRoy17 HRA is minimum of:
1)Actual HRA received from employer
2)For those living in metro cities: 50% of (Basic salary + Dearness allowance)
For those living in non-metro cities: 40% of (Basic salary + Dearness allowance)
3)Actual rent paid minus 10% of (Basic salary + Dearness allowance)
Read point 2, it is dependent on basic. It can't be more than 40% of basic for non-metro cities.
Hypothetically, if one's basic is 8 lakh, then HRA can be max 3.2 lakh.
For 6 lakh HRA, you need 15 lakh basic, and 6+15 has to be less than 12.
Good content!!
When you are considering HRA and Home loan together, it does mean that the owned home is let out for rent because no one will keep a house vacate. So in that case what will happen to amount which is earned from Rent. I believe that gets set off with your interest. So in this case there are chances that the net taxable income goes above 5L. Can you please throw some lights on this.
For that purpose, if you own the house in the state other than the state you are employed in, such house shall be considered as self occupied property and rental income shall be considered to be nil.
HRA and Home loan together? It will not acceptable both in practical...
Very good Sir,thanks
Hat's up to your hard work
Important information is given by you sir,,, thanks,🙏
The presentation was simply superb. The example that you gave for 12L gross income in which 6L as basic component and 6L as HRA. As per my knowledge and understanding the HRA component cannot be more than 50% of Basic component then as per the calculation the maximum HRA component cannot exceed 3L per annum. Please correct me if I am wrong.
HRA for me is 40% of basic. You are right.
that's why in deductions example he wrote 3,00,000 only in table and not 6,00,000
@@cutieandsweetievlogs2475 yeah but the illustrations must have something to correlate, as taking actual illustrations will gonna help people like us
Furthermore why & how one can claim HRA as well as 80C benefits on the principal loan paid amount, this is ok to an extent if you're having a loan for under construction building but I doubt until then one gets loan so any which we need to declare of getting rent from either of the property
Sir can we claim tax rebate on paying our parents home loan. Home loan was old loan of our parents name.?
Great Content. Informative. 👍
Awesome nicely explained..🎉👌😃
Wanted to know what all docs are needed for HRA exemptions.
How can you put HRA for 3L? It is least of following 3-
1) 40% of Basic
2) Actual HRA
3) Rent - 10% Basic
with any amount of basic and hra component of salary structure, its comes out to be 2.5 L Max.
it should be 50% of basic salary because in sir,s example he said that the individual is living in metro city
I just had so much income tax cut for this month. Excited for this video!
me college jane wala hu or muje ye vdo to bas 30% hi samjh aya pr dekh ke acha lga
10:59 - Home loan Interest rate is 6.7 - 7.10 %.. Don't misguide.
12:30 I think that assumption may not be correct.
I was earning a lot more than the example given and was paying 10k rent in Hyderabad. Which is around the same for everyone else in my team
Bilkul sahi kaha
Absolutely true
Nice job Captain.
Bhai bahuta achcha point by point tark aur uttar
Sir Please make a detailed video for a person whose gross salary is high(ex-above 20L) How can we maximize tax saving on this case
Waiting for the same
Waiting for the same
Tax saving video for salary above 20 Lakhs
ua-cam.com/video/OPk28ow43Qo/v-deo.html
Awesome work.
I have discovered your channel recently and watched almost all videos.
I have few questions and would like to understand in detail about the PF contribution part.
1. Employer Contribution to PF - Is this not considered as Income from Salary? My understanding so far was Employee contribution and Employer contribution both are taxable but can be considered under 80C upto a total of 1.5 Lakhs.
2. How does VPF play a role here? Is VPF completely taxable or can be considered under 80C or not?
.
3. Which option according to you is the best?
A. 12% basic Employee contribution (>=2.5L) + 12% basic Employer contribution (>=2.5L)
Note : Keeping it greater than 2.5L, as new rule says interest earned above 2.5 L PF is taxable.
B. 1800 pm/21600 rs pa ( Employee Contribution) + 1800pm/21600pa( Employer Contribution) + VPF (2.2 L)
C. PF opted out (0 Employer/Employee contribution) + 5 L (VPF)
Assumption: Employer is in favor of Employee and can opt for any of the above approaches.
Let's assume, if you are opting for option B or C, the rest employer contribution (which employer would have given in Option A) will come as a taxable component of your salary (i.e. for understanding purposes, let's consider you are not losing any money if you opt for other options other than A)
did you get answer for your questions? can you share them?
Could you please do a video to provide clarity on
1) Reimbursements and the supporting evidences?
Currently all the evidences provided are expected to be monthly bills. Usually if we look at it, a decent mobile prepaid costs you average of 200 a month, assuming its not used as main internet source. However same plan costs 400-500 in billing. Considering both are expenses its like paying 100-150% to save 30% at most. Similarly for internet we can get close to 10% discount on 6 month-12 month plans.
So as long as we're able to provide receipts of payments (which are available as transactions on most provider's site or application), is there a reason we should be forced to buy a postpaid which generate monthly bills at a higher cost?
Considering if I happen to have lesser actual expense than my reimbursement quota then I would anyway be paying 30% on the remaining, so it might even be more optimized taxation with a win win for all?
2) Is it possible for us to ask our company to include various expenses as reimbursable allowances or is there any limit on that (within 50% of course). Everyone spends on fuel, electricity, education, medical etc. Can we ask the company to reduce our general allowance and put that instead for say fuel or any other as part of reimbursable? Is there any limitation on this, say fuel can only be provided to those who are on field work rather than desk work etc?
Trying to understand first if there's any legal barrier to this being provided and second if there's operational challenge in it? As for company the cost remains the same I don't see why they wouldn't do it for employee benefit?
Good video. Keep continuing this work. u mentioned that u have shared your reservations on NPS in earlier video, please share the link to that video.
Sir,
make detail video about tax on share market income.....
new tax rule
@Labour Law Advisor
Nice Suggestion!
@Labour Law Advisor- Do make video on Captital Gain from Mutual fund for salaried employees.
Sir which one will give more returns in long term
1. Buying home loans to save tax or
2. Paying tax and Investing that same amount of money(EMI) in some assets which will give min. 15% returns annually
2nd one for sure will give more returns.
Don't take loans to save tax, but be sure to use them for reducing tax if you have a home loan.
Also don't forget if you are building a house of your own. Then the raw materials are in 18% of GST slab. Some of them are even higher i.e. 28%.
So I don't think one should take home loan to buy or build q house. Go for second one
The idea is to become tax efficient in case you have expenses which are exempted. Not that you need to spend to save taxes. Becoming debt free is the first step to become financially independent. The focus should be to pay 0% interest. Investing is the only way forward to become prosperous.
Buying home as an investment is not good. Only buy a home if you're going to live in it.
Very well explained thanks
Very nicely explained sir 🙂
Please suggest tax planning for High salaried earners.
Donate me
@@MBA_King salaried he Dude fokat ka nahi
@@utsavjain2308 Then pay tax sarkar bhi terko fokat ka nahi degi
@@Raj-iy1ny sarkar ko deke kya karu scams nahi sune kya sekdo
Jo use kare usse de ne agar barbaad karna he toh me hi karu na dude
Tax saving video for salary above 20 Lakhs
ua-cam.com/video/OPk28ow43Qo/v-deo.html
Ankur Warikoo uploaded a similar video few minutes ago. 😁
I just watched. Hope you also follow Rachana, Pranjal & Asset Yogi😂
They all talk about personal finances most of the times hence we can see that their content is similar
⚔ Jay Hind !🇮🇳
So much detailed.
Nice Information
Few points here
HRA = Actual rent paid - 10% of basic pay
If basic pay is 6lacs
Then PF contributed by employee is 72,000₹
Hi Sir, thank you for a detailed explanation. You are saying HRA and actual rent paid are two different things. My question is if my HRA is 300K per annum , but the actual rent I pay is only 150K per annum. Can i still claim 300K for HRA tax exemption? my company requires me to submit an actual rent receipt to claim HRA tax benefit. please excuse if this is a dumb question :-)
there are those 3 formulas least will be considered
explained in previous video
Bro... Actually you need to show company the real house pay slip. But here's a way to save your hard earned money, you may buy house rent pay slip book from amazon and make the payment of higher monthly rent and using Revenue Stamp submit its copy. Decide monthly rent by optimizing as per 3 Rules of HRA.
You are welcome.
You are the best🙏
Thanks a lot 😇
HRA ki guidelines h
a. Actual HRA received
b. Actual rent paid-10% of Salary
c. 40%/50% of salary
HRA Exempt (Minimum of a,b,c)
Govt employees ko 8% ,16%, 24% hi HRA milta h wo bhi city wise... Toh ese me wo Maximum HRA kse exempt kr skte h...???
Kya wo is minimum of a, b, c ko chod kr actual Rent paid se exemption le skte h kya...ITR filling k bad koi problem na ho ua koi letter na aa jaye...Plz clarify it
Please reply
Minimum hi liya h
Actual rent paid-10% of salary(basic)
Rent paid 30000*12= 360000
10% of salary 60000
Hra exemption 360000-60000
3L
😁😁😁
@@vijay_madhukar Reality me itna HRA milta hi kha h...
HRA basic pe depend hota h...or basic normally 20k-40k hi hota h...
Upr se basic ka 8%, 16%, 24%...
Toh ese me jyda exemption milna easy nhi
@@rnvjrv Exemption to is limits k hisab se lena hi sahi hai.
@@caprashantwadhwani3684 kyi log ITR me jitna rent paid kiye h....utna fill kr dete h like HRA milta 25k p.a. hai or fill 1 lac tk kr dete h...toh ese me Income Tax Dept ka letter mil skta h kya unhe?????
Kyi CA ke agent bhi kehte h bhar do...kuch nhi hoga... tumne rent to bhra hi h
@@rnvjrv Sir I am also a CA but a bit risk averse. Yes notice aa skta hai, chances although kam ho but fir bhi aa skta hai. Have seen practically where one friend claimed fake deductions u/s 80c and got the notice from department
Hello sir
Do I need rent agreement while paying rent to parents?
I am already transferring money every month from my account to my father's account and have also generated a rent receipt (with relevant details) from some site online. Do I still need a rent agreement?
Bro a lot of us wants to know this while working from home.
It would be great if Mandeep replies soon.
I am also curious about same thing I live in my home town I am going to vacate Bangalore's rented flat, from next month onwards I am going to pay rent amount to my parents(since my parents are owner & aged above 60 as well and my Bangalore's stuff required at least 1 room). I am going to generate rent agreement through online site since pandemic lockdown still going on at my location. Monthly I will pay to my parents. Will generate receipt and claim to my company. Is it legal @rishabh please suggest on this
Yes. You need to submit your rental agreement and rent receipts(At least they ask to submit them in my company). It costs very little money to create a rental agreement(like max 50rs) offline by visiting government office. You can also get it online, but need to pay like 500rs to get it delivered to your home. I would also suggest you do income tax declaration for your father too. If the total income for your father is less than 5L(including income from rent), then you don't need to pay tax for him too.
@@jayaganthan1
Sure.
Thanks a lot for your inputs sir 🙏.
@@harshadingole6412 Who pay rent to their own parents and staying in their parent's house?
Nice and clear
Keep it up bro....Hindi videos are good
can i claim the home loan deduction if the loan is on father's name but EMI registered to my account and I'm paying it? Or I can only claim once I transfer the home loan to my name?
You can only claim if u r owner of the property i.e it's in ur name
You can't, You will require joint loan account where it will deduct. But father son joint account is not eligible for loan even two brothers are not. Only wife and husband.
@@Mohit_Bansal_chd Yes I'm the co owner of the house
@@vickyjoshiVjs what if I transfer the loan to me?
Or can I claim showing paid receipt to IT?
@@Priyam_Gupta You can transfer then you will eligible or showing deductions for loan will not help. You will require ownership.
First time I'm hearing HRA exemption of 3 lakh. Is it really practical? Under which section?
not practical ...... if please tell how to make it this amout?
Very informative.
Nicely explained
Everyone talking "save tax by home loan". I want to save tax without home loan and salary approx 15lac.
Same here. Let me know if you find the answer.
Sir, please, add video on 12L but not having NO HOME LOAN Everytime expecting on without home loan.. but disappointed 😏
Simple, you can't claim the loan part so you need to pay some tax.
Keep doing it in Hindi... Will reach much deeper parts of India!
I think labour law adviser should write a book on this topics like how to file itr, how to claim all possible exemption and deduction and all related rules...
It will help us.
Current Home Loan interest is around 6.75%, it was a great mistake.
Is it possible to get exemption in HRA and interest on the loan, in the same city ?
Not possible
Don't listen to jetha laal, he has gone crazy in babita's love.
I think if you pay rent to your parents and live with them, you can. (but cross check with someone else as well)
My boss used to pay rent to his mother who lived in far away in a village, while he himself was living in a metro city.
I never had a legality discussion with him but possible.
@@rajveersingh2056 @Rajveer Singh babuchak rajveer .. his question is for hra & loan in same city... And u r giving example of friend paying rent in village and living in metro.. also paying rent to your mother is legal.
Sir, Thank you. Great fan of your work.
Sir, most employees salaries have two part category. Fixed income which includes PF contribution of both employer amd employee
and Variable income means performance linked bonus, all being part of gross earning.
Many employers dont give full variable or give part of it.
If gross earnings have not come in full, why should it be considered as a tax slab reference. then it should be on fixed income only??
Sir please explain about income tax on earnings from stock market may be equity or derivatives, trading or delivery... Please explain about when a person comes in the radar of income tax and what we can do to reduce it
Home loan has been around 7% from quite some time. You took 10.5% as home loan interest
Interest rate is 7% variable.. dekhte hi dekhte govt badha degi rate.. probably in next 1 year
@@rohitsoni9325 no it will not. Atleast for next 10 years
@@arshsingal65 Next 10 years😂 No way. See the inflation rates, once this corona thing stabalizes, RBI will increase repo rate to counter the increased inflation. Increase in repo rate will increase home loan rate as well.
@@rohitsoni9325 no. It will not. Repo rate will decrease more.
Since I'm living in my hometown with my parents, can i pay rent to my parents and claim hra? If yes, then will this be a special kind of rent agreement or can we just print a rent agreement ourselves ?
Yes. U can pay but your parents now has to file ITR and show that as their income.
I am paying my mother rent 24k just transfer in her account this amount for transaction proof.Also file your mother's ITR and house your gave address for should be in your mother's name.Enjoy👍
You can and fill ITR with Nil tax even you can add only Mother name if she is housewife then the rent is only income which is easy to fill ITR.
@@executer77 Thank you very much for your answers. If its not too much trouble can I ask one more question, the rent agreement that I need here, can I just make it myself and print it ?
@@MrSatadal Yes but i think you only need to file ITR, if Rental income and other source of income exceeding tax slab relaxation for that particular individual , otherwise it is ok. Correct me if i am wrong ?
excellent ......
very nice explanation
EPF bhi toh 80C k under hi deduct hoga na. EPF k 1.2 lakh aur 80C k 1.5 lakhs alag alag exemption kaise milega
Ye kahan kari.. @17:00 mei EPF pehle hi kaat ke bas monthly inhand calculate kar rhe they..
PF do bar cut hota hai...once from employer and again from employee..
But basically dono CTC se hi cut Kar lete hai..Employee pf 80C me ata hai and employer PF alag se exemption milta hai
Alag alag exempt nhi milega aur na hi aesa video mein bola hai
@@shubhingh section 10 mein exempt hota hai employer contribution
@@girishsapariya2306 I don't think so, employer contribution are not part of your gross earnings hence it cannot be exempted
I have one doubt, you told that HRA exemption can be claimed more that actual paid.How it possible, Rent receipt should be deposit. For example company paid HRA 12000/month but employee paid rent 8000/-. Then how employee claim 12000 rent per month. If paid, then Rented house owner PAN number is mandatory as it exceed more than 1lakh.
Your HRA exemption goes through 3 criteria.
Eg. Lets Say your basic is 24000 ie. 12000 HRA
1. Actual Rent Paid - 10% of Anual basic
2. 50% of Basic
3. Actual HRA received
From all 3 criteria whichever amount is lower is considered as eligible exemption.
Here your hra Exemption is ₹67200.
Well you are paying rent less than 1lac no need for pan, but it is good to ask beforehand to landlord with request 😀
@@christopherkoli7003 also little different for people living in metros, right?
@@sharishth HRA for Metro's is 50% and Non- Metro's 40%, other than that there is no different method, some companies do gives less than that of 50% or 40%, But it does not exceed it.
Fantastic saving, I like it
Appreciate the subtitles
Just 2 words thank you
Please explain about the monthly income plan, child care plan and retirement plan provided by the insurance companies
VPF also comes under 80C, PF+VPF is the best way to utilize full 80C exception for a FY
Nice video..nice language
Thanks bhai.
thank you so much.. .
Behtarin video Cheers LLA 👍🏻 vaise ye log kaun hai jinhe hindi samajh nahi aati baas jaankari k liye puch raha hu
Nice Video.
1 point here. So most of the private jobs have the employer PF contribution in the Gross Salary itself. So what u will get in hand here is (12,00,000 - 1,20,000{employee contribution} -1,20,000{employer contribution} = 9,60,000) .
So, the real in-hand after all investments will be 3,50,000 in this case which is approx 30,000 INR, which is also sufficient.
Tax calculated from gross income - 1.5L(total in 80C) of pf or anything else in 80C.
So, nothing more can be added there in 80C like life insurance installments, tution fees, tax benifit schemes etc.