We have posted some really good videos on taxes on the ETMONEY UA-cam channel. Here is a useful compilation: 1. How to Calculate Income Tax? ua-cam.com/video/QdJKpSXCYmQ/v-deo.html 2. Everything about Tax Deduction under Section 80C ua-cam.com/video/9RNwBTUNK9c/v-deo.html 3. Using Tax Harvesting to Save Taxes ua-cam.com/video/t_y0kNP-apY/v-deo.html 4. Saving Taxes using NPS (National Pension Scheme) ua-cam.com/video/ilLIPbRIUbk/v-deo.html 5. Difference between the Old and the New Tax Regime in India ua-cam.com/video/dw-XlRYRteM/v-deo.html
Bring back this guy ET money..look at the way he explains and says everything..one of the best presenter I have seen..Do remember a fact is not as good as someone explains it
80c section limit has to increase. Most of the finance experts are of opinion that 1.5L is very less. I think atleast ELSS investment should be kept separate and limit should be at least 1L. The fact that many kinds of investments are being stuffed into this section alone is a cruel trick by the policy makers.
Sir, Nice session. With due respect. you missed the few components 1. HRA 2. Interest paid on home loan 3. principal paid for first house bought 4. Additional NPS upto 10% of Basic pay
These all are commonly known deductions to all the tax payers, please do a video on how to build salary structure (componsation package) which will save maximum tax .
Dude you are so calm and explain so peacefully. You are the reason I downloaded ET money app. I’ve always been so confused with finances but when I listen to you, I feel so good and ready to learn more! Hats off.
I’m a PSU employee and my parents is dependent on me and availing medical facilities provided by my company but my question is - can I avail tax benefit on any medical expense that is not claimed/ reimbursed from my company under section 80 D. Note - I have not any insurance for my parents but have some medical expenses that not comes under my company’s medical facilities.
Dear Dipak Singh: There was an article in the MInt which might be assistance to you www.livemint.com/money/personal-finance/medical-expenses-incurred-for-senior-citizen-parents-eligible-for-deduction-11593346995500.html
For health insurance, I paid premium for two years in 2019-20 as a single payment. Can I claim the entire premium for tax deduction this year? Or do I have to claim deduction for half the premium this year and half in next year?
Please provide complete information related to important aspects, section 80D requires payment to be made by any other mode than cash. You might also add section 80DDB, payment for treatment of specified diseases.
Agreed, but I would say most of salaried employees know these. There could be salaried people who file through their advisors and who see the things only during last quarter and run to their tax advisors.
To get benefitted from 80ccd(1b), I should invest 1.5lakh under 80c only in NPS ?? Or 80c 1.5 lakh can be including of other investmens like SSA, elss etc?
You are 💎 all your videos are very informative. Can you please upload video which covers life insurance and medical insurance additional to the corporate provided both insurances.🙏
Dear Sir - we have 7-8 videos on life and health insurance which are quite informative. Kindly type ETMONEY insurance in the UA-cam search bar. Am sure these will show up in the results. Thx!
Sir agar SCSS,NSC,FD,RD,MIS,SAVING ACCOUNT IN in sabhi schemes me maniye ki total 10lakhs rs invest kiye hai to 80c to sirf 1.5 lakh rs k liye hi Hogi na ?? Aur Jo Baki Ka 8.5 lakh hai use ITR me kaise add karenge ?
Hi Sir, My salary is 44 lakhs and not married. I have HRA, LTA, food Voucher, car driver allowance, phone, broadband allowance, Home Loan, 80C, 80D, 80G, NPS. What else can I have to tax. As I end up paying 6 to 7 lakhs as tax
Is the 50,000 in nps is excess of 1,50,000? What I mean is, I need to invest 2,00,000 in nps right? Can I exhaust 80C with other options then only avail 80CCD 50,000 with nps?
Dear girishbabunaidu87: Please refer to our blog on the NPS taxes, that would resolve your query best. www.etmoney.com/blog/nps-tax-benefits-explained-in-4-points/
If my office is giving me medical insurance of upto 4 lacs. So, can I claim this under 80D as I'm paying premium from my salary to my employer, or do I need to take additional medi insurance of upto 25k to claim? Please clear my Doubt Sir.
Please answer my following question, if one of the parents is only senior citizen. Then 50k deduction is applicable? What is the required age for man and woman for being a senior citizen?
Sir I have taken additonal mediacl insurance which provided by company for my mom and dad.... Should i assume that i will save my tax as well if company provided medical insurance
Other than 2 lakhs (50k by NPS + 1.5L by 80C), can I get 25k additional tax benefits on health insurance? , Means can I get tax Benefits on 2.25L or only on 2L?
If I invest 1.5 lakh in tax saving mutual funds and additional 50k in NPS, will I get tax deduction on 50k invested in NPS? PS - I am already an ET Money user and have made several investments in mutual funds.
Thanks Kunal Mathuria for your patronage & hope you are doing well. Yes, 50k under NPS is additional .. just ensure you are filing it under the right Section of the Income Tax Act. Do search for more videos on NPS on the ETMONEY channel that are currently live, they'll help you understand the concept clearer.
I have already a ppf a/c of rs 150000 yearly.Now how much amount can I invest in NPS to get NPS TIER 1 TAX Benefit.If I invest Rs 50000,can I get rs 10000 tax benefit in old slab(20%of rs 50000)
Please give me clarification regarding dependent of mental illness. Under this Can elder brother (age>30yrs) be added as dependent for claiming tax reduction?
Hello Team, Under section 80DD , can I claim deduction on medicine bill and medical treatment expense incurred on My father who is disabled dependent senior citizen with half body paralysis? Thanks in advance!
Deduction u/s 80DD is allowed to individual or Huf for incurring medical expenses of a dependent. If dependant is senior citizen deduction shall be Rs 125000/- for disability of 80% or more and Rs 75000/- for disability 40% or more.
Sir, I am a railway employee, not getting HRA, Occupied govt alloted quater and rs. 300 deducted from my salary every month for house rent. Can i claim it in 80gg.
Deduction -the lowest of these will be considered as the deduction under this section- (a) Rs 5,000 per month (b) 25% of the total Income (excluding long-term capital gains, short-term capital gains under section 111A and Income under Section 115A or 115D and deductions under 80C to 80U. Also, income is before making a deduction under section 80GG). (c) Actual rent less 10% of Income Do take benefit of this section - provided all conditions have been fulfilled by you.
HI 1. Can I claim my daughter's school fees for tax exemption ? 2. I have 3 kids , my younger daughter does not insurance cover provided my employer, can I take insurnace for her separately and does this provide me tax exemption ?
Sir, my friend files tax thru CA who shows fake education loan & loss in property and reduces tax and Even ITR gets processed, how safe is to apply these, can IT dept cross verifies these claims later on?
Rent is also 80C and 80C investment limit is 1.5lac. example invested in PPF 1.5lac per year, Life insurance 20000 and house rent approved benefit is 50000. As all this come under 80C toh Tax benefit 1.5lac he milega ya total 1.5lac+ 20000+ 50000 ?
Hi, Aap exemptions and deductions ko confuse kar rahe gain. HRA yaani rent paid Milli choot ek exemption hain aur yeh apko Section 80c kay bahar hain. PPF and Life insurance Section 80c main aati gain aur yaha limit 1.5 lakh hain.
@@dineshs3409 Your taxable income is computed after deducting the HRA component, which is independent of 80-C . This HRA component is usually computed based on difference between the HRA allowance and 10% of your basic salary (there are 3 computations and minimum of them will be taken as HRA exemption).
@@sourabhverma597 Bro I invest 1.5lac in a year which falls under 80C. So I will get 1.5 lac + house rent benefit also which is separate from 80C deduction right?
@@dineshs3409 Yes.. HRA tax exemption is separate from 80C . So, if you are already getting 1.5 L investment benefit from 80-C and your HRA tax exemption component is 50000 .. then your total deduction is 2 L .
Aapne jitne v bataein h sirf income from savings account chorke, sabhi to 150000 lakh ke limit me rakhna h.. Mtlb limit h 150000 ka, chapter v1 a ka dedn limit 150000 ka h, extra saving kaise hua phr
Please read up on Section 80DD in more details. The specifics are available on the Income Tax website. www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
We have posted some really good videos on taxes on the ETMONEY UA-cam channel. Here is a useful compilation:
1. How to Calculate Income Tax? ua-cam.com/video/QdJKpSXCYmQ/v-deo.html
2. Everything about Tax Deduction under Section 80C ua-cam.com/video/9RNwBTUNK9c/v-deo.html
3. Using Tax Harvesting to Save Taxes ua-cam.com/video/t_y0kNP-apY/v-deo.html
4. Saving Taxes using NPS (National Pension Scheme) ua-cam.com/video/ilLIPbRIUbk/v-deo.html
5. Difference between the Old and the New Tax Regime in India ua-cam.com/video/dw-XlRYRteM/v-deo.html
Bring back this guy ET money..look at the way he explains and says everything..one of the best presenter I have seen..Do remember a fact is not as good as someone explains it
Now, that's how you explain something! No gimmicks..just visual cues to help..wonderful..
Thank you, Abel Thomas
True that @Abel Thomas. Wonderful
80CCD - NPS
80D - Mediclaim Premium
80DD - Medical Expenditure for disabled member
80E - Repayment of education loan
Excellently presented.
No natak. No Drama.
Presenter - awesome.
Thanks!
80c section limit has to increase. Most of the finance experts are of opinion that 1.5L is very less.
I think atleast ELSS investment should be kept separate and limit should be at least 1L.
The fact that many kinds of investments are being stuffed into this section alone is a cruel trick by the policy makers.
Twitter trend before budget may help
govt will think how to increase theor gains.. so no govt will think about doing this.. instead they always think what new ways they can collect taxes
Sir, Nice session.
With due respect. you missed the few components
1. HRA
2. Interest paid on home loan
3. principal paid for first house bought
4. Additional NPS upto 10% of Basic pay
Watching this video in March. It will definitely help me to initiate tax planning from month of April itself for FY 21-22.
But in the end the total limit is 1.5l extendable to 50k via NPS right?
These all are commonly known deductions to all the tax payers, please do a video on how to build salary structure (componsation package) which will save maximum tax .
Dude you are so calm and explain so peacefully. You are the reason I downloaded ET money app. I’ve always been so confused with finances but when I listen to you, I feel so good and ready to learn more! Hats off.
Thanks
Can I adjust loss from trading in shares with profit in mutual funds? Please suggest
Thank you so much, it was helpful.😋
You're welcome 😊
One thing to note is even the interest from FD/RD is covered under section 80TTB (for senior citizens)
I was looking for this. I think video missed it.
thanks for the info👍
ia there any limit that I can show in HRA to my parents ?? provided its allowed as per my CTC ??
My father is a pensioner. He is not covered under any insurance, so can I claim medical expenditure spend for him while filing return ?
Whoever this guy is...he is a great explainer and has very good explanation style.
So nice of you
Sir Salary me jo TDS cut hota h use Save karne ke liye kya LIC me investment kar k TDS save kiya ja sakta h plzz bataye
Can an individual avail tax benefits under section 80C & 80 D together under a single ITR ?
What about tax savings from EV vehicle 80 EEB?
HRA bi 80c me aata hei kya? 1,50,000 ka bracket excluding HRA hei ya including. Plz batao
Clean and neat presentation. Well done 👏🏻👏🏻👏🏻
Thanks a lot 😊
What are best tax saving schemes for a person with salary upto 35000/month
@ETMONEY thank you so much for this simple video.
Glad it was helpful!
the video does not mentions the disability certificate requirement for 80DD
Excellent knowledge
So nice of you. Thanks!
Your skills of explanation are really nice 👌 sir
So nice of you. Thanks!
Simple and informative 👍👍no shouting... nothing.
Thanks a lot 😊
I’m a PSU employee and my parents is dependent on me and availing medical facilities provided by my company but my question is - can I avail tax benefit on any medical expense that is not claimed/ reimbursed from my company under section 80 D. Note - I have not any insurance for my parents but have some medical expenses that not comes under my company’s medical facilities.
Dear Dipak Singh: There was an article in the MInt which might be assistance to you www.livemint.com/money/personal-finance/medical-expenses-incurred-for-senior-citizen-parents-eligible-for-deduction-11593346995500.html
For health insurance, I paid premium for two years in 2019-20 as a single payment. Can I claim the entire premium for tax deduction this year? Or do I have to claim deduction for half the premium this year and half in next year?
Thank you very much for the knowledge provided, was not aware of 4 out of 5 points.👍
Most welcome
Nice explanation
Thanks for liking
Sir, kya hum FY.. 20-21 ka tax save Karne ke liye FY.. 21-22 me still koi investment Kar sakte hai .........before filling ITR?? for OLD TAX SCHEME
awesome explanation,. Is there any benefit for GrandFather (DadaJi) health Insurance if i am paying that amount.
Is axis blue-chip Direct MF qualify under 80c ?
Can you get tax deduction by investing in stock market?
Bravo....need your support on filing claim.
Can anyone say what is tax on non recurring earning mentioned in salary slip? Incentives are again getting taxed?
If we invest Directly in equity or bonds such as sgb can we avoid tax
Useful information.
Thank you.
Thanks
Please provide complete information related to important aspects, section 80D requires payment to be made by any other mode than cash. You might also add section 80DDB, payment for treatment of specified diseases.
I thought there will be some not known section.
But i think these deductions are generally known to every salaries employee
Agreed, but I would say most of salaried employees know these. There could be salaried people who file through their advisors and who see the things only during last quarter and run to their tax advisors.
Is Employers contribution to PF (along with Employees PF) also considered under Section 80C 1.5Lakh limit ?
Only employees share. Employer share no need to consider anywhere.
employers contribution to pf will be already excluded while calculating income.. so no need to take any deduction for it
Very good presentation
Thanks a lot 👍
To get benefitted from 80ccd(1b), I should invest 1.5lakh under 80c only in NPS ?? Or 80c 1.5 lakh can be including of other investmens like SSA, elss etc?
Such a well-researched and to-the-point video...!!!
Thanks
so max is 1.5+ 50k correct? any more possible other than sr citizen medicals. Something missing?
What is covered in medical expenses for handicapped, are medicines covered in medical expenses??
There are no options to cut Tax outgo unless govt LTCG, STCG or govt increasing slabs.
You are 💎 all your videos are very informative. Can you please upload video which covers life insurance and medical insurance additional to the corporate provided both insurances.🙏
Dear Sir - we have 7-8 videos on life and health insurance which are quite informative. Kindly type ETMONEY insurance in the UA-cam search bar. Am sure these will show up in the results. Thx!
Whether these rebate/deductions are admissible under new tax regime as per finance act 2020?
Hi,
No. All deductions and exemptions go away if you opt for the new tax regime
@@ETMONEY Does tax benefit of 50k on NPS also go away ?
Are koi single ka bhi toh batao, agar hum unmarried hai aur tax kaise bacha sakte hai insurance se
Get this guy to make more videos for you.
Sir agar SCSS,NSC,FD,RD,MIS,SAVING ACCOUNT IN in sabhi schemes me maniye ki total 10lakhs rs invest kiye hai to 80c to sirf 1.5 lakh rs k liye hi Hogi na ?? Aur Jo Baki Ka 8.5 lakh hai use ITR me kaise add karenge ?
Ques: My dad is a stroke patient, right sided complete paralysis & bed bound. Can I claim his bills of physiotherapy? Who will certify the disability?
Can we I get tax exemption on my 2 wheeler loan
Please make video on NPS investment on etmoney
Sure. Please do watch our "Everything about NPS" video too at ua-cam.com/video/H0452CXiUXc/v-deo.html
@@ETMONEY thank you so much 🙏
Sir employer contribution in also tax saving
Hi Sir,
My salary is 44 lakhs and not married.
I have HRA, LTA, food Voucher, car driver allowance, phone, broadband allowance, Home Loan, 80C, 80D, 80G, NPS. What else can I have to tax. As I end up paying 6 to 7 lakhs as tax
Is the 50,000 in nps is excess of 1,50,000? What I mean is, I need to invest 2,00,000 in nps right? Can I exhaust 80C with other options then only avail 80CCD 50,000 with nps?
Yes, you can. Try it on the ETMONEY app
Does tax benefit under 80CCD(2) is applicable when the Employer contribution towards NPS is not shown in Gross Salary. ?
If I have claimed full in 80 c for other investments/tuition fees, and invested only 50,000 in NPS, can I claim deduction for 50,000 in sec 80CCD?
Dear girishbabunaidu87: Please refer to our blog on the NPS taxes, that would resolve your query best. www.etmoney.com/blog/nps-tax-benefits-explained-in-4-points/
Yes, deduction under 80CCD (50,000/-) is over and above the 80C limit (1,50,000). I have been availimg this since 2015.
How to get maximum benefit of 24C and HRA at same time?
If my office is giving me medical insurance of upto 4 lacs. So, can I claim this under 80D as I'm paying premium from my salary to my employer, or do I need to take additional medi insurance of upto 25k to claim? Please clear my Doubt Sir.
you can claim that under 80D if the premium is getting deducted from your salary.
Excellent video...real insight into the facts...well spoken and presented..
Love the background music too 🙂
Thank you
Wonderfully explained! Great content and to the point #Nobullshit
Thank you!
Sir yadi senior cityzen depend hai to salaried person ko kya tax benifit hai
Please answer my following question,
if one of the parents is only senior citizen. Then 50k deduction is applicable?
What is the required age for man and woman for being a senior citizen?
Can anyone being in railway govt job invest in share market or not?plz reply.
Sir I have taken additonal mediacl insurance which provided by company for my mom and dad.... Should i assume that i will save my tax as well if company provided medical insurance
Other than 2 lakhs (50k by NPS + 1.5L by 80C), can I get 25k additional tax benefits on health insurance? , Means can I get tax Benefits on 2.25L or only on 2L?
Well explained
Sir
Can we claim disability benefits of 75,000 for self and dependent at same time
If I invest 1.5 lakh in tax saving mutual funds and additional 50k in NPS, will I get tax deduction on 50k invested in NPS?
PS - I am already an ET Money user and have made several investments in mutual funds.
Yes, you will.
Thanks Kunal Mathuria for your patronage & hope you are doing well. Yes, 50k under NPS is additional .. just ensure you are filing it under the right Section of the Income Tax Act. Do search for more videos on NPS on the ETMONEY channel that are currently live, they'll help you understand the concept clearer.
I have already a ppf a/c of rs 150000 yearly.Now how much amount can I invest in NPS to get NPS TIER 1 TAX Benefit.If I invest Rs 50000,can I get rs 10000 tax benefit in old slab(20%of rs 50000)
@royalnetwork yes u can
What about interest paid on House building Loan
I have already exhausted 1.5 lakh under 80C. Can I save another 15k through new NPS a/c under 80CCD by just investing 50K ?
Yes you can, considering you fall in the 30% tax bracket. Please do read the NPS guidelines - many people do not consider investing in the NPS worthy.
I only understood pathni pathni.. Can you please tell from the base
Aap sab ca ke paas jao na😅...hum ca karne wale students, ye vdeo understand krte hai tab tak👍
Thankyou
You’re welcome 😊
Please give me clarification regarding dependent of mental illness. Under this Can elder brother (age>30yrs) be added as dependent for claiming tax reduction?
Hello Team,
Under section 80DD , can I claim deduction on medicine bill and medical treatment expense incurred on My father who is disabled dependent senior citizen with half body paralysis?
Thanks in advance!
Dear Nitish Kholiya: Apologies, we haven't gone into the specifica of this and maybe a tax advisor can answer this best
Deduction u/s 80DD is allowed to individual or Huf for incurring medical expenses of a dependent. If dependant is senior citizen deduction shall be Rs 125000/- for disability of 80% or more and Rs 75000/- for disability 40% or more.
Good. Can you please do the same for NRIs
Sir, I am a railway employee, not getting HRA, Occupied govt alloted quater and rs. 300 deducted from my salary every month for house rent. Can i claim it in 80gg.
Deduction -the lowest of these will be considered as the deduction under this section-
(a) Rs 5,000 per month
(b) 25% of the total Income (excluding long-term capital gains, short-term capital gains under section 111A and Income under Section 115A or 115D and deductions under 80C to 80U. Also, income is before making a deduction under section 80GG).
(c) Actual rent less 10% of Income
Do take benefit of this section - provided all conditions have been fulfilled by you.
Please make a video of tax saving ways for senior citizens.
Thanks
What a add less and neat presentation
Thanks for presentation..Very informative and
We are glad it was helpful!
1 question sir if my 80C is already completed (150000) investment and I start investing 50000 in NPS then can I claim 80CCD(1B) benefit or not
Yes
@@umakanta7 thank you 🙏
HI 1. Can I claim my daughter's school fees for tax exemption ? 2. I have 3 kids , my younger daughter does not insurance cover provided my employer, can I take insurnace for her separately and does this provide me tax exemption ?
school tuition fees is exempted
school tuition fees is exempted
My 80C is covered.. And separately I am investing 30k per year in NPS.. Can I claim this amount in 80CCD?
I think yes. Upto 50,000 can be claimed seperately
brother , it would be very helpful if it's explained in English , couldn't get the exact jist
Thank you for detailed explanation ..
But why can’t we consider interest and principle for under construction property?
Thank you Ganesh Jadhav
Sir, my friend files tax thru CA who shows fake education loan & loss in property and reduces tax and Even ITR gets processed, how safe is to apply these, can IT dept cross verifies these claims later on?
Sir, You are so perfect Professional
Your explanation is too good as well as helpful.
Genuinely, You became my crush,
God Bless You.
Rent is also 80C and 80C investment limit is 1.5lac. example invested in PPF 1.5lac per year, Life insurance 20000 and house rent approved benefit is 50000. As all this come under 80C toh Tax benefit 1.5lac he milega ya total 1.5lac+ 20000+ 50000 ?
Hi,
Aap exemptions and deductions ko confuse kar rahe gain. HRA yaani rent paid Milli choot ek exemption hain aur yeh apko Section 80c kay bahar hain. PPF and Life insurance Section 80c main aati gain aur yaha limit 1.5 lakh hain.
@@ETMONEY ok toh HRA is excluded from 1.5lac 80C benefit. Thank u sir
@@dineshs3409 Your taxable income is computed after deducting the HRA component, which is independent of 80-C . This HRA component is usually computed based on difference between the HRA allowance and 10% of your basic salary (there are 3 computations and minimum of them will be taken as HRA exemption).
@@sourabhverma597 Bro I invest 1.5lac in a year which falls under 80C. So I will get 1.5 lac + house rent benefit also which is separate from 80C deduction right?
@@dineshs3409 Yes.. HRA tax exemption is separate from 80C . So, if you are already getting 1.5 L investment benefit from 80-C and your HRA tax exemption component is 50000 .. then your total deduction is 2 L .
Sir my mother is suffering from alzaemer . Can I claim deduction? . She has no disability certificate. Is it necessary.
Kindly check with your tax advisor or chartered accountant. They will help you better on this
Aapne jitne v bataein h sirf income from savings account chorke, sabhi to 150000 lakh ke limit me rakhna h.. Mtlb limit h 150000 ka, chapter v1 a ka dedn limit 150000 ka h, extra saving kaise hua phr
Sir my brother has 40% low vision can I claim his education expenses under 80DD
Please read up on Section 80DD in more details. The specifics are available on the Income Tax website. www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx
Sir if I have opted for both NPS and health insurance premium then what will be tax exemption limit?
How to evade tax?