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Best Tax Saving Guide | Complete tax planning for salaried persons | LLA
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- Опубліковано 15 сер 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? Exemptions for salaried employees? Deductions for salaried employees?
Chapters:
00:00 How to Save Tax for salaried persons?
00:53 Income Tax Deduction & Exemption
02:29 Old Tax Regime Vs New Tax Regime
04:04 Exemptions for salaried persons
05:20 HRA Tax Exemption
08:10 Leave travel Allowance Exemptions
09:47 Reimbursements
12:37 Deductions for salaried persons
12:58 80C Deduction
13:45 80CCD Deduction
14:33 80D Health Insurance
15:00 80EE Interest on home loan exemptions
16:30 Tax Calculation Example
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Tax Planning Guide #1: • 12 Lakh Salary, Zero T...
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VPF is one of best option I think
Value investor kese aapna tax bachae ??
Sir for business person examination and direction video
Video's seems good and interesting but I don't know hindi bro, I am from south India. So Can you do video's in english or with subtitles.
@Labour Law Advisor. I have a different scenario. Let's say I stayed in home(non metro) with parents for 6 months and later shifted to city and stayed there for other 6 months. Can I apply for hra for 2 houses now? In video you told you can't apply for hra when you stay in 2 houses parallallely.
Thank you
after 10+2 Income tax should be a compulsory cource in ever educational institution as the Student enter into market.
How will government suck ur money then!! 😂
Taxation is mandatory in commerce graduation
Ham kya kare fir? Job chod de?😅
@@abhishekcpadwal1989Yes, But this subject should be common for all.
waise bhi Gov sirf Commerce students se thodi hi leti hai tax.😂
aur ha Commerce wale bhi CA se karwate hai 😂
An employee's contribution to provident fund (PF) is considered as part of Section 80C of the Income Tax Act. So for 12 lac income we can consider PF will be 40 to 50k year. It means we can only save 1 lac on 80C in ELSS. I think you missed this one. Great video.
it depends, In many companies, you have option to chose the amount of PF. So lets say you chose to pay only 1400 / month as PF than it will be around 16-17k year in PF .
@@shivanshsrivastava6280 It can't be less than 1800 /-. In my company it's like this. Even though Basis is more..
@@shivanshsrivastava6280 you cannot reduce the amount i guess. You can only increase the contribution. As per govt rules, 24% of your basic should go to PF (12+12).
No 10% from each is mandatory.
and in central govt it's 10 + 14%
you can only increase it.
I think
12% from employee and 3.41% minimum is mandatory from employeer
Video dekhne ke baad payslip dekha maine apna.. Jitna sab apne bataya yeh log already de hi rahe hai.. itna breakout sirf shortcut mein padha hai aaj saara matlab samhaj agaya.. Corporates bahut smart hai apni tax saving mein humme bhi khush kardete hai breakdowns ke naam par..Kudos for your work 🤘🏻
SUBSCRIBED ♥️
Agricultural income is exempt from income tax, but there is a concept called "the partial integration of agricultural income with non-agricultural income" if certain criterion satisfied. Here, your example attract this calculation.
Agricultural income upto 5000 exempt hai
@@the_hemant376 Yes..
First 2 minutes into the video and i can already see massive value. Keep up with the content folks!
fooling people by showing "0" tax in the thumbnail of this video
At 17:19 they give am example where it's possible. Sure, it's not a very likely situation but it's not an attempt to fool. Clickbait? Maybe.
At least u should acknowledge this channel efforts in educating people.
Don’t jump to conclusions
@@diggajsharma8649 education should be provided with the right information.
This is how coaching center's advertise.
I am not against the content.
That's absolutely useful .
But the "0" tax paid advertisement is false marketing just to attract views.
@@mridul6574 I agree to that.
If he pays 300000 as rent and need to pay EMI for home loan think about his condition 😅 ..
And rent he gets is also taxable right ?
We can save tax a little govt is not that flexible.
Can't make it 0 just like that .
Boss... Maza aa gaya... Last line apki bdiya lgi ki sikhne ka interest h... Thanks for such a beautiful knowledge with easy examples.... U r best
12 Lakhs to 15 lakhs income is not heavy in india as per current market situation but government is imposing too high income tax on employee.
You do your hard work and government will come to sneach from you
30 percent tax this is huge
M apka tax save kra dunga, We are providing free tax saving consultancy in which we help you to save your tax. If you need help regarding tax saving and filing your ITR you can contact us. contact number is shown in description and DP.
I wish this video was available when I started my job. This is pure gold!❤️
Where u work & with whom??
@@signerai03 I work with a digital marketing startup company.
This is the most basic things to know abt taxation.. Nothing great explained here... If u did not know this.. Doesn't make it oire gold.. Makes u an fool who is ignorant of necessary things to know
@@karanrathod640 Just an FYI, I already know most of the concepts explained here. But majority of the people who start their jobs don't know. I hope you read my comment from the beginning (although I doubt that). Also you calling people "fool" in the comments doesn't make you the wise one :)
I on implying that people who donot equip themselves with basics of money management & tax planning are fools is an exclusive point to me claiming to be wise.
But ur comment - which FYI i read 2wice as i cudnt believe myself seeing some1 openely admitting to being ignorant to basic money management skills - is to point out the fact that self home-work is paramount while beginning to. Earn! So stop treating this as GOLD when this shud have been basic
What a progress by mandip.. from fitness trainer to business partner 😂
❤️❤️💪
@@LabourLawAdvisor Do we consider PF CONTRIBUTION OF EMPLOYER in gross total income during tax computation?
For eg,
Gross salary = 508867
Interest on employee PF = 628
Interest on employer PF= 287
Employer contribution to PF = 9977
So for the above case, do we calculate total gross income as the sum of all the the above?
Means,
GROSS TOTAL INCOME =
508867 + 9977 + 628 + 287 = 519759
Is this the gross total income from which we have to deduct the deductions ?
Zinke pass samjhdari aur samjhane ke tarika hota hain vo kuch v achieve kar sakte hain...
Mai to student who bar aapane bahut acche se samjhe hai kuchh samajh mein nahin a raha tha per mere ko bahut beneficial Laga
4:36 was the besttttt part. Bought smile to my face. lol
In HRA component metro cities are Mumbai, Delhi , Chennai & Kolkata rest all are considered Non Metro , People usually get confused sometimes considering big cities like Bangalore & Hyderabad etc as metro cities :)
Nope. Metros are classified as per census 2011. There are many more metros.
@@MINATOYELLOWFLSH2005 For your Information Mr Anoop the metro cities which are seen under HRA are according to Income tax act, for more information on the same please refer to the stated article { House Rent Allowance (Sec. 10(13A) & Rule 2A)} of the income tax act, Thanks for your comment :)
@@abhishekchauhan7863 ok. Thanks.
also wfh helps 😅
CAN WE CLAIM 3 lac HRA IN NON METRO? IF YES, LANDLORD HAS NO PANCARD THEN HOW WE CLAIM?
Good video Rishabh (not Mandeep) but what we simply ignore to tell in these cases is at the end, while Tax Paid is Zero, the actual In-Hand salary for their personal expenses comes to only ₹38,333. Paying 2 Lakh Interest an year will usually mean a very high loan and which will not be recommended for someone at 12lpa salary. Lastly the HRA being paid is 3Lakh. So basically almost 50% of salary is on Rent and Home Loan.
Not really a good position that this person is in, as per my view. 🙏
Well said! that's why I told that loan should not be taken just to save taxes. Also you will come across many such cases where both husband and wife are working, there one person can pay rent and interst to.save taxes to maximum limit.
PS : My name is Rishabh, Mandeep is other one :)
@@LabourLawAdvisor Yups agree with that and corrected your name as well.
What mesemerises me is that very simple fundas are not known to our people and which is why people focus towards earning more and not on saving or better still saving at the right places.
Keep up the great work!👍
@@EveryPaisaMatters I ALSO AGREE with you.....the structure shown in the video is really aggressive and leaves a very little amount towards saving and investment purposes.....
I think if we live with our parents then we can make rent agreement on thier name, so now indirectly amount you pay for household activity is getting benefited as HRA(only if u live with parents in house) . Correct me if i m wrong
@@adityasrivastava6235 This is correct.
No words! explained well! ⚡⚡⚡🫡🫡🫡 keep growing sir... 🥰
Kya khoob tarikese samzhaya hai. Thank you for all your work.
6:23 HRA me only basic salary ka 40/50% ni lete...
Salary= Basic + DA(in terms) + T/O Commision
And one can either claim HRA or Home Loan interest and not both
@@manasikhanolkar8685 i think we can claim both.
@@manasikhanolkar8685 only one a acccording to me
@@manasikhanolkar8685 You can claim both if your loaned apartment is more than 30kms away from your workplace.
Both can be taken if u are living in city and home loan taken for construction of House
I wish we had you when we started our career back in 2011
Yep true.. 🤦🏻♂️🤦🏻♂️
He was not know about tax back in 2011
Same feeling
Good video. One question - @Labour Law Advisor You didn't consider DA (Dearness Allowance) which will also be used in calculating HRA. All the formula where Basic pay is used , it will become (Basic + Dearness Allowance)
Turnover commission is considered along with basic and DA (in terms), but he didn't considered that.
Labour law advisor,
you have misse done component, Rent - If you do not provide PAN number of your house owner then rent will be taken as 8100 pm, even though you may live in metro and rent you pay rs.20000/-
80EE deduction allowed only when the loan is sanctioned between 1/4/16 to 31/3/17 (Max deduction 50,000).
Section 80EEA helps first-time homebuyers to save an additional Rs 1.50 lakhs per year against the home loan interest payments or the purchase of housing units worth up to Rs 45 lakhs only when the loan is sanctioned between 1/4/19 to 31/3/21 (Max deduction 1.5 lakhs)
Both the deduction are over and above the Rs 2 lakh deduction limit allowed under Section 24 (b) which means your interest should more than 2 Lakhs in order to claim interest as deduction under these sections.
Hi, in the last example for 12 LPA package, I see you have exempted HRA first and also home loan interest. I think its not that simple. If you are paying home loan, then you might be staying or renting it out. 1.If you are staying, you can't claim HRA 2. If you renting it out, then you have to declare the rent received as income.
PS: Chances of buying a home and not renting it out and staying somewhere else by paying rent are odd.
There are cases where this stands valid. When you have a home loan in city A. But working and have rented house in City B. You can have exemption on both at the same time. BTW, it is no mandate to rent your own house if not self occupied.
@@vibhutidevadhara6856 I think even if your house is not let out still it will be deemed to be let out and you will have to show deemed rent income
A case could be when you pay home loan from the start but for the first few years ypu have not yet recived the posession of house
@@vibhutidevadhara6856 there can be a case where in the new home parents are staying and I'm working somewhere so I have to be in rented house.. in other city.. or maybe in same city in different area or near to office.
I am living in own house(with home loan) and I show both home loan and HRA for tax saving.it is possible..
80C LIMIT: 1.5PL -
FOR PF (EPF +PPF).
so, if ER epf contribution 50k, you can pay, PPF - 1L. so total 1.5L 80C contribution.
But, talking about just PPF, ppf limit is also 1.5L/financial year.
so even if your 80C limit reached when you pay 1L in ppf, you can still pay additional amount (50k here), so as to match PPF limit.
benefits: PPF is EEE.
I have a query, How do we decide the tax slab we fall into?
For example: My net taxable income after exemptions (HRA - 40% of basic + Conveyance allowance - ₹19,200) and deductions is ₹5,15,000.
Method 1:
1. 0 - ₹2,50,000 - 0% (First ₹2,50,000)
2. ₹2,50,001 - ₹3,00,000 - 5% (₹49,999) = ₹2,499.95
3. ₹3,00,001 - ₹5,00,000 - 5% (₹1,99,999) = ₹9,999.95
4. ₹5,00,001 - ₹10,00,000 - 20%(₹15,002) = ₹3,000.4
Tax to be paid = ₹2,499.95 + ₹9,999.95 + ₹3,000.4 = ₹15,500.3
Total tax after tax rebate of ₹12,500 = ₹15,500.3 - ₹12,500 = ₹3000.3
Method 2:
1. 0 - ₹2,50,000 - 0% (First ₹2,50,000)
2. ₹2,50,001 - ₹3,00,000 - 5% (₹2,65,000) = ₹13,250
Tax to be paid = ₹13,250
Total tax after tax rebate of ₹12,500 = ₹13,250 - ₹12,500 = ₹750
Method 3: (Seems pretty illogical because defies the Rebate of ₹12,500 Under section 87A)
As the net taxable income is ₹5,15,000 fall into the slab of ₹5,00,001 - ₹10,00,000 (20%)
Tax to be paid = ₹5,15,000 * 20% = ₹1,03,000
Total tax after tax rebate of ₹12,500 = ₹1,03,000 - ₹12,500 = ₹90,500
Which method is correct? I have always been confused between Method 1 & Method 2.
I think no company will allow you to claim HRA and as well as 80EE interest on home loan.
If your salary is 12L, HRA will be max 1.2L not 3L.
Children education tution fee will be considered under 80C only .There is no separate exemption for that.
Right..Just for views . they are misguiding people.
truee we can't claim that much HRA
Your home loan is for a flat in Kochi and you are living and working in Bangalore. Such scenario u can claimHRA and loan interest
In 80D, you can also claim the Medical checkup bill of 25000. If your employer is not allowing, then you can file your return the same
No need any proof??
@@bhuvieswari4505 u have to keep proof with urself. If asked by department, u need to givd
HRA will not be exempted for the full amount, that you have mentioned. It covers mostly around 50% of what you have declared.
At the end of video,
HRA amount is highly inflated (40-50% of basic salary, basic is effectively about 45% of your fixed pay)
Reimbursement is not part of your CTC anyways and they are not your earnings
For claiming 2 Lacs as interest for home loan (loss in house property), what will be his EMI ? Will he be able to manage it with a salary of 12 Lacs? Should he take such a big home loan with this salary ? As per your other video, EMI's shouldn't be more than 30 % of his total earnings? Isn't this flawed financial planning then? :)
exactly
It is an unrealistic example, don't even bother worrying about it. Who claims HRA 3laksh and buys a house of 2laks EMI loan...lol!!??
Why do you think 2lac tax exemption on Home.loan is not possible??? If someone has taken 26lac loan for 20 years in pre covid time at around 8% his EMI would be around 22k/monthly. However after that if he is still staying at rented house that would be unfortunate.
In 12 lac one would not like to pay 3lac for HRA (unless he is paying that to his parents) and 2.6 lac for home loan.
@@manikantaraju9137 possible if he has bought home in another city (under construction still) and stays in parents home... however in normal circumstances people generally claim just one.
Dislike kro vidoe aur agye bado. Ye C** UA-cam click bait banate h bus. Indirectly agar 12lakh pe 0 tax dena hai to full khol krna hoga.
Big hole in the calculation
1. Cant claim HRA and interest on HL. Exception only if the houses are in a different city
2. To claim HRA of 3 lakhs, we need to pay a rent of atleast 30 k. With a CTC of 12 lakhs, your take hom eis around 80k. Paying 30k from this in rent is a bad financial decision
But good point that you covered salary restructuon whcih not a lot of people talk about
Paying 30K as rent out of in hand salary of say, around 90K is very common in Mumbai. 30K is minimum in Mumbai for dwelling in a decent society... Salaried class in India are a dead class..
Farm income is not exempted but taken at rate purpose. Tax on (all sources+ Farm Income) - tax on (IT exemption limit+ Farm Income) . The difference is payable as Tax.
I have 2 questions, please clarify.
1- Reimbursements section/component are not available in "Income Tax Declaration" form of the company I work for but certain components (ex: Internet) we reimburse monthly. How do I include them under "Exemptions"? Is it possible?
2- 80D - Medical Insurance premium is paid by company itself to an employee (I do not pay any premium for self). Can I still claim this as "Deductions"? If yes, how??
NOPE BCZ it's already exempt .
Medical insurance premium paid by company are not include in your taxable salary
Watching this video for the 5th time, and still getting to learn something new.
@@ryanimpossible4985 You are jerk?
Income Tax Department wants to know your location😂😂😂😆😂😀
:)
No use....since he did #TaxPlanning and not #TaxEvasion..
@@RaviSingh-yk9yc You need to do some work ,go and read the defination of tax evasion and tax planning and understand ....
@@jayantjaiswal7390 suppose any person earn income 1 crore and his / her net tax payable is nil this is tax planning wow...
@@RaviSingh-yk9yc come on man grow up don't comment like a kid.....
The salary structure were discussing over here is 12 lakhs.....with which it is possible...if you can understand this,, discussion ends if not
Then showcase your stupidity........
बहुत अच्छी जानकारी सर जी, आप वास्तव में एक अच्छे सलाहकार हैं THANKS
Any sum received by Partner as salary, remuneration or by whatever name called from Partnership Firm is exempt only upto the extent allowed as deduction to the firm u/s 40(a)(b). So whole of such amount isn’t exempt.
One of the best UA-cam channels. Thanks for putting those efforts out there sharing the knowledge and saving some of our hard earned bucks :)
Thank you LLA!
Could you please make a detailed video on how one can claim HRA exemption like rent agreement format, e-stamping, notary, generating rent receipts, etc. Especially for an employee working from home and going to claim HRA for the first time. New legal online method to do this will be really helpful for most of us.
It's doesn't matter, whether u r using office or home for HRA claim. If u r residing in a rented house, then u just put rent receipts stamped with 1/- treasure ticket n cross signed, submit to ur employer. It also doesn't matter, how much u are paying for rent annually, there is a formula under which calculatuins done, finally u get exemptions upto a certain limit, even u are paying rent higher than this amount.
@@hemantpandey2366 How come he is deducting HRA of 3 lakhs then?
@@gauravkumar-uq5uw hra k liye owner ka pan card dena padta hai na?
@@sandeep6750 if rent is greater than 8333 /m or more than 1 lakh /anumn
@@hemantpandey2366 what if i'm living with my parents and not paying any rent? How will my employer deduct HRA?
Actually, 6:45 ...
HRA is not just calculated out of basic...
It's calculated out of (Basic + DA) - say AA
HRA can be 40% of AA
Or hra can be... (Rent) - (10% of AA)
Minimum of these can be the HRA...
U missed out the Basic + DA part
Thanks a lot team LLA, answered many queries which generally HR simply say it's for employee benefit and does not disclose actually how. Thanks again 🙏
I also see lot of comments where people getting confused, for them ~ this is just a quick video and LLA cannot discuss entire Income Tax subject in minutes of time. Please refer to links shared and then make your calculations. If some of you are really tallented then please guide others don't just add me o further confusion. Thanks all
If you have an agricultural income along with any other income you have to aggregate such income is chargeable to tax.
Refer section 10(1) of income tax act
Sahi bolu iss sir ko tax ki complete knowledge nahi bus ese hi muh utha ke har baar video bna dete hai. Mostly ye logo ko Misguide karte hai
THANKS , YOUR VOICE GOT WEIGHT & THAT MIDAAS TOUCH USE YOUR VOICE FOR DUBBING HOLLYWOOD MOVIES IN HINDI YOU HAD GOT LEADER VOICE THNAKS AGAIN
probably exemption for HRA is 50% of basic +DA, not only basic. I know it is a really complicated subject to discuss on but these things matter a lot for viewers.
ALL THE BEST to LLA for more growth>
Everything you explained regarding employee salary structure for maximizing tax saving is correct however this comes which the assumption that your employer has designed the salary structure keeping in mind it benefit their employee. But how many private companies do incorporate this practically. Most HRs don't have that much Financial Knowledge and also are fearful that this might be a threat to their jobs incase they propose something out of the box to their superiors. My friend, reality is far much different.
You teach so well, man. Better than any professor I had in school or college.
Because we don't focus on school book.
And for your information school books teach only terminology they don't teach current policy.
It is not taught in schools, it is taught in professional courses like ca intermediate level paper 4
During the lockdown, I made a rent agreement between me and my mom and took full benefit of HRA.
Paying rent to our parents is completely Legal ( Provided that your parents are showing that rental income in their ITR)
Is parent have to file itr if rent amount shown is annually 96000.?
@@MayurK-ko9st If you want to claim 96000₹ via employer then you don't need to provide PAN number to your employer.
In that case you can mention any dummy name as Landlord's name
On the other hand if you still want to pay rent to your mother then you don't need to provide your mother's PAN number to your employer ( iff rent < 1 lacs) and then you may or may not show that income in ITR of your mom
@Pritesh can we do this agreement in online? And from where you got the rent receipt?
@@tamalkantide402 As long as your employer accepts that, you can do it from anywhere. Rent receipts templates can be found anywhere.. just google it
@@charlieoocharlie9466 India's IT dept says payment of rent to parents is absolutely legal (has always been since independence). Google it. Your office HR might have also advised you during HR meetings.
Excellent sir, you have a good voice quality and knowledge too.
Thanks to Rishabh bhaiya and Mandeep bhaiya. Aap ke videos bahut useful hain . aap ke videos dekh ke ye dil se feel hota hain ki Technology is boon for us ,particullary for me its. Honestly I avoid to comment on anything but aapke,Pranjal bhaiya ke ,Dhruv bhai ,Neeraj bhaiya ....ke video dekh ke aap logo se grateful feel react kiya bina reh nhi paata. from the bottom of My heart THANK YOU VERY MUCH TO YOU ALL for immence contribution towards my knowledge which make to my life as easy as possible and give feel of boon of born in Technology Time. once again THANK YOU VERY VERY MUCH.
Very useful video for salaried in pvt sector. Great job. One observation. My understanding is that interest on SB account balance is exempt upto Rs.10000/-. If I have SB int of Rs.2500 & FD int of Rs.7500, then exemption can be claimed only for Rs.2500. Pl correct me if this is wrong.
Yes
Separate expemtion for saving interest and fd interest.
10 k in savings
And 50k in fd interest income
For non senior citizen the exemption is only for an acnt interest not the FD interest and that too upto 10k
Succinct and lucid illustrations buddy, good luck with everything ❤️ way to go!
Thank you :)
I am the new for declaring TAX
There are two below option which option need to select:
with exemptions /deductions or with exemptions /deductions
Old regime is better, M apka tax save kra dunga, We are providing free tax saving consultancy in which we help you to save your tax. If you need help regarding tax saving and filing your ITR you can contact us. contact number is shown in description and DP.
can we take Office table and chair and reimbursements ? if yes then under which section in ITR we can claim it and what is the limit ?
To add to mentioned list, one can also ask employer to contribute upto 10% of basic as employer contribution to NPS, which is again tax free.(over and above 50k and 1.5L) If we go for aggresive NPS plans (higher equity share), we can expect 10%-12% tax free annual returns, (ie, you save 30% tax today as well as 30% saving on capital gain part during retirement (except for annuity part)
@labour law advisor: Please correct me if wrong.
Good point
Only problem with this investment is lock-in period till age of 60. Which might not be preferred for most of individuals.
It's pretty bad to invest in nps right now. Insane lock in period plus the elss option even with 1.5l vs 2l difference easily outpeforms the nps in the long run
@@iamrobot396 what do u mean 1.5 l vs 2 l. Can you explain
But can we claim HRA and home rent interest at same time? Also about the max limit of HRA, is it possible to claim HRA of 300000?
Firstly thanks a lot to share such valuable knowledge it helps a lot just one concern you said in 80tta we get deductions on fd interest which i dont think is correct.We only get deductions on savings bank interest .
Sir, Interest on Home Loan is an "Exemption" and will come under section 24 and is exempted upto Rs. 2 Lakhs. Any Loan Interest under 80EE comes "Deduction" and is applicable only if the home loan is less than Rs. 35 Lakhs and Stamped value of the home is less than Rs. 45 Lakhs. Under 80EE deduction can upto Rs. 1.5 Lakhs (additional to Rs. 2 lakhs under section 24)........Kindly correct if I am wrong....thank you....very informative video btw.
Hi Rishabh,
For a salary between 13 to 15 LPA, can we save complete tax, need to understand in detail
Please convey this info.
You cannot claim interest on housing loan and hra exemption in same city...
You can claim
I think, one can claim when the house in under construction and person is residing in a rented house, even both may be in the same city.
You're the savior for salaried people. Thanks a lot . God bless
80CCD - best option hai bhai...30% yearly save hota hai on invested amount+ contribution goes to Equity+debt..its a no brainer
Very good video, concise but informative. Thanks a lot !
One of the best video I have seen on Tax Saving... Very well utilized 19 mins...Keep up the same work bro!!
Sir explained all features and techniques nicely... But also make a video if someone has 55L salry and what are all best way to save taxes... In new regim and old...
Thoda sa hypothetical sutuation hai..3 lakhs hra k kar raha hai..aur 2 lakh ka home loan k bh claim..aisa nahi hota hai generally..generally u buy home to live..25000 per month rent mein h chala jaaye toh kya bachega 75000 ..5 lakh toh aise h kharch ho gya..tob bachega kya..in hand income h zero ho jaaye foh tax bhi zero h hoga..🤣😂
"Legally kaisa bacha sakte h" "HRA kitna daal skte h" don't seem to go together. Isn't hra how much rent we "actually" pay instead how much we can optimally show?
I was totally under this impression, and after calculations, I will make sure not to remember this part
You can define your own salary structure - CTC mein basic kitna rakhna hai, HRA and baaki kitna rakhna hai yeh choice employees ko deti hai kaafi companies. "Annual rent paid" mein actual asli rent paid daalna hota hai. HRA and Annual rent paid are teo completely different things.
I think he means to say "Rent kitna daal skts h", in final part he said HRA exemption as 3,00,000 rupees. I dont think we can use whole if our house rent paid is just 1,00,000 and remaining 2,00,000 is taxable right?
@@saivivek9825 300000 is not a fixed criteria
There are 3 types of calculation for this and higher among them is considered
It all depends on hra received, rent paid, basic +DA
This video is extremely informative and helps us plan and understand the major components that are included in tax savings and planning. Thank you! ☺️
Kahan extremely informative hai...sirf attentation grabing headlines daal k 15 mint waste kr di...12 lakh pe tax dena hi pdega
@@sonitlohan sahi bola bhai.
Itna perfect aur accurate deduction lena bahut mushkil hai.
1200000 ki salary pe poora 200000 home loan interest claim kar liya, ab zabardasti loan le kya ye claim karne,
Could provide with better advice. How are you considering him informative? He's just fooling around. It's hard to believe how did he get so many likes. Does he pay for it and also for positive comment like yours?
@@sandeep6750 what if i live in my home and not rented house. can i claim HRA in this case?
This is not informative. This is something what an 18 yr old who has just started studying income tax will tell you too.
These details are good but I also would want to know your biased opinions on practicality of these things,
Since you have so much knowledge and experience your biased opinions has a lot of value
Thank you so much for your explanation! You made it easy to understand this topic 👍
Really helpful. Thanks alot sir. Gained ample of knowledge from this channel.
Good video just two technical correction 1) HRA section is 10(13A) not 10-13A. 2) Deductions are given in Chapter VI-A not chapter VI.(Chapter VI deals with set off and carry forward of losses)
tu gltiya dhoond baith ke bs
income tax ki book ki link do na plz 🙏
Very very helpful sir,
बहुत ही साधारण language मे समजाया🙏
Very good vedio informing to manage income tax by investment and arranging HRA, STANDARD DEDUCTION, CHILDREN'S FEES, LTC if total income exceeds Rs. 10 lacs.
Great explanation. Can you also make video on ESPP, RSU, ESOP gains and how are they taxed in india if they are listed outside Indian stock exchange.
Sir make, " Complete Tax saving for Rental income only " Say 15 - 20 lakhs/yr..
Just one thing, which i want to clarify....
You spoke about deductions....Interest deductions.
Interest from FD also comes under this head ? Want to be sure.
Please please reply to this......
AM A BIG FAN OF YOUR CHANNEL
U guys nailed it, I love your content keep growing and inform us ❤️✌️
You are claiming HRA and home loan interest deduction together.... Is it possible are u sure?
Usually not possible until unless you have your own home in different city and working on some other city, so you may have to claim HRA together with Home loan interest and principal deduction.
@@shivakumarshiva0010131 In same city as well it is possible like in big cities like Mumbai you have home at a place which is away from your office so you decide to stay rented near to office, which is genuine case, however to claim home loan principal you need to have own property as self occupied and not let out. Govt has updated in 2019-20 that you can have 2 self occupied properties so it is possible.
rare but possible
I was never into economics.......until see this....... You made it so understandable...... Just one word.....OP
Bro still u r not into economics. This is taxation and not economics.
bro .. there is nothing new in this video.. these all claims and deductions company will do for you through there portal if you regularly claim in that.. also logic is you have to spend to get get tax benefit.. in some cases its just better to pay little tax .. and have more income in hand .. like hra LTA
Just want to correct that section 10(14) is not for children education allowance and hostel allowance, both comes under 80C
Savings ~ from bank is a deduction but it also a income under other sources. Nothing to do with Employment. Meet the professionals (including friends) before filing ITR
I have recently changed my job. As part of my CTC there is a component of Leave Accruals, which gets deducted from my monthly salary and is a substantial component. Can this be claimed as deductions from CTC for tax saving benefits?
Loved this video so much Sir
The editing is next level please bring more videos like this😍🔥🔥.
Thank you :)
Excellent information in simple and short video..Thanks 🙏
Thanks for the video. Really good one. Knowledge enhancer..
I have a question: can we claim/show the medical premium (while filling ITR) deducted by the employer? which employer have shown under CTC.
The one who deducted it can claim it, if employer is deductor, employer can claim! If employee is deductor, employee can claim!
In HRA you said that 50%/40% of basic but the right treatment is 50%/40% of salary which includes (basic salary + DA(in terms) + turnover commission)
yea
Sir, Can you please make a video or give us any calculation for a higher income salary person? How a person can save maximum whose income is more than 20LPA?
its better you hire a CA to do the best tax planning for yourself.
in most of the cases people who have taken home loan (self occupied property) will not be able to claim HRA because they are not staying rented. It is very rare that people have self occupied property as well as staying rented. These 2 are the major components in the example in the video. If you remove any one of them from the example then it's not the same tax liability.
in practical for 12 lakh salary the tax will be huge
how we can claim HRA and Home Loan interest both at same time in last example you mentioned? It's not possible.
Following
Possible if home owned is not in the same city as job
I think HRA part is wrong. For 3 lakh HRA exemption you need to pay more rent.
M apka tax save kra dunga, We are providing free tax saving consultancy in which we help you to save your tax. If you need help regarding tax saving and filing your ITR you can contact us. contact number is shown in description and DP.
Thankyou so much for this video. Many talk about this topic. But this is a complete guide as it says🔥
Maximum deduction 1.5 L nahi hoti? 50k standard + 150k. How are going beyond 200k in Deductions? Please explain.
Sirf 80C section se 1.5L max deduct hota hai.
Iske ilawa aur bhi sections hai like 80D, 80CCCD jisse aur deductions le sakte hai.
Aur yeh deductions, exemptions ke baad hai
@@mixingitup7653 exemption kya hota hai
Thanks Sir for all the knowledge sharing. Specially middle class people lack clarity on what is Investing. And you have brought lot of clarity in peoples mindset.
My question is,
1. Is there any way for tax harvesting for only SIP investors because the ones you explained works for sumsum in my opinion?
2. Suppose i invest in Quant Active mutual fund, Do they keep changing companies present in this fund and invest in them based on assessing the current market situation every other day Or They stick with them forever Or They change after longterm(>5 years)
Thank you again!
Sir, science ke students hai hum, samjh mai nahi aati ye sari chize ek baar mai, but 5,6 video alag time pe dekhne par samjh jata hai thoda thoda 😂
Example me standard deduction minus krna bhul gye sir ji
Well structured and complete help from LLA ...Hope you keep doing this every year based on changing govt norms
Great Video, Just one question i.e. I know , we can show more rent paid to get more exemption but how one can change basic salary to get more exemption that you have mentioned in HRA tax exemption on excel sheet?
In tax calculation example you said HRA claimed is 3lakh which per month would be 25k which is rare. Even on deductions you said interest on home loan as 2lakh which is not the case for many people.
How to save tax without a home loan and living in parent's home (no HRA)?
Is salary structure (Basic & HRA components) something that employee can decide?
In many MNCs yes, you can try for your company too
You compared ppf to equity/debt and concluded that they ultimately give the same benefits. It was, the least to say, very wrong given the fact that LTCG on equity is tax free till 1 lac and lock in is way less too. In debt, yes the returns are less but they are preferred for liquidity and not for tax savings.
Yes u r right . PPF is more preferred for secured investment
very useful video.. but very useless govt.. its high time that tax exemption limit should be increased atleast by 50%