Hi bro, I don’t have knowledge on income tax, can you please make a video from starting to ending. For example, Financial year , assessment year , form 16 and declaration and what is declaration and what is ITR and how to fill the ITR like the steps and all bro.
Financial year is nothing but your preceding year where you have earn income that is salary, rental income, Capital gain, Business income, other sources during a that year. Assesment year: It is nothing but the amount what you have earned from preceding year that should be file this or current year. Example Preceding year 2021-22 Financial year Current year 2022-23 Assesment year.
Declarations is nothing but your savings and investment,premium paid in insurance, loans taken from financial institutions like home loan, education loan, rather than personal loan, vehicle loan, but EV vehicle gives you tax benifit under sec 80 EEB is also consider submitted to your employer to avoid tax burden. Just it is tax planning to avoid TDS.
100000 is fully Exempted under sec 80 C and it gives you good return on investment also it is EEE benefit is giving no tax payable when u earn interest on that investment
Under 80 C PPF, EPF, GPF, ELSS,tuition fee, housing loan pricipal, 5 years lock in FD, SCSS,LIC = this all investment total but maximum limit is 150000 that's it.
If I invest in elss through sip mode ,whole amount of sip will done in that year do I need to delcare initially in tax declaration to avoid tds every month
Great information bro. ..I have one doubt present my package is 7lakhs , now I'm pay home mortgage loan 32300. ..so nenu ippudu nenu tax pay cheyala leda koncham chepadi bro please
Then go with new tax regime when your income is more than 8.5 lakhs because tax slabs is less when compared to old tax Upto 2.5 no tax 2.5 to 5 =12500 5 to 7.5= 50000 7.5 to 10 lakhs=15000 Add: 12500+50000+15000= 77500 When you choose old slab Upto 2.5 no tax 2.5 to 5 lakh 12500 5 to 10 lakh = 850000-500000= 350000×20%= 70000 Add: 12500+70000= 82500 It will helps to save nearly 5000 saves you.
Hi , Nenu proof submission- HRA lo 12bb lo wrong house number wrong vachindi (april-2021 nuchi Feb -2022 varuku and March ki emo correct vachindi) and rental slip emo March address tho untundhi . Adhi nenu chusukokunda submit chesesa.. ipud change cheyadaniki untunda or okavela verification chesi risk chese issue chesey chance untunda ?? Please help cheyandi
Very useful information 👍 But I have one doubt andi.. Naku 7lpa osthundhi.. nenu oka house plot kondham anukuntunnanu.. dhaniki loan kuda approve avthundhi.. so if I choose to pay 45k per month towards that loan, Nenu ela save cheskovachu tax nunchi? Old regime E better antaraa? Could you explain please?
HRA-3 lakh+section 80c (1.5lakh)+nps(50k)+section 80d(50k)+standard deduction(50k)= total 6 lakh so if person has 18laks per anum he still only claim 6 lakhs can tell any solution to save tax
Standard deduction 50000, NPS contribution by employer 50000, intt on housing loan 50000, Intt on electric vehicle loan 150000, intt on education loan no limit, 80 G donation no limit, 80 DD medical treatment for depends with disablity 75000, 80TTA 10000,
Hai bro my package 7LPA.I am joining this company 5months completed. Next month ki Naku income tax cut avutundha cheppandi cut avuthe entha cut avutundi
Which loan only home loans anthe allowed has deduction personal loan is not considered under IT of 1961. But owner is not others you only the owner of the property, Lethouse property undali otherwise no way.
Hi Anna, In My TDS, if I choose old regime it shows 75k as the Tax and If I choose new Regime it shows 65k as the tax.... Is it ok to choose new Regime ???? and will there be any proofs to be submitted later ?.............. pls reply anna
@@saikrishnaboosa2303 Thanks But if suppose I got deducted let say 15K in June and still 12K as monthly 2K getting deducted Do I need to wait until next financial year to claim this and also to change regime ?
@@santusantosh4053 S Mr. Santu For the income earned in FY 2020-21 u have to file your ITR with in 31.12.2021 so till that time u may choose whichever regime beneficial to you. After filing ITR only u will get the refund ( if excess tds made).
anna naaku two savings accounts vunnai nenu ippudi oka 5 k 1st account nundi 2nd account ki pampa, malli ave 5k 2nd account nundi 1st account ki pampa ala oka 10 times ave 5k naa account nundi naa account ke pampa ala oka rojulo mottam 10 time pampukunna appude aa roju lo amount ki income tax kattala
I have a doubt sir if my salary is 8,00000 i should show 8lakhs-5lakhs =3lakhs to show income tax for becoming tax free am i right ? If i am not please explain na
If ur salary is 800000 means u have to pay entered into tax Upto 2.5 lakhs no tax 2.5 to 5 lakhs is 12500 5 to 10 lakhs is 100000 But ur income is 800000 means U will calculate ,800000-500000= 300000 But ur income comes under the slab of ,20% Means 300000×20%= 60000 So u will pay tax upto 72500 But u have any exemptions and deductions under chapter VI A ur tax is reduced
Hi bro, my company deducted TDS from my salary every month(FY 2020-21), but not depositing to income tax. I need to file IT return for AY 2021-22 by December 31 2021, still they haven't paid, I changed my company, what to do? How can I file IT return, should I need to pay tax again, even though my company deducted.
Yes its mandatory when your company deduct TDS means it's available in your Form 16 Part A. Form 16 helps to know about TDS deposit by your company that should be updated in that form. When your company not deduct TDS. First you will check in the incometax portal to know whether the company is paid the TDS to the government by checking 26AS
Hi.I declared that I have lic policy and invested in MF during my declaration but,I didn't upload documents for that investments in the month of January while submitting the proofs.And income tax has been deducted from my salary..is there any chance to submit those proofs while filing ITR for 2021 to 2022.Please respond.
You are having the proof means file your itr in that shows the amount you invest in mutual funds and lic premium paid under 80 C they will not ask but when they ask you will submit that's it no problem
Hi bro, ippudu tax declaration chesetappudu HRA ni mentioned cheyakunda submit chesesanu . Proof submission chesetappudu HRA rent proofs provide cheyyocha bro can you please give me suggestion on this case
Hi bro , one imp question .. suppose i have entered my tax portal with house rent 10k , and health insurance and other in company portal from April to coming year March ..so as you said we have tax declaration at the end of the year..so if we not suppose to submit any documents as mentioned above , will they charge the money as i free from income tax money ? So what should i have to do ?
Iam paying the homeloan but the loan account and property is with my father's name , can I submit that loan account statement as proof for tax exemption? Please suggest.
Nothing like that sir From an individual perspective depending upon ur investments, u can claim massive tax benefits under different sections like 80C 80CCC 80CCD 80D 80DD 80E 80EE 80EEA 80EEB 80TTA 80TTB 80G ......... This is just a glimpse, there r lot more.
Yes not only 1.5 lakhs so many deductions are available under sec 80 C to 80 U standard deductions is there upto 50k, HRA Exemption is there, Travel allowance exemption, Entertainment Allowance is there has exemption please go through it based on your contribution u will get benefit
Based on your income and investment and Exemptions u will choose tax regime when u not having any investments and Exemptions definitely you will choose new regime when u have investment and Exemptions definitely u choose Old Regime Just I will give u an example and tax brackets of new and old regime New Tax Regime Upto 2.5 lakh- 0%. 0 2.5 to 5 lakhs- 5%. 12500 5lakhs to 7.5 lakhs-10%. 50000 7.5 lakhs to 10 lakhs-15%. 112500 10 lakhs to 12.5 lakhs-20%. 200000 12.5 to 15 lakhs- 25%.312500 Above 15 lakhs- 30%. 450000 Old Regime Upto 2.5- 0%.0 2.5 to 5 lakhs-5%. 12500 5 lakhs to 10 Lakhs-20%. 100000 Above 10 Lakhs-30%. 300000 When it's Income is 15 lakhs 500000×30%= 150000 that's it
Thanks for information. Nenu new tax regime accidental ga submit chesanu but i have done investments like HRA, HOME LOAN AND PPF. Will I be able to get the deducted amount every month back through IT returns. Please guide me sir
Hi bro, I don’t have knowledge on income tax, can you please make a video from starting to ending. For example, Financial year , assessment year , form 16 and declaration and what is declaration and what is ITR and how to fill the ITR like the steps and all bro.
Financial year is nothing but your preceding year where you have earn income that is salary, rental income, Capital gain, Business income, other sources during a that year.
Assesment year: It is nothing but the amount what you have earned from preceding year that should be file this or current year.
Example
Preceding year 2021-22 Financial year
Current year 2022-23 Assesment year.
Declarations is nothing but your savings and investment,premium paid in insurance, loans taken from financial institutions like home loan, education loan, rather than personal loan, vehicle loan, but EV vehicle gives you tax benifit under sec 80 EEB is also consider submitted to your employer to avoid tax burden.
Just it is tax planning to avoid TDS.
Thanks @saikrishnay kiccha
I never expected this type of explanation... Awesome..
Point to Point detailed explanation brother. thank you so much for the valuable information.
Thanks, annayya. Chaala baaga chepparu. Very useful video.
chala baga cheppav bro..Thank you
It's great and useful video TQ So much for your given important information.
Such a valuable information for salaried people
You're welcome. Please share our videos with your friends and colleagues
Such a good video sir. Very clear explanation. 👌
Excellent Explanation Bro❤
Very nice and clear explanation
Thanks, Bro ....Really Helpful information.
Nice explanation bro .chala baga chepparu
Thank you so much anna useful vi elantivi cheyandi plss
Very nice video sir..
12bb gurinchi kuda cheppandi.. 12bb lo unna values ye month lo deduct or increment avtayi?
Can you please add the subtitles? By reading the comments seems to be very useful video.
No he is telling little bit it's verst subject
eagerly waiting for this!!
Nice bro keep going on you are making nice videos and sharing nice information.
Hi bro, resignation process lo IT proof submission submit cheyakapote, f&f lo deduct chestara
Please do a video on how to fill income declaration form
Informative video bro, Thank you
Thanks for your valuable information
Very good explanation
Exactly looking for this video
Very well explained 👍
Bro tax declaration submit chesetappudu few schemes select chesi proof's submit chesetappudu other schemes proof's submit cheyyavachha
Helpful person thank you
I mistakenly choosed the new regime, shall i change the old regime.any possibilities . Please suggest
Super super... Useful video
Investment declaration form ela fill cheyali cheppandi video cheyandi
tax anedhi basic salary ki consider chesthara or ctc ka!!
Hi bro,
If i spend 1lakh in PPF then how much amount will be reduced from tax amount
100000 is fully Exempted under sec 80 C and it gives you good return on investment also it is EEE benefit is giving no tax payable when u earn interest on that investment
Under 80 C
PPF, EPF, GPF, ELSS,tuition fee, housing loan pricipal, 5 years lock in FD, SCSS,LIC = this all investment total but maximum limit is 150000 that's it.
Good explanation useful vedio
Thanks sir, very useful..
Thank you very much ,very clear
If I invest in elss through sip mode ,whole amount of sip will done in that year do I need to delcare initially in tax declaration to avoid tds every month
I have 11.5 lpa ctc have only expenses pg rent petrol bills, reacharge, current bills, which regime I have to choose.please help. Me
Great information bro. ..I have one doubt present my package is 7lakhs , now I'm pay home mortgage loan 32300. ..so nenu ippudu nenu tax pay cheyala leda koncham chepadi bro please
Avasaram ldu bro
I have a doubt in tax. If I choose old regime tax, I haven't taken any insurance, loans, etc. Then what is the Way for it
Then go with new tax regime when your income is more than 8.5 lakhs because tax slabs is less when compared to old tax
Upto 2.5 no tax
2.5 to 5 =12500
5 to 7.5= 50000
7.5 to 10 lakhs=15000
Add: 12500+50000+15000= 77500
When you choose old slab
Upto 2.5 no tax
2.5 to 5 lakh 12500
5 to 10 lakh = 850000-500000= 350000×20%= 70000
Add: 12500+70000= 82500
It will helps to save nearly 5000 saves you.
Thankyou bro.... useful information
Welcome
Good information and helpful
Hi ,
Nenu proof submission- HRA lo 12bb lo wrong house number wrong vachindi (april-2021 nuchi Feb -2022 varuku and March ki emo correct vachindi) and rental slip emo March address tho untundhi . Adhi nenu chusukokunda submit chesesa.. ipud change cheyadaniki untunda or okavela verification chesi risk chese issue chesey chance untunda ?? Please help cheyandi
Hi, I have house loan and I also pay PG rent but I am not sure how to get the proof for house loan, can you have you idea on it please?
Ask ur bank they provide your housing loan details, ask your Rent receipt from Tenants made agreement
Super anna,thanks.
When is the last date for submission of investment proofs
Thank you bro, if tax deducted from jan to mar, then when can i file retruns through CA., This TAx wil l dudct after mar also plz confirm
Great video🎥🎥🎥
Thank you so much bro
Hi bro relievng letter Naku icharu company lo , kani experience ivaledhu how to get it?
what home loan proof need to be submitted while but submiting income tax proof for home loan
Very useful information 👍 But I have one doubt andi.. Naku 7lpa osthundhi.. nenu oka house plot kondham anukuntunnanu.. dhaniki loan kuda approve avthundhi.. so if I choose to pay 45k per month towards that loan, Nenu ela save cheskovachu tax nunchi? Old regime E better antaraa? Could you explain please?
Plots ki tax exemption vundadhu bro .. home loans ke vuntai
Anna recently I am earning 6.6Lac packag net take home 51.200/-
Can u pls suggest me income tax deduction naku avutundha...
Nice Video Bro!!
Thank you bro
Super work bro
Good information
Useful information thanks. Q:Personal loan repayment comes under exemptions?
No bro
Only HL, EL, EV are comes no PL is considered for deductions
Informative video
bro 24lpa ku entha tax pay cheyali bro new regine and old regime
Hi sir IT company lo intern ga join i full time employee ga marali anty elanti steps follow avali ?
Planning to make a video about it already. Keep following the channel.
@@SoftwareLyf Thank you 🙂
Great..waiting bro...
Houserent proof ela chupinchali
Can we submit same proofs to different companies ?
HRA-3 lakh+section 80c (1.5lakh)+nps(50k)+section 80d(50k)+standard deduction(50k)= total 6 lakh so if person has 18laks per anum he still only claim 6 lakhs can tell any solution to save tax
Who tell this this is wrong?
HRA is based on certain criteria
80 D gives only 25khas deduction
NPS 50 K
80 C 150k
Standard deduction 50000, NPS contribution by employer 50000, intt on housing loan 50000, Intt on electric vehicle loan 150000, intt on education loan no limit, 80 G donation no limit, 80 DD medical treatment for depends with disablity 75000, 80TTA 10000,
Hai bro my package 7LPA.I am joining this company 5months completed. Next month ki Naku income tax cut avutundha cheppandi cut avuthe entha cut avutundi
Bro, new tax rules lo, inka emaina exemptions teesukovacha like LIC, Investment, etc..
Only CCD deduction NPS upto 50k is allowed has deduction under New regime no other deduction allowed from 80 c to 80 u
Bro naku m investments lev bro then ela fill cheyali bro form ni
Can we select new regime for the current financial year (21-22) and can we submit proofs by end of the year (HRA) with the help of CA?
Yes. You can.
@@SoftwareLyf Thank you
No Mr. Manoj u can't claim hra benefit under new regime
U can in old regime.
No exemption under New Regime only slabs will reduce your tax that's it
HRA is not comes under New regime why should you submit no exemption provide under New tax regime
Tax deduction lo depending people valla meedha unna loans emaina pettacha
Which loan only home loans anthe allowed has deduction personal loan is not considered under IT of 1961. But owner is not others you only the owner of the property, Lethouse property undali otherwise no way.
If we have personal loan can we submit that also
Annayya income tax manam return teskovocha naku 2 months cut indi
Investment documents ante em ivvali?
Hi Anna,
In My TDS, if I choose old regime it shows 75k as the Tax and If I choose new Regime it shows 65k as the tax.... Is it ok to choose new Regime ???? and will there be any proofs to be submitted later ?.............. pls reply anna
No proofs need to be submitted for New regime
@@SoftwareLyf thank you so much for quick reply anna............ so I will go with New Regime
Hi bro Is it need to submit HRA proof if amount is less than 1 lakh
is it possible to change the tax regmi in middle of financial year ?
This is what I also need .....please let me know if you found some answer
S at any time before filing ur ITR
@@saikrishnaboosa2303 Thanks
But if suppose I got deducted let say 15K in June and still 12K as monthly 2K getting deducted
Do I need to wait until next financial year to claim this and also to change regime ?
@@santusantosh4053 S Mr. Santu
For the income earned in FY 2020-21 u have to file your ITR with in 31.12.2021 so till that time u may choose whichever regime beneficial to you.
After filing ITR only u will get the refund ( if excess tds made).
House rent bill ledu andi .. Google pay chesthunam.. alanti situation lo ela
Same nenu kuda
You can find forms in google download and ask landlord to sign on that by filling all the required details
anna naaku two savings accounts vunnai
nenu ippudi oka 5 k 1st account nundi 2nd account ki pampa, malli ave 5k 2nd account nundi 1st account ki pampa ala oka 10 times ave 5k naa account nundi naa account ke pampa ala oka rojulo mottam 10 time pampukunna appude aa roju lo amount ki income tax kattala
No need
I have a doubt sir if my salary is 8,00000 i should show 8lakhs-5lakhs =3lakhs to show income tax for becoming tax free am i right ? If i am not please explain na
If ur salary is 800000 means u have to pay entered into tax
Upto 2.5 lakhs no tax
2.5 to 5 lakhs is 12500
5 to 10 lakhs is 100000
But ur income is 800000 means
U will calculate ,800000-500000= 300000
But ur income comes under the slab of ,20%
Means 300000×20%= 60000
So u will pay tax upto 72500
But u have any exemptions and deductions under chapter VI A ur tax is reduced
Hi bro, my company deducted TDS from my salary every month(FY 2020-21), but not depositing to income tax. I need to file IT return for AY 2021-22 by December 31 2021, still they haven't paid, I changed my company, what to do? How can I file IT return, should I need to pay tax again, even though my company deducted.
Yes its mandatory when your company deduct TDS means it's available in your Form 16 Part A. Form 16 helps to know about TDS deposit by your company that should be updated in that form. When your company not deduct TDS.
First you will check in the incometax portal to know whether the company is paid the TDS to the government by checking 26AS
Yes you have to file
Nice video bro
Hi.I declared that I have lic policy and invested in MF during my declaration but,I didn't upload documents for that investments in the month of January while submitting the proofs.And income tax has been deducted from my salary..is there any chance to submit those proofs while filing ITR for 2021 to 2022.Please respond.
@Software Lyf Please respond
You are having the proof means file your itr in that shows the amount you invest in mutual funds and lic premium paid under 80 C they will not ask but when they ask you will submit that's it no problem
Hello sir,9lpa variable pay please suggeste to opt old or new tax declaration.
Ela chesthunnaro naaku chwppandi
Bro education fees kuda exemption unda
Ma brother education paychesana kuda exemption unda
80 C deduction
Hi bro, ippudu tax declaration chesetappudu HRA ni mentioned cheyakunda submit chesesanu . Proof submission chesetappudu HRA rent proofs provide cheyyocha bro can you please give me suggestion on this case
Alagey nenu coming month lo emina modify cheyochha HRA ni bro
Nice video bro. oka query present naku 21LPA salary vastundi every month 36K to 40K amount TD Deduct avuthondi nenu elanti investments cheyaledhu nenu 21lpa ku taggatuga 30% amount pay cheyala?
Hi bro ,naaku cheppandi meeku telisthe ela save cehyalo
Hiii anna,tax computation method lo 2 options vunnay,with exemptions/deductions and without exemptions/deductions,indulo edi select cheskovali
Old regime : If u made tax planning.
New regime: if no tax planning
Standard deduction ante enti bro..koncham explain chestara with example
This is the deduction given to the employee on spending like education, Canteen,Special allowances etc.., except medical, HRA and Travel allowance.
Hi bro , one imp question .. suppose i have entered my tax portal with house rent 10k , and health insurance and other in company portal from April to coming year March ..so as you said we have tax declaration at the end of the year..so if we not suppose to submit any documents as mentioned above , will they charge the money as i free from income tax money ? So what should i have to do ?
Yes they will charge you incase if u don't submit proofs at financial year end.
They will recalculate the tax and deduction will be more in Jan-mar salaries
But when you file your returns you will submit your proof and get tax refunds when they ask you have to submit your proof of documents.
Hi 14lPA ki entha tax paduthundi
Depends upon your tax planning bro
2.4l with out any exemptions and deductions.
Normal I will tell
Upto 2.5lakhs= no tax
2.5 to 5lakhs= 12500
5 to 10 lakhs=100000
Above ,10 lakhs=120000
Total=232500 ur tax on total income
Iam paying the homeloan but the loan account and property is with my father's name , can I submit that loan account statement as proof for tax exemption? Please suggest.
No way the loan is taken by you then u will get benefit under sec 80C other wise no Exemption on housing loan and intt also from 80 EE
Is there max. limit for claiming tax,sir? Some body told me it is 1.5 lakh
Yes. It's 1.5L under 80c
Nothing like that sir
From an individual perspective depending upon ur investments, u can claim massive tax benefits under different sections like
80C
80CCC
80CCD
80D
80DD
80E
80EE
80EEA
80EEB
80TTA
80TTB
80G .........
This is just a glimpse, there r lot more.
Yes not only 1.5 lakhs so many deductions are available under sec 80 C to 80 U standard deductions is there upto 50k, HRA Exemption is there, Travel allowance exemption, Entertainment Allowance is there has exemption please go through it based on your contribution u will get benefit
Exempted Components cheppandii Sir
New tax benefit em untundi andi .. 20 percent cut avthundi antunaru kada.. Dani badhulu old a best kada
Based on your income and investment and Exemptions u will choose tax regime when u not having any investments and Exemptions definitely you will choose new regime when u have investment and Exemptions definitely u choose Old Regime
Just I will give u an example and tax brackets of new and old regime
New Tax Regime
Upto 2.5 lakh- 0%. 0
2.5 to 5 lakhs- 5%. 12500
5lakhs to 7.5 lakhs-10%. 50000
7.5 lakhs to 10 lakhs-15%. 112500
10 lakhs to 12.5 lakhs-20%. 200000
12.5 to 15 lakhs- 25%.312500
Above 15 lakhs- 30%. 450000
Old Regime
Upto 2.5- 0%.0
2.5 to 5 lakhs-5%. 12500
5 lakhs to 10 Lakhs-20%. 100000
Above 10 Lakhs-30%. 300000
When it's Income is 15 lakhs
500000×30%= 150000 that's it
Hiii brother
Up to what CTC we have to submit PROOFS.
Because govt also clearly mentioned as above 5LPA only they will defect taxes.
If CTC> 5,52,400 subject to exemptions and deductions.
Hi bro.. My package is 5lac.. So I no need to submit any proofs ha?
Thanks pal
Thanks for information. Nenu new tax regime accidental ga submit chesanu but i have done investments like HRA, HOME LOAN AND PPF. Will I be able to get the deducted amount every month back through IT returns. Please guide me sir
@@harikrishnamaddu3773 thanks
Definitely sure
Bro variable pay ki tax padutunda
Yes
All your earnings comes under fully Taxable
Brother I receive monthly so MN e
tell ne tools and sites for 9lpa
Excellent bro 👏👏👏
Thank you 😊
Appreciate for the video.