SAVE Income Tax using Old Tax Regime | No Tax on Rs. 11 Lakh Income [Calculation]
In this video by FinCalC TV we will see how to save income tax using old tax regime in hindi. Some of the options are available in new tax regime as well. We will also see income tax calculation using calculator to understand how to calculate income tax with old and new tax regime Fy 2023-24.
Income Tax Calculator Online:
[ Ссылка ]
How to Calculate Income tax using Tax slab rates:
[ Ссылка ]
Section 80C Deductions list Video:
[ Ссылка ]
How to invest in NPS online:
[ Ссылка ]
JOIN Telegram Group:
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CHAPTERS:
00:00 Save Income Tax Intro
01:12 1st Tax Saving Option
01:38 2nd Tax Saving Option
02:40 3rd Tax Saving Option
03:41 4th Tax Saving Option
04:16 5th Tax Saving Option
04:51 6th Tax Saving Option
05:25 Deductions & Exemptions in New Tax Regime
05:40 Using Fincalc Income Tax Calculator
11:14 Save Income Tax Conclusion
Home loan Tax benefits
[ Ссылка ]
Tax Rebate 87A Video:
[ Ссылка ]
Old vs New Tax Regime Calculation:
[ Ссылка ]
New Tax Regime Slab Rates for FY 2023-24 are as follows:
Rs. 0 to Rs. 3 Lakh Income = 0% Tax
Rs. 3 Lakh to Rs. 6 Lakh Income = 5% Tax
Rs. 6 Lakh to Rs. 9 Lakh Income = 10% Tax
Rs. 9 Lakh to Rs. 12 Lakh Income = 15% Tax
Rs. 12 Lakh to Rs. 15 Lakh Income = 20% Tax
Rs. 15 Lakh and above Income = 30% Tax
Other important changes in Budget 2023 includes:
- Tax Rebate limit increased from Rs. 5 Lakh to Rs. 7 Lakh in New Tax Regime. So no tax up to income of Rs. 7 Lakh with new regime
- Tax slab rates changed for new tax regime
- Standard deduction of Rs. 50,000 available with new regime also
STANDARD DEDUCTION
Standard Deduction is a flat deductions of Rs. 50,000 – available for salaried employees and pensioners
HRA – HOUSE RENT ALLOWANCE
can be claimed to save income tax if you stay on rent
SECTION 80C
Section 80C is the popular section among tax payers to save income tax.
Maximum Rs. 1.5 Lakhs can be claimed as deduction with Section 80C in a financial year
SECTION 80D
Section 80D is for claiming your medical insurance premiums
If you have medical insurance and pay premiums every year, you can claim the amount under Section 80D
SECTION 80CCD(1B)
Section 80CCD(1B) is for claiming your investments in NPS – National Pension Scheme
It has the limit of claiming Rs. 50,000 in financial year when you invest in NPS. This limit is above and over Section 80C we have seen above
SECTION 24
Section 24 helps is claiming your home loan EMI interest component, that you pay every month
While the principal component can be claimed under Section 80C with Rs. 1.5 Lakhs limit in financial year, interest component that you pay can be claimed under Section 24 with Rs. 2 Lakhs limit in financial year.
#saveincometax #incometax #newtaxregime #fincalc
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SIP Returns Calculation: [ Ссылка ]
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Loan EMI Prepayment Calculator: [ Ссылка ]
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DISCLAIMER:
Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown.
