Maximizing Tax Savings: Understanding the New Income Tax Regime and Tax saving guide in 2024

Рет қаралды 84,297

Күн бұрын

Small correction sec 80CCD(2) limit is not restricted to 50000. Please refer this video for 80CCD(2) for limit.
kzfaq.info3jqTPIbI428?...
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The Union Budget for Financial Year 2024 brought significant changes to the income tax landscape, making the new tax regime the default option for many taxpayers. From revised tax slabs to extended rebates and new deductions, understanding these changes is crucial for optimizing tax savings.
📊 In this detailed video, we delve into the nuances of the new tax regime, exploring strategies to maximize savings while navigating the trade-offs of exemptions and deductions.
💡 Our comprehensive Excel calculations guide you through various tax-saving options, including Section 80C deductions, HRA exemptions, LTA claims, and Section 24 house property loss deductions. Whether you're a salaried individual or a business owner, this guide empowers you to make informed decisions for a tax-efficient financial year.
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Disclaimer- Although all provisions, notifications, updates, and live demos are analyzed in-depth by our team before presenting to the public. We hereby provide our point of view only and tax matters are always subject to frequent changes hence advisory is only for the benefit of the general public. Hence neither Fintaxpro Advisory LLP nor its designated partner is liable for any consequence that arises on the basis of KZfaq videos.
Copyright Disclosure - As per Sec 52 of The Copyright Act,1957 Fintaxpro Advisory LLP shared this video with a clear objective to educate the public at large and thus constitute the fair dealing with content for the purpose of reporting of current events and current affairs, including the reporting of a lecture delivered in public
©️Fintaxpro Advisory LLP
#TaxSavings #IncomeTax #TaxPlanning #FY24Budget #TaxRegime #FinancialPlanning #TaxTips #TaxDeductions #TaxExemptions #Section80C #HRA #LTA #Section24 #FY24Update
Tags:
Tax Savings, Income Tax, Tax Planning, FY24 Budget, Tax Regime, Financial Planning, Tax Tips, Tax Deductions, Tax Exemptions, Section 80C, HRA, LTA, Section 24, FY24 Update, Union Budget, Tax Calculation, Tax Strategies, Taxpayer Education, Tax Efficiency, Personal Finance, Business Finance
Video Timing
0:00 Intro to Topic
1:30 Default tax regime for AY 2024-25
1:40 How to opt in for old tax regime
3:02 Tax Rates in new tax regime for AY 2024-25
3:35 Surcharge in new tax regime for AY 2024-25
4:27 Pros of new tax regime
4:38 Standard deduction available in new ta regime
5:02 Rebate in new tax regime
5:33 Tax relief of 25000 in new tax regime
10:56 Concept of Marginal Relief in new tax regime
12:45 Family pension deduction in new tax regime
13:24 Deductions available in new tax regime
15:03 Cons of new tax regime
17:15 Deduction/Exemptions not available under new tax regime
21:01 Evaluate between old vs new tax regime
31:20 Outro

Пікірлер: 156

@FinTaxPro 2 ай бұрын

Small correction sec 80CCD(2) limit is not restricted to 50000. Please refer this video for 80CCD(2) limit. kzfaq.info3jqTPIbI428?feature=share

@aniketgupta3899 Ай бұрын

Sir ji link aapne share Kiya hai usme 80ccd2 k baare me kahan btaya hai.Plz sahi link share kre ya bata de ki isme max. Limit kitni hai 50000 ya usse jyada.

@sanjurrout4460 Ай бұрын

sir out standing teaching classes app ko Sallam sir. never before listen such type classes ..

@parmindersingh3530 4 ай бұрын

Thanks sir for your support

@ramaiahg3495 3 ай бұрын

many many thanks for your detailed information

@surajprasad7396 4 ай бұрын

Thanks you sir 🙏

@atncha4611 18 күн бұрын

thanks for the video . Your explanation is very good.

@arvindsrivastava6504 4 ай бұрын

Rich information thanks

@mukeshgarg1909 3 ай бұрын

Great information. Thanks

@oye__vansh 4 ай бұрын

Very important video sir thanks ❤

@SanjaySharma-yc4cb 4 ай бұрын

Very Great.

@stevesan1539 8 күн бұрын

Very very excellent , useful and informative video bro. Learned a lot of things. Thanks a million.

@punitjsh 4 ай бұрын

Great effort sir very usefull information about new tax regime 👌👌👍

@FinTaxPro 4 ай бұрын

Glad you like it.

@premjibhaichaudhari2532 4 ай бұрын

Thank you Thank you Thank you

@DevendraKumar-kb7vs 2 ай бұрын

Very educative . Thanks

@renusharma-to8jx 4 ай бұрын

Great !!

@narayanarao395 3 ай бұрын

very good infermation sir

@amritharevankar1534 2 ай бұрын

Well explained, thanks

@itsamit82 2 ай бұрын

Excellent Video. Also can you please suggest which tool you used to create the process flow. 😊

@SwaroopVITB 3 ай бұрын

best video

@pawanprabhakar202 2 ай бұрын

Excellent presentation

@itsvinitsingh 4 ай бұрын

Vivek sir please make a video on how to manage a Revaluation account in tally ...main thing is what would be the "under group" income or expense ?

@mayankkapse6950 Ай бұрын

Really appreciate it 🙏 🙌 😌

@abedali1353 3 ай бұрын

Very helpful video for me

@balaiyer1973 4 ай бұрын

Both tax regimes explained beautifully. Very nice video. Sir can you make a similar video for NRI s also.

@FinTaxPro 4 ай бұрын

Will try

@vandanaparashar5497 4 ай бұрын

VERY INFORMATIVE VIDEO

@FinTaxPro 4 ай бұрын

Glad you think so!

@aaishakhan2892 4 ай бұрын

How to prove k home loan let out property k liye liya gaya hai??? For claiming interest deduction in new regime.

@gauravnaliyapara1710 4 ай бұрын

Hello sir please inform to salary person in receive areas big amt. To section 89(1) in relief the tax amt. In new tax regime

@CMSenapati-xc9tf 3 ай бұрын

VERY NICE

@travelfor9024 4 ай бұрын

Sir Ek Sawal hai ki agar humne goods purchase Kiya sale karne ke lie or usme se kuch goods staff ne khane peene me istemal me le liya to use hum kaise treat karenge kharche ke taur par ya koi other head me ?

@aaishakhan2892 4 ай бұрын

@20.38 par jo tax free reimbursement hain unko kaise claim karna hai?? Where to fill this data.?? Please give example

@user-lr8vl1qs9e 3 ай бұрын

What about Pre EMI on house loan under new regime?

@gauravnaliyapara1710 4 ай бұрын

Hello sir big question in new & old tax regime how many times change in tax payers

@ravindrasinha7383 4 ай бұрын

Sir itr 3 for ay 23-24 filed on December 2023 in new tax regime but on processing new tax regime not allowed as form 10 IE filed after due date and return process with demand, Sir in such case can i file updated return and claim 80 C deduction

@Sanjeev1915 3 ай бұрын

Sec 24(1) deduction will be available?

@akshayp5042 2 ай бұрын

Let out home property ke liye kya document submit krne pdenge?

@nijblog 4 ай бұрын

Nice sir❤

@FinTaxPro 4 ай бұрын

Keep watching

@sanjayjain6286 Ай бұрын

very nice information

@witneywilliam 4 ай бұрын

No doubt, one of the best ways to grow and save your money is through investing. You don't need a fortune to get started. Even a small amount can turn into millions if you invest wisely. I wasn't financially free until my 40s, and I'm still in my 40s, but I've already purchased my second house, enjoy a monthly passive income, and achieved 4 out of 5 of my financial goals. I hope this inspires someone to realize that it's never too late to start, regardless of your age. You can begin investing today and change your future! Investing has been a life-changing decision for me

@ugojazzy7812 3 ай бұрын

Nice one,any investment tip? I would love to know how you made it this far

@witneywilliam 3 ай бұрын

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@witneywilliam 3 ай бұрын

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@veradominic6270 3 ай бұрын

This is a shocker seeing Regina Louise Collaro is being mentioned here. I always had mixed feelings about hiring a Investment advisor. For the record, I started working with Regina in 2019, and she manages about 70% of my Investments, while I manage the other 30%. My philosophy is that I care more about my own money than anyone else, but she made me accept that they have wealth of information on current conditions and future trend

@banamalidas4981 4 ай бұрын

Nice sir

@FinTaxPro 4 ай бұрын

Thanks and welcome

@deepakbajaj7615 3 ай бұрын

Sir agar koi state govt employee hai aur uska gpf account hai aur usne pran main personal invest kiya hai without employer contribution to kya woh nps aur gpf dono claim kar sakta hai in old and new regime?

@iqrazonecommerce6126 3 ай бұрын

Sir 85000 has been deposited in NPS by the state government for salaried employee and 85000 from my salary. Article 80CCD2 will be found in the new REGIM? But there is no mention of NPS amount of 85000 by Govt in the pay slip

@aaishakhan2892 4 ай бұрын

If any person opt for old regime and claim home loan deduction and also claim HRA What are the consequences and when it is possible to clam both??

@priyaranjanmishra75 2 ай бұрын

Sir, gross income around 32 lac including govt pension and professional income.total deduction 80c,80 ttb and 80u 2.75 lac. Which one will be better old regime or new regime

@shrimayi4046 4 ай бұрын

In new tax regime under 80ccd (2) the limit is 50000 or has no limit as it is employeer contri. in salaried case

@anandas3733 2 ай бұрын

No limit for 80ccd(2).

@vijaysinhsolanki4530 4 ай бұрын

सर थैंक्स बहुत बढ़िया डिटेल सर मेरे को एक क्वेरी है लॉन्ग टर्म कैपिटल गैन में मुझे 120000 का मुनाफा हुआ है तो न्यू टैक्स रेजीम में कैसे काउंटिंग होगी

@vijaysinhsolanki4530 4 ай бұрын

Dedection of Rs. 100000/- LTCG under section 112A. Is available in new rigim. Please guide us.

@hardyalarora4578 Ай бұрын

Sir In P/H case conveyance allowance rs. 38400 is rebatable Or not in new tax regime.

@ajitwangikar5959 Күн бұрын

Sir please explain for senior citizen who have only capital gains no other income no pension

@lokeshbhasker627 Ай бұрын

Jiski salary plus pgbp income hai usko standard deduction milegi ? Aur iske alawa kon kon si deduction claim kar sakta hai

@novice5987 17 күн бұрын

Is PPF interest exempt under new tax regime ? under which section ?

@Solution4Doubts 3 ай бұрын

Now got it after reading text on screen

@prathamlimje4464 4 ай бұрын

Sir aapne gst itr aur tds ke course ne ek topic hai gstr1 iff filing usme 2020-21 ka data file kaise karte aap e wo bataya hai par woh gst ki online site par se bataya hai scigst ki help se gstr1 iff kaise file kare woh bhi usme update kijiye ya youtube par bataye latest koi data ke sath🙏

@FinTaxPro 4 ай бұрын

Okay

@balarampatel4965 3 ай бұрын

I have salary income till 31st December 2023, & now starting my own business how can I fill itr .

@user-ud2sp8hf8c 3 ай бұрын

Vivek sir i am a accountant, I have no words for u love u so much way of talking and nature of voice

@FinTaxPro 3 ай бұрын

Glad you like it :)

@vijaychopra6128 3 ай бұрын

I want to fill utr from u...and now my tax deducted is 46000..can I minimize my tax?

@iMukesh_24 2 ай бұрын

which tax regime is good for physically handicap employee with 70% disability certificate.?

@vinodalbuquerque2488 4 ай бұрын

Sir Other Interest Income (a) Interest on Securities?? does it mean Dividends u/s 194

@bilal_ahmed_7752 4 ай бұрын

193

@hemantakumarbhattacharjee6399 3 ай бұрын

Is 80CCD(1) available for deduction in new regime in AY 24-25 that is self contribution to NPS up to Rs.50,000/. Pl explain.thanks

@anandas3733 2 ай бұрын

Not available in new tax regime.

@user-dm9ic5hc5m 4 ай бұрын

Please provide pdf as asked by you in video of deductions chart

@FinTaxPro 4 ай бұрын

Please check telegram channel

@narayandasgupta416 3 ай бұрын

How can I get tax rebate on maturity of Krishan Vikas patna

@QamarSaifi-in9fj 4 ай бұрын

Do you register trademarks? If yes then what is your fee?

@FinTaxPro 4 ай бұрын

Yes we do. Please call on number provided in description.

@arvindsrivastava6504 4 ай бұрын

OK now taken HRA REBATE

@Mahesh-tv6xo 20 күн бұрын

Main problem is if a person has business income like intra day share trading and he opts for old regime then in future he can't move to new regime. I think so.

@madhurivyas7590 4 ай бұрын

Hello, I have taken a course of GST TDS. I have few queries regarding GST so how to connect with Vivek sir.

@FinTaxPro 4 ай бұрын

Please call at 8368741773

@DeviRaghuwanshi Ай бұрын

Sir ji agri and non agri income 6390000 arahi hai to new tax resigme me tax payable ayega kya

@bitsurendra 4 ай бұрын

New tax regime me 80G for religious trust applicable hoga ya nahi?

@FinTaxPro 4 ай бұрын

@bitsurendra 4 ай бұрын

@@FinTaxPro thanks

@anandas3733 2 ай бұрын

Brother, rebate under 80ccd(2) is not restricted to 50000.this limit is under 80ccd(1b) which is not allowed in new tax regime. Plse amend. Otherwise you have given a good detailed explanation. Thanks.

@FinTaxPro 2 ай бұрын

Thank you so much for the value feedback. Yes you are correct 80CCD(2) limit is not 50000 thank you for correcting. You may refer this video for 80CCD(2) limits Maximize Your Tax Savings: Essential Income Tax Deductions for Better Tax Planning PART 2 kzfaq.info3jqTPIbI428?feature=share

@HarvendraSingh-kb6qu 2 ай бұрын

Kitni income per ITR nahi bharna hai?

@shamalabhalachandra1273 10 күн бұрын

Sir what about senior citizen old or new tax

@RajeshGupta2K15 25 күн бұрын

You forgot to do Tax Calculation for 30% tax bracket. You only showed tax calculation under 10LPA but what about people with higher salary?

@dipakmaitra5734 7 күн бұрын

What is the limit of marginal relief under sec 87A?for new tax regime?

@FinTaxPro 7 күн бұрын

25000

@SurinderKaur-to4tp Ай бұрын

Pl.sir handicaps Alose ka Bara btaeg

@vishwanath861 4 ай бұрын

Sir Where is pdf of deduction? is it available for those who are not your course student?

@FinTaxPro 4 ай бұрын

Join telegram channel for free notes

@sureshsarvaiya5260 12 күн бұрын

80ccd2 deduction up to 50000 only ?

@ravikumar-oz3xj 3 ай бұрын

Sir My income is less than 7 Lacs. TDS deducted from interest paid by bank. Sir in New Tax regime will I get refund of TDS.

@successadda5062 2 ай бұрын

Yes

@sumangogia8258 3 ай бұрын

Sir, Good morning. Urgent guidance needed. Sir my son is studying in Canada and his status is NRI. He earned Rs. 3000 as Savings account interest and earned LTCG Rs 9000 by selling MF totalling Rs 90000/- during the FY 2023-24. He could not get NRO Account yet but likely to open the same in his visit to India shortly. Can he file his ITR showing his NRI residential status without having NRO Account. Regards

@jayshrimehta4134 10 күн бұрын

Capital gain office ka 30 lakh par kaise?? bharna

@rajnegi1355 Ай бұрын

Please guide me regarding this

@surjannegi448 10 күн бұрын

Let out property par Home loan interest par kitni limit tak deduction milega.

@FinTaxPro 10 күн бұрын

Maximum jitni income ban rahi h house property m utni

@nikhilmugganawar Ай бұрын

where is the pdf to download?

@alexanderjamesmoraes2781 6 күн бұрын

I am an NRI, I have dividends in India below Rs 50000 and credited to MY NRO account do I still need to pay 20% tax on dividends, I have no other income very small interest any update

@goyalmangat331 4 ай бұрын

If Income Above 5 Crore Then What Is The Rate of Surcharge???????

@FinTaxPro 4 ай бұрын

Already explained

@SGET75 4 ай бұрын

Jab main itr 4 fill krne jaunga usmein default new regime shiw krega old ke liy 10iea bharna hoga

@CAyashpanjwaniji 4 ай бұрын

Yes

@akashbagal4199 4 ай бұрын

Yes

@FinTaxPro 4 ай бұрын

Yes

@sumitlehri5704 4 ай бұрын

pdf available nahi hai?

@FinTaxPro 4 ай бұрын

Telegram group m check kijiye

@arvindsrivastava6504 4 ай бұрын

HRA NOT TAKEN IN ACCOUNT

@sanjayvishwanath6123 2 ай бұрын

👌👏👏👏🌹🙏

@sakinderpal7956 2 ай бұрын

Sir I have retired from govt job I got disability pension please tell me is my both pension tex exesumption

@sakinderpal7956 2 ай бұрын

I will waiting for your reply

@premjibhaichaudhari2532 4 ай бұрын

hoe can i download you pdf

@wellwisher0 4 ай бұрын

Kya mera comment pin 📌 ho sakta hai. 😊

@FinTaxPro 4 ай бұрын

Ha bilkul 😃

@Solution4Doubts 3 ай бұрын

If my taxable income is 725000 than what

@Vinayak07. 4 ай бұрын

80CCD(2) kitna hota hai jaise 80990

@anandas3733 2 ай бұрын

No limit bro.

@suklamajumder132 3 ай бұрын

Pensioner's ko ki income tax Dene porega?

@SGET75 4 ай бұрын

Accountant apni balance sheet bana skata hai

@indrajitmandal6026 3 күн бұрын

What about 80TTB in new regime.

@FinTaxPro 3 күн бұрын

Not available

@CAyashpanjwaniji 4 ай бұрын

Sir marginal relief to bahut azzeb h 7 lakh k uper jitni income h man lijiyega 1000 extra h to bus 1000 per tax dedenge ??? 7,01,000 per new tax main STCG main 36,556 ka tax bn raha tha ab sirf marginal relief k karan 1000 extra denge or 4 % cess please 🙏 doubt clear Krna sirji😊

@sanjaykumar-ek6co 4 ай бұрын

Because 87 A rebate only applied less then 7L salaries when u exceeded limit of 7L u fall in 5% after 3L and 10% after 6L

@CAyashpanjwaniji 4 ай бұрын

@@sanjaykumar-ek6co ye rule ab aaply nhi ho raha naa 87 A main marginal relief aagya h naa bhai ab calculation alag ho rahi only excess amount per tax aa raha

@sanjaykumar-ek6co 4 ай бұрын

आप बोल रहे है कि 701000 पर 36556 टैक्स आ रहा है

@CAyashpanjwaniji 4 ай бұрын

@@sanjaykumar-ek6co wo pehle jab marginal relief nhi aaya tha per marginal k baad only 1040rs tax itna bada mistake h government ka