Save Income Tax with 21 Sections in Old Tax Regime | Income Tax Calculation [Hindi]
In this video by FinCalC TV we will see 21 sections under income tax act to help you save income with old and new tax regime in hindi. These sections include investments under section 80C, section 80D, section 80CCD(1B), section 24 and many more sections.
These options will help you to save income tax with old tax regime and new tax regime.
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After watching this video following queries will be solved:
How to Save Income Tax with old tax regime
Deductions allowed in old and new tax regime
Is section 80C allowed in new tax regime
What are the Income tax saving options
Income Tax return filing things to know
Old vs new tax regime which is better
Income Tax Calculation 2023-24
All deduction sections to save income tax
Deductions in income tax act
Income tax slab rates 2023-24
How is 80C Calculated?
Total Deductions in 80C includes sum of the investments amount made in above mentioned 80C schemes along with Section 80CCC and 80CCD investments. The maximum limit is Rs. 1.5 lacs under Section 80C in a financial year. And additional amount of Rs. 50,000 under Section 80CCD(1B) with NPS - National Pension Scheme
Can you claim Deduction in 80C and 80CCC separately?
Not separately, but a total of Rs. 1.5 Lacs can be claimed after combining amounts from both Section. Only Section 80CCD(1B) for NPS investment allows to claim additional Rs. 50,000 apart from Rs. 1.5 Lacs in Section 80C.
Which option in Section 80C has minimum lock in period?
ELSS or Equity Linked Saving Scheme is the option that helps you to save income tax under Section 80C with minimum lock in period which is just 3 years. Watch Best ELSS Mutual funds to invest here in this video.
Is NPS under 80C or 80CCD?
NPS full form is National Pension scheme and falls under Section 80CCD(1B) with maximum investment limit of Rs. 50,000, which is apart from Rs. 1.5 Lacs under Section 80C
NEW TAX REGIME:
- No Income Tax on Income between Rs. 0 to Rs. 3 lacs
- 5% Tax on Income between Rs. 3 lacs to Rs. 6 lacs
- 10% Tax on Income between Rs. 6 lacs to Rs. 9 lacs
- 15% Tax on Income between Rs. 9 lacs to Rs. 12 lacs
- 20% Tax on Income between Rs. 11 lacs to Rs. 15 lacs
- 30% Tax on Income above Rs. 15 lacs
OLD TAX REGIME:
- No Income Tax on Income between Rs. 0 to Rs. 2.5 lacs
- 5% Tax on Income between Rs. 2.5 lacs to Rs. 5 lacs
- 20% Tax on Income between Rs. 5 lacs to Rs. 10 lacs
- 30% Tax on Income above Rs. 10 lacs
EXAMPLES:
Let's say your gross total income as Rs. 6,15,000
Let's say your total investments as Rs. 75,000. So your net taxable income becomes equal to Rs. 6,15,000 minus Rs. 75,000, which is equal to Rs. 5,40,000. These Deductions are applicable only if you are using Old Tax slab rates. Your net taxable income when considering New Tax slab rates remains Rs. 6,15,000, as no deductions are applied on your total income.
Now to calculate your income tax, if you are an employee or pensioner, you get a standard deduction of Rs. 50,000 only if you are using old tax slab rates.
So your net taxable income becomes equal to Rs. 4,90,000 if you are using Old Tax Slab Rates. But it remains as Rs. 6,15,000 based on new Tax Slab rates.
WATCH FULL VIDEO TO KNOW MORE ABOUT NEW INCOME TAX SLAB RATES AND MORE EXAMPLES.
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DISCLAIMER:
Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown.