Ultimate Income Tax Saving and Tax Planning Guide

Ultimate Income Tax Saving and Tax Planning Guide - By Asset Yogi

Рет қаралды 3,173,107

Күн бұрын

Income tax saving tips and tax planning for salary income up to Rs 16 lakhs. This video will teach an individual or even a salaried employee how to do income tax calculation by availing all available tax saving options.
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Time Stamps:
00:00 - Intro
01:57- Choosing Tax Slab
02:41- Excel Demo
03:35- Employee Provident Fund (EPF)
04:03- Exemptions under Section 10
07:34- Deductions
07:40- Standard Deduction
07:50-Deduction u/s 24 (House Property)
09:48- Deduction u/s 80c.
12:50- Deduction u/s 80D.
18:10- Bonus Tip (Home Loan)
18:37- How to File Tax?
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About the Video
At the end of each financial year, we juggle with tax-saving and search the internet for tax-saving tips. Government offers income tax deductions to a salaried employee as an income tax savings option. We all want to save tax but most people don’t know about tax-saving investments and income tax exemption. We either hire a tax expert for tax planning or do it ourselves.
When your salary bracket increases over time, it becomes difficult to save tax. We invest in irrelevant investments here and there just to save tax without proper planning. There are tax deductions under various heads that include investment in NPS, ELSS, and EPF that one can deduct up to a certain limit to minimize the tax outgo. We have talked about all these in this video. This video will guide a salaried employee with income up to Rs 16 lakhs about tax saving and tax planning. This is a perfect recipe for income tax planning, that will solve all issues concerning tax planning for the individual.
In this video, we have explained:
1. Tax planning guide for individuals.
2. Tax saving tips
3. Income tax calculation using excel.
4. What are tax-saving instruments?
5. How to save tax?
6. Tax saving options.
7. How to do tax planning for salaried people?
8. How to do tax planning for salary income?
9. Income tax exemption options.
10. Old and New tax slab.
11. How to avail income tax deductions for salaried employees?
12. What are income tax saving options?
13. Tax planning in hindi.
14. How to do tax planning with a 10 lakhs salary?
15. Do it yourself (DIY) income tax planning.
16. Tax planning through tax-saving instruments.
17. How to save tax?
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Website
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#Taxplanning #TaxSavingTips #Incometax

Пікірлер: 2 000

@AssetYogi 8 күн бұрын

Join All-In-One Video Finance App here: vidfin.com/ Enjoy Free Access to select Financial Insights & 1st Chapter of all the courses.

@shakib6661 Жыл бұрын

High Tax in INDIA is also the biggest reason why salaried persons go outside of the country and get PR of that country. And basically Rich people easily reduce our taxes while the middle class section need to pay taxes.

@vinodgushain327 2 ай бұрын

EPS also part of 80C

@shammyshammy5565 8 ай бұрын

Extremely informative video brother , u saved my hard earned 95k annual tax which i was paying from last 4-5 years ...even 1 hour spend daily with you can give more knowledge than reading 10 hours a day from tax book

@shankarnsangeet1588 Жыл бұрын

Well explained. Thank you for bringing up this video. Financial education is indeed required for more than 70% of the Society in the Country as very few are literate on the subject...KZfaq is one such tool acts as a flat form for education and awareness.

@AssetYogi Жыл бұрын

Thanks Shankar sir

@relax_repose Жыл бұрын

@@AssetYogi sir quiko link is not here

@akhil_sai 2 жыл бұрын

30% tax look like taxation in the time of Kings ruling time, kings used to levy high tax on citizens, isn't it same happening now also ? Looks like tax loot. Mostly salaried people who belongs this category pay this tax, others somehow find a way to avoid it. In the countries like Singapore regardless of income all people need to pay 7% of their income, that's look simple and legit.

@ace.aniket 2 жыл бұрын

What about countries like USA, Canada? not considering the social security and other benefits, just taxation.

@Anupnitw 2 жыл бұрын

@@ace.aniket in US, 10 % tax is federal(govt), 10 % is to the State, 10 % goes to 401 K that they give back as pension after age of 60 . So effectively 20 % tax only.

@pradeep.saho0 2 жыл бұрын

In India we have high rich. And poor people. Due to income inequality tax system is like this. But in developed countries there is no that much inequality

@akhil_sai 2 жыл бұрын

@@pradeep.saho0 but in actuality, the rich, super rich, high networth individuals find many ways to evade or they have several options to cut taxes, the middle class person having only salary as a source of income paying this much taxes (comparing to his income), at least gov give some exception for people who have only one income source and if more family members depends on this person income alone.

@abhisek5050 2 жыл бұрын

30% tax is too much.

@ajayraval5130 2 жыл бұрын

EXCELLENT Knowledge I have gain from your video . 🙏🙏🙏👌👌👌

@AssetYogi 2 жыл бұрын

Glad to hear that

@sravankumarpiler9797 Жыл бұрын

In fact we need to include Meal allowance in Standard deductions like wise Medical, Fuel.. Meal allowance is a big crux where not all individuals who are in tax bracket is using like govt employees As per CBDT only Rs. 50 per day per meal is exempted, but most of the corporates claim Rs. 100.00

@nirajagarwal6410 Жыл бұрын

50 per meal for 2 meals per day

@vikramjitsingh834 2 жыл бұрын

EPF & NPS (employer side) are mutually exclusive. We can also add pre-emptive health checkup for us & family.

@SumitSingh-rb2fg Жыл бұрын

You can opt both provided ur employer provides flexibility.. Your in hand will reduce as the NPS amount will be deducted from your salary only

@007_Sun_Tzu 2 жыл бұрын

2 points where we miss out- Interest component comes down with time under 2lakh per yr. HRA is lower of three- HRA, rent paid minus monthly basic, 50% of total basic.

@AniketBasak 2 жыл бұрын

HRA is lower of amount actually received, or rent paid - 10% of salary, or 50% of salary if in mumbai, kolkata, delhi, chennai or 40% of salary in all other places. (salary being basic + DA forming part + Commission based on fixed % of turnover achieved by the employee)

@dildboss 2 жыл бұрын

Exactly... whole HRA doesn't get exempted. For a 16L salary figure, rent paid - 10% salary will always be the least. So a maximum of 1.5L to 2L (assuming a rent of around 20k - 25k) only comes under exemption. Balance 2L to 2.5L is taxable. But all in all this is a damn good explanation.

@cutieandsweetievlogs2475 Жыл бұрын

@@dildboss on paper show rent of 5 lakhs per annum then you can claim 5 lakh - 10%(16 lakh)= 3.4 lakh

@kiransinhchauhan3174 Жыл бұрын

@@cutieandsweetievlogs2475 for claime rent, we required PAN of house owner? If yes, then our claimed rent would his income.

@biju.b257 Жыл бұрын

@@AniketBasak w111

@mustafaalikhanmohammed1274 Жыл бұрын

You are a fantastic financial mentor. Excellent knowledge sharing. Thank you so much.

@AssetYogi Жыл бұрын

I appreciate that!

@payalmore6817 Жыл бұрын

I have been watching a lot of videos on tax saving recently. But this video cleared all my doubts. Very well explained. Thanks for the video.

@rodeopriya5705 Жыл бұрын

Income of 10k shall be added in income from other sources before getting exemption under Section 80TTA. Net exemption is zero in 80TTA since you add and subtract from income

@prathameshphatak Жыл бұрын

Exactly 💯 , he made several unrealistic assumption also in this video, and not adding 10k above was a gross mistake on his part !

@kumar-mi7rl 11 ай бұрын

@@prathameshphatak adding and again deducting 10k doesn't make any sense

@prathameshphatak 11 ай бұрын

@@kumar-mi7rl you only deducted that's the fault at first place

@SHANKS0412 2 жыл бұрын

Thoda extreme scenario hai. Itne saare investments in tax savings plus loans generally nahin hote. People need cash in hand for expenses also 🤣😆 Also 25% HRA exemption on the assumption of 25% of CTC as Rent being paid is very high. But good thing is that employees can learn about all possible IT exemptions in one Video.

@HowTo2021 2 жыл бұрын

More than 25% of ctc paying as rent. Wonder what will the person be left with for investments and expenses

@VivekKumar-bb6jb 2 жыл бұрын

I worked in an mnc for 9 years and HRA was 40% of basic max for non metro city how can we get 25%??

@monumittal4721 2 жыл бұрын

@vineetdhar 2 жыл бұрын

Very impractical in real world

@FunnyVideos-hd3yr 2 жыл бұрын

@asset yogi same concern is mine how can one claim total 4l HRA under 16l total salary it's wrong rule. Even rule for calculating basic salary is also much higher. I have seen it around 30% most organization provide.

@akshaykumarsonune1937 2 жыл бұрын

This is very informative. Thank you for investing your time on explaining things easy to understand. One thing that I could sense is.... buying home loan becomes mandatory for this income bracket people since there are no other options one can save tax upto 2L.

@AssetYogi 2 жыл бұрын

Thanks for sharing!

@inspiredvideo6959 Жыл бұрын

NPS of employer is also added in Taxable salary.... Secondly EPF is part of 80 C include in 1.5 lacs no any other benefit exemption.

@artibanerjee4184 Жыл бұрын

@@AssetYogi pl share ur email

@Khojkhabar_deshheet 2 жыл бұрын

Bro I am very layman to taxation part. My simple question to you is if I start investing all this money to different different component to lower down my taxable income, what exactly or practically I am left with in month end for day to day expenses. All money I have investment to save my tax. Practically I have no money in my hand to run my house. Please explain me as this is my confusion.

@rajeshshenoy8049 Жыл бұрын

These are tools which help build corpus in long term, ppf ,nps etc. remaining are all expenses to run the house

@satishchanderseth3770 Жыл бұрын

Yes sir, this is a good idea.because there are very few pensioners for PENSION UPDATION. OTHER THREE CATEGORIES ARE WE CAN SAY LESS. PENSIONER AFTER 2002 ARE THERE FOR PENSISON UPDATION

@woolf7285 2 жыл бұрын

Congratulations For three Million SUBSCRIBERS 😘

@AssetYogi 2 жыл бұрын

Thanks

@DigvijayUpadhyaybit03 2 жыл бұрын

Good one for newbies who don't understand this taxation stuff

@ShashiMaurya6 2 жыл бұрын

First good video however. The calculation is still very optimistic. Practically 15L salaried person cannot use 25% CTC as HRA. It comes out to be 40000 (HRA rebate=RENT-Basic10%). wonder which 15L salaried person would stay in 40k rental home. The relation that works for most of people is 10-15% CTC. Which is about 17500, which is typical rent for small 2BHK in NCR, Navi Mumbai, Bangalore, HYD. so adjusting HRA correction of 2.8L makes ZERO tax CTC comes down to 12.2L. Hence for Zero Tax : Money in hand (excluding rent) as per this equation is 5 lacs + 50k (std ded) + 12k(LTA/4) = 5.62L pa = 46k pm. This equation will work for some on who has less dependents.

@meghachoudhuri Жыл бұрын

That's right. Also EPF (employers contribution) is calculated under 80C, how come the EPF has been decuted in annual CTC..how ?

@mdimranalam1601 Жыл бұрын

Well said, deduction does not come without investment. If you add all the investment which give you the mentioned deducton and exemption, you wonder it will be more than the mentioned in-hand salary. Paying rent of 4 lac in a year, paying education loan of approx 5 lakh (then interest will be around 50k), paying home loan of approx 5 lakh (then interest would be around 2 lakh or more), 80C investmet of 1.5 lakh, and many moreeeee......so total investement should be more than annual income to go for 0 tax........Impractical video.............Any how your other videos are very informative and logical.....!!!

@kumar-mi7rl 11 ай бұрын

@@mdimranalam1601 he has put in all the components, which is not possible....and HRA calculation is wrong... , so this video is good for nothing.

@jamesnalley4629 Жыл бұрын

As a beginner in the markets , your best bet is getting an experienced mentor to guide and help you make the right decisions , specifically someone who can handle your capital and help you grow your portfolio

@aleighholden8462 Жыл бұрын

@Flor Martinez I've always been fascinated with investing and I need to start now . Could you possibly give more information about the Investment Professional and how I can reach out

@susannelson350 Жыл бұрын

@@aleighholden8462 sure , she was able to guild me through out the process , she's such a patient broker

@susannelson350 Жыл бұрын

Look for her on *telegram* with the name below

@susannelson350 Жыл бұрын

*Stellalouis1*

@Debbiemoris7652 Жыл бұрын

@@susannelson350 I couldn't believe the process until a profit of $ 15 , 000 with an initial startup capital of $ 2500 in 5days . Thank you Ms. Stella Louis for been transparent

@tarunbehera5867 2 жыл бұрын

Main unrealistic assumptions in this calculation is 50% basic which no companies pay in all MNCs. Hence HRA will reduce.

@MalayKumar98 Жыл бұрын

Try working in either legal companies or any company other than TCS bro... they do pay 50℅ as Basic of annual CTC.

@tarunbehera5867 Жыл бұрын

@@MalayKumar98 I had worked with multiple companies other than TCS and nowhere it is exactly 50% of basics in the private IT sector.

@SahilGupta-cu1ip 2 жыл бұрын

Thanks sir for great information ❤🙏

@AssetYogi 2 жыл бұрын

Most welcome

@VinodKumar-gq5fd 2 жыл бұрын

Sir, As per your bonus tip 2 people can take benefit in case of a joint home loan. If done so, do we also have to divide all the deductions (like Rental income, maintenance charges, Interest on Home loans, etc) as 50% - 50% considering both are equal partners?

@AniketBasak 2 жыл бұрын

Refer to section 26 of the income tax act, 1961.

@shristitiwari6969 Жыл бұрын

Clubbing section will apply

@rajeshshenoy8049 Жыл бұрын

Yes not necessarily 50 any proportion to help reduce tax for both

@sumanr79 Жыл бұрын

Information about the deductions are very informative. However this is very hypothetical scenario for a person earning 16 Lacs. If the person invest such heavily then how would he manage his bills and monthly expenditures?

@NITHYASHREEKSPGP-Batch Жыл бұрын

he has addressed that also -_-

@mdimranalam1601 Жыл бұрын

Correct! Hypothetical scenario. If you calculate all the investment, you wonder it is more than salary. Total invest karega to khaega kya bhai...!!

@bhaveshvaishnav633 2 жыл бұрын

We can also claim health insurance premiums for our parents up to 25k for non-senior citizens and 50k for seniors citizens.

@tejalpatel9181 Жыл бұрын

Evn if they are ex govt employees & having pension??

@sandhyam8505 Жыл бұрын

@@tejalpatel9181 yes provided they are senior citizens (60or more)

@ahzamsiddiqui4050 Жыл бұрын

Check 80c and EPF once, you considered it twice. The limit is 1.5L in 80c including provident fund.

@sudipshilsharma5986 11 ай бұрын

Correct. EPF is under 80C only. Cannot be claimed twice

@BetterLifePhilosophies 2 жыл бұрын

Great informative video. Thank you, Sir! I think the HRA claim couldn't be 4 lakhs at this income. Rest everything was so good to know info.

@AssetYogi 2 жыл бұрын

Thank you so much.

@amitmaurya6179 Жыл бұрын

My HRa is 3.65 lakh with 15 CTC.

@illuminati9486 2 жыл бұрын

Epf 92000 is already mentioned at start so 80c should be around 50k in your calculations not 1.5 lac. So income will become 5lac +. Also, lta is not available to all

@yashrajput8502 Жыл бұрын

HRA exemption in least of the following 1. HRA received 2. 40% or 50% of salary 50% in metropolitan city Here salary means = basic salary+ dearness allowance (if it is forming the part of retirement benefits) + commision (if it is fixed of tuornover) 3. Rent - 10% of salary

@kruthikapillay3393 2 жыл бұрын

Very well explained.. I am going to replicate that excel

@mrshajum9895 2 жыл бұрын

Were you able to do that? Since creator is not responding for sharing excel sheet, please share the sheet link :)

@Tube-180 2 жыл бұрын

Could you please share the excel link

@tushar5426 Жыл бұрын

Thank you so much sir for this amazing video!! This is really helpful. Your way of explanation is awesome ❤

@AssetYogi Жыл бұрын

Most welcome!

@praveenmpkable 8 ай бұрын

sir, my father is 84 years and his pension salary is 19 lakhs and what are avenues to save tax to the maximum. his savings is only PPF only and nothing.

@shashanknarayan5929 2 жыл бұрын

He has considered 80E/ 80EE which is an aggressive assumption And assumption of 25% for HRA is totally funny

@sonampatil7895 2 жыл бұрын

400000 HRA deduction not possible

@josephs4044 2 жыл бұрын

25% HRA is real. There are several components in the salary that makes effective HRA less than 40%.

@zeustrong305 2 жыл бұрын

The fact is, not much tax saving options are available for salaried persons, especially for those who are in 30% bracket.

@k0u0s0h0a0g0r0a0 2 жыл бұрын

The rationale for tax benefit rules is to allow people to spend their earnings on basic short-term and long-term liabilities - such as living expenses, health, education, leisure, etc . If anything is left after that, there is no reason why it should not be subject to taxation.

@ManishKumar-lt6wg 2 жыл бұрын

@@k0u0s0h0a0g0r0a0 waah bhai

@AniketBasak 2 жыл бұрын

Very true, maybe try calculating your tax liability under 115BAC (New tax regime).

@amitdubey881 Жыл бұрын

@@k0u0s0h0a0g0r0a0 do you even pay taxes?

@shivammaheshwari5519 Жыл бұрын

@@amitdubey881 they are most probably a daily wage worker.

@surajparkash1190 Жыл бұрын

Informative..... But you considered employer contribution 2 times.....In EPF(96000) and in NPS(104440). Employer will contribute either in EPF or in NPS

@krishnaagarwal6388 Ай бұрын

yes, the same thing I noticed.

@psgamer547 Жыл бұрын

Hello sir, it would be great if you provide this excel for our reference and we can try out according to our amounts. Also wanted to know that my company is not giving 50% of CTC in basic...you can take it 20-25% and i live in metro city also tried to convey the same to the HR but no luck from them. What do you wanna say about this?? Thanks you 😊

@rohitahmed6754 2 жыл бұрын

I have joined NPS department this month. I have been watching videos for the product knowledge. I would also like to add that we are the POP SP(ICICI PRUDENTIAL PENSION FUND MANAGEMENT COMPANY LTD). Kindly comment here for any NPS related queries or to open a new account.

@ruchijain9300 Жыл бұрын

Kya kisi ke 2 NPS account ho sakte hai ? 1. gov. Job ka automatically 2. 50000 redemption ke liye gov employee khud se open karwa sakta hai kya?

@ashwarya26 Жыл бұрын

Great Video. I have one doubt : Has EPF deduction counted twice and it should be under 80C only, For Example 96k deducted from 1.5 lakhs limit and then 54k on ELSS fund, that makes 1.5 lakhs I believe there is double counting in the beginning for EPF

@AssetYogi Жыл бұрын

Noted. Will check.

@varunanadkat Жыл бұрын

Employer contribution towards PF is not considered in your taxable income.

@arpitthakur2489 Жыл бұрын

@@varunanadkat but it comes under ur 80C 1.5 limit only. u cannot claim 96k as EPF and 1.5 as 80C seperately

@varunanadkat Жыл бұрын

@@arpitthakur2489 yes EPF is considered under sec 80C

@amannjainn Жыл бұрын

I think you are wrong. Employer contribution is already tax free in the hands of employee.. It doesn't form part of 80C.

@akshaygirme2475 Жыл бұрын

Sir, You should add 10k (Interest) in Gross Income & then claim deduction under 80TTA. By the way your video is helpful. 🙂

@AssetYogi Жыл бұрын

Yes, you are right

@kumar-mi7rl 11 ай бұрын

doesn't make any sense to add 10k and deduct again 10k

@TheSougata1 Жыл бұрын

Great explanation sir. Thank you🙂

@pradipbhume6098 2 жыл бұрын

I'm really surprised to know such options to save tax. Thank you for creating such informative content. This will be helpful for lot of people like me.!! 🙂

@AssetYogi 2 жыл бұрын

You are welcome.

@kumar-mi7rl Жыл бұрын

omg, u didn't know these components till now ?

@Susheelkaram Жыл бұрын

Too many ideal case scenarios. - 4L for HRA is very high even in metros. (As others pointed out it comes down to 3.2L) - Not everyone has home loan or education loan. - NPS is not a great investment plan (personal choice though) - And why was 80TTA 10,000 deduction removed from CTC? Its for the deduction on the interest earned on savings, which is additional income. The bottomline is make peace with fact there is no escape from taxes. Just do proper investments and save as much you can on that. But don't do investments or expenses just to save taxes.

@anirbansarkar6306 Жыл бұрын

I think 4Lkh on HRA is also rare (in general) as it is like per-month 33000 home rest. We generally prefer 10k rents. But overall this was really helpful video. Thank you so much

@AssetYogi Жыл бұрын

Keep learning.

@rahul_spawar Жыл бұрын

You can still say that you're giving this much money to your parents 😛

@tejask4889 Жыл бұрын

@@rahul_spawar The calculation never works out, you can't just say you pay any random number in tax, the formula to calculate always ends up in a very low number.

@srinivasinv5542 Жыл бұрын

@@rahul_spawar you have to give PAN of parents if you are giving such high rents they will come under tax dept eyes they will identify your parents property in other city and you are working in different city they will consider it as fraud it will work until you are doing WFH

@AS-zj1kl Жыл бұрын

I was about to make a same comment. 33K is too high rent for a person earning 16 lakhs. But still good information. @@AssetYogi is this true that basic should be half of CTC? Can we demand employer to restructure salary based on same?

@dhananjayvaish3276 2 жыл бұрын

Most informative video on tax saving so far .

@djtailor 2 жыл бұрын

Thanks for this extremely useful video. Better if you can share this excel sheet.

@swapnilgodawat4176 Жыл бұрын

Did you get this wxcel.?

@trendyniro Жыл бұрын

Thank you sir. Very useful. Till now people have been telling me that I can claim tax deduction only upto 1.5 lac under 80c section and totally left out the rest of the deductions.

@AssetYogi Жыл бұрын

Most welcome Niranjan

@kartikeshsaurkar4353 Жыл бұрын

Thanks for considering practical scenarios

@AssetYogi Жыл бұрын

Most welcome Kartikesh.

@mdsarfaraz9153 Жыл бұрын

In General : 21600 is the Employee contribution which comes in payslip

@SK-cg6hm 2 жыл бұрын

Really Knowledgeable video, Thank you Sir

@AssetYogi 2 жыл бұрын

Most welcome

@nitiprakashdas5800 2 жыл бұрын

One of the Best Channel on KZfaq. To gaining Financial Knowledge. Thank you Sir.

@AssetYogi 2 жыл бұрын

You are most welcome

@shivamsancheti1398 2 жыл бұрын

@@AssetYogi Negative comments ko bhi like kar dete..baseless calculations..itna sab karega to Banda khayega kya

@preetamshetty6679 Жыл бұрын

How are you considering tax exemption for both employers and employees EPF contributions?

@siddheshana 2 жыл бұрын

corporate NPS ka exemption basic+DA ka 10% hota hai na , na ki Net Salary ki 10%. It makes a huge difference as most of the corporate employees have multiple components in their CTC

@ajabhishekjha1234 2 жыл бұрын

@Siddesh yes

@dusmantpail4713 Жыл бұрын

If basic salary is 800000, then nps deduction will be 10% of basic that is 80000.

@srinaga1975 2 жыл бұрын

Very nice video; Explained in detail; Can you share the excel sheet?

@raviraj_pawar Жыл бұрын

did you get excel?

@sanjaydey3903 2 жыл бұрын

Excellent explanation. Thank you so much 👍🏼

@AssetYogi 2 жыл бұрын

You're very welcome!

@shubhamdhakrey3197 2 жыл бұрын

Ghante ka excellent chutiyapanti ki video gai bc

@dharamveerbhadoria2083 2 жыл бұрын

Its not realistic. Please be self aware.

@livewellvlogs 2 жыл бұрын

Thanks ...your video was informative...

@vkrsoft Жыл бұрын

Very informative, opened my eyes. 🙂👍

@MrAjitPrasad 2 жыл бұрын

Disclaimer:- It's for perfect family

@ashwin812 2 жыл бұрын

EPF deduction is a part of 80C only. Its can't be 1,50,000 + 96,000, the total combined will be 1.5L.

@Kushwah.r 2 жыл бұрын

96000 employer ka hai

@Kushwah.r 2 жыл бұрын

Employer full tax exempted

@sandeeppilar5351 2 жыл бұрын

@@Kushwah.r ya u r right

@nishithvyas 2 жыл бұрын

True. Even LIC, PPF, EPF, NSC V, KVP & SSY falls under 80C...!!!

@nitikasrivastava9368 Жыл бұрын

EPF is also part of 80C but you claimed twice 96K under EPF and 1,50,000 in 80C, which is invalid

@SriRamaMemes Жыл бұрын

Employer contribution vs Employee contribution?

@abhaykumarabhaysrivastava 11 ай бұрын

Very useful and informative video. Thank you so much 🙂

@AnishTiwari.official Жыл бұрын

Is this sheet available to download ??

@abakashnayak 2 жыл бұрын

This is a misleading way for calculation of tax on salary income. The employer either contributes toward EPF/EPS or towards NPS , not both. A person earning 15 lpa as CTC has to pay taxes even with all the deductions possible. The HRA calculator is also not proper. An advice to the creator don't mislead people.

@ManabendraGhosh 2 жыл бұрын

Rightly said... This video is just to gain publicity...

@sonurokr 2 жыл бұрын

Why don't you put that in details here for people to learn. Tell the world what is improper in this calculation here rather than bringing the creator down. Maybe the creator will learn from your findings.

@tejeshcreation65 Жыл бұрын

Yes... HRA is too huge in dis case..no one will agree for dis.. misleading video..

@SunilKumar27 Жыл бұрын

Also he used 2L of loss of house property

@ianalphonso4851 Жыл бұрын

I agree, the calculations are wrong, is IT department a fool?

@aloksingh2789 Жыл бұрын

Thanks, learnt a lot 🙏🙏🙏

@AssetYogi Жыл бұрын

Most welcome Alok.

@srpatilpatil3306 Жыл бұрын

Nice super explain.... Bro

@AssetYogi Жыл бұрын

Thank you so much 🙂

@kumar-mi7rl Жыл бұрын

what nice ? jitnaa component hey , ushme sab amount daal diya.... practically wo hotaa nehin hey bro.....

@tintiniitk Жыл бұрын

Let's calculate how much rent you must be paying to show 4 lakh HRA deduction in the above case study. I'm dealing with only annual numbers here. Total salary: 16 lakh Base salary: 8 lakh HRA: 4 lakh (assuming about 50% of basic, which is a impractically high %age, but whatever) >= HRA deduction (4 lakh) --> Works! 50% of basic = 4 lakh >= HRA deduction (4 lakh) --> Works! Rent - 10% of basic salary >= HRA deduction (4 lakh) --> ??? i.e. Rent >= 4.8 lakh per annum i.e. 40,000 per month or more, and this doesn't include maintenance, gas/water/electricity/internet bills or any other service charges or expenses. The analysis done by Asset Yogi is theoretically correct, but extremely impractical, where you can get deduction of about 12.5 lakh rupees per annum, but it is practical only if you have huge untaxable savings, untaxable investments, (untaxable :D) cash already lying around with you and you're willing to just invest/spend all of your incoming 16 lakh salary each year or may be even more in trying to save taxes. The point of the video of course is not that you can save 31.2% (30% slab *+ 4% cess) of 12.5 lakhs in taxes, instead that there are many tax deduction avenues that many of us aren't using very well today. Identify which ones work for you and make use of them. A tip from me: if you are desparate to save taxes by hook or by crook and that too legally, become either a farmer, or a godman, or a politician.

@AssetYogi Жыл бұрын

Thanks for the input.

@harehare3488 2 жыл бұрын

Can we buy father's home thru Loan so the money is within the family and Father can invest the money in Stocks which can grow minimum 20% PA? This way family gets say 40lakhs it is invested in Stocks. Now, son & daughter in law can claim deduction on Interest Consider Son & Daughter inlaw are living in another town they can also claim HRA This is logical?

@ace.aniket 2 жыл бұрын

Yes you can, but you will be taking loan from banks which will charge you interest. Plus other expenses like stamp duty, registration etc have to be kept in mind for doing the ROI calculations. If you are sure you can make more than 10-12% in stock market then it might be a good option. I can't see any hurdles in this.

@ArjunSingh-sr5rx 2 жыл бұрын

Sir..Thanks fore info ...would like to know if I dont have Home Loan, education loan, and covered only 80C...is there any other tax saving instrument that I can use. Your suggestions would be helpful

@sudhirsaleakanomad2051 Жыл бұрын

Bhai :) aap ke videos crisp aur clear hote hai. maine 2 saal pehle aapke hi ek video se dependent parents ke medical expenses pe 50k ke baare mae jaan kar claim kiya aur mujhe 11k approximate income tax rebate mile 🙏 aapne yaar is video mai jo excel tha uska bhi link neeche dete toh bohot help hojata hosake to please woh link daal dijeye. humlog bhi apna figures daal ke plan karsakte. I wish you good luck for your career and a BIG Thanks for sharing your knowledge.

@The_Immature_Millennial Жыл бұрын

80C deduction is calculated twice, EPF as well as ELSS everything together is taken for the 1.5L exemption in 80C

@prashanttimmapur9101 Жыл бұрын

Well said i was about to say same thing

@tanmoydas6370 Жыл бұрын

No calculation is correct. You misunderstood the point. Employee contribution comes under 1.5L but not employer. Here he is trying to say that 12% amount which employer gives. This part is also calculated under CTC(Cost to Company) means all benefits those you are receiving from ur employer.

@prashanttimmapur9101 Жыл бұрын

But you can't claim that in your itr.

@MalayKumar98 Жыл бұрын

@@prashanttimmapur9101 No he is trying to say that it is not included you income. So basically he deducted that from the CTC but not as a rebate.

@tikiortaka Жыл бұрын

@@MalayKumar98 That amount isn't part of the taxable income to begin with. Employer's by default don't declare that as taxable income while calculating TDS.

@hardiksheth7694 Жыл бұрын

@Assetyogi - 4 lacs HRA deduction is impractical, since most companies dont allow changing actual HRA. i have dont audit of atleast 40 companies till now, nd i dont see that option

@user-iv2zg5gh2k 11 ай бұрын

This was a beneficial video. Thank you so much

@korianjali7688 Жыл бұрын

Hello sir..Can we file bulk returns in quicko software?

@tejask4889 Жыл бұрын

I don't think companies are following the 50% rule, basic salary is always very low which restricts you on the amount you can claim as HRA.

@AssetYogi Жыл бұрын

It's not yet applicable.

@dr.rajeshingole2215 Жыл бұрын

HRA 25% wrong

@mujahids1664 2 жыл бұрын

Nice explanation. Can you please share the excel sheet for tax calculation ?

@raviraj_pawar Жыл бұрын

did you get excel?

@mujahids1664 Жыл бұрын

@@raviraj_pawar no

@vkroy4743 Жыл бұрын

Hhb

@vivekvarnwal1549 Жыл бұрын

Simply the best explanation

@AssetYogi Жыл бұрын

Thanks Vivek

@srqbal Жыл бұрын

Dear Sir, I need to know how to deduct the short notice recovery amount from Gross salary. When I deduct and input the same by editing Gross salary while filing ITR-1, warning and then error appears that it is not matching with the form 26as. And due to this I am not able to proceed further. Please help me out.

@fingerstylesahil7678 Жыл бұрын

If EPF is a part of 80C and EPF alone is being deducted by company and fulfilling 1,50,000. Then there would be no need to do PPF or other options from 80C to save tax, because EPF has exhausted total 1.50L, correct?

@AssetYogi Жыл бұрын

Yes.

@mgedwardcullen22 Жыл бұрын

@@AssetYogi Same is My Situation as Govt employee. Major portion of my 1.5L 80C is exhausted by NPS deduction from salary which is compulsory.

@bhanuarora5097 2 жыл бұрын

Medical insurance premium is only exempted at personal level. If it is a corporate scheme deducted directly in your salary, then it is not exempted

@sush2142 2 жыл бұрын

It is recommended you buy a personal plan which includes your parents

@shristitiwari6969 Жыл бұрын

You can also claim presumptive health checkup 5000 in extra

@natureloveprash 2 жыл бұрын

Video is very informative but I request you to illustrate an example for government salaried employee under old pension scheme.

@sourabhb5031 Жыл бұрын

👌Mindful Calculation AY Team... ☺️

@AssetYogi Жыл бұрын

Thanks Sourabh.

@mayurjain2501111 2 жыл бұрын

I am your fan sir ....thanks for helping me get my financial literacy ....

@AssetYogi 2 жыл бұрын

It's my pleasure

@Sam_dairy Жыл бұрын

Thanks for the information. If we do so many investments then in hand salary will be very less so think twice before investing in order to save tax.

@AssetYogi Жыл бұрын

Spend after investing.

@maheshasodia4960 Жыл бұрын

ITR 1 फाइलिंग के बारे में आपने बहुत बढ़िया समझाया है , धन्यवाद .

@kewalrana1785 Жыл бұрын

Very nice and knowledgeable. Thanks plz 🙏

@AssetYogi Жыл бұрын

Most welcome

@devgenesis6436 2 жыл бұрын

extreme case I have the same CTC of 16..but I'm paying 9-10k/month as tax..even after exhausting both 80c and NPS..though I don't have a home loan

@rishabhgusai96 2 жыл бұрын

Take one.

@rishabhgusai96 2 жыл бұрын

Also consider 80D for medical insurence for 25k

@rekharai9930 2 жыл бұрын

@Dev Genesis can you please tell me how you are paying 9-10k/ month tax, because I have 15CTC but i am paying approx 13.5k per month

@devgenesis6436 2 жыл бұрын

@@rekharai9930 exhausted 80c ..declared nps for 30k ..HRA around 180k.

@karthikkamath2046 Жыл бұрын

@@devgenesis6436 Do you need rent reciepts for HRA around 180k? As far as I know landlord PAN is mandatory for HRA above 1L.

@subhamsarda6182 2 жыл бұрын

Dude you are considering 25% of CTC as HRA when calculating the deduction but even if the annual rent is 40k you won't get that as HRA because Actual HRA - 10% BASIC will be the minimum so your valid HRA will be 3,20,000.

@saadjsayed Жыл бұрын

400000* 10% of Basic+DA and not CTC

@sushmabyatha2494 10 ай бұрын

Thanks a lot for giving such a detailed information on tax saving for salaried person

@sanatjain4677 Жыл бұрын

Very go good and true.👍

@AssetYogi Жыл бұрын

Thanks Sanat

@akshaybudhe7548 2 жыл бұрын

Interest on saving 80TTA deduction amount is Rs 40,000/- and for senior citizen is 50,000/-

@shristitiwari6969 Жыл бұрын

No it's 10k and for senior citizens it's 50k

@sinailondhe3686 2 жыл бұрын

So relatable explanation, thank you for making it easier 👍

@AssetYogi 2 жыл бұрын

You're very welcome!

@shubhamanand4829 2 жыл бұрын

@@AssetYogi Sir, i actually fall in the category where i own house in one town and work in a nearby town but i travel daily. Can i still show HRA? And for showing hra in ITR do we need to submit rent receipts?

@mintusonowal3483 Жыл бұрын

While claiming 8otta a warning message comes that you have exceeded the limit of 1.5 lakhs of chapter iv A,what to do?

@jagdishpant7639 Жыл бұрын

Very educative. Thank you

@AssetYogi Жыл бұрын

Most welcome Jagdish.

@Aiprojects970 2 жыл бұрын

Sir, you have shared a valuable information. Thank you. Can you also share this excel sheet ?

@AssetYogi 2 жыл бұрын

You are welcome.

@kyzokyzokyzo Жыл бұрын

@@AssetYogi it really would have been useful if you could share the EXCEL sheet

@shubhpatel4518 2 жыл бұрын

Sir, Greetings of the day. Me and my father have a joint home loan of ₹60 Lacs with 7.5% interest rate and 15 years of tenure. We both are salaried person. As per your video you said that one can claim tax deductions on home loan interest is upto ₹2 Lacs but in the Bonus tip you said that both members can claim the home loan interest deduction individually so if we both together paying an interest of ₹4 Lacs per financial year then each of us can claim ₹2 Lacs Home Loan Interest deductions right? Whats are the mandatory step which should we take care in Joint Home Loan? Many Thanks, Shubh

@Yogesh_Kushwaha Жыл бұрын

I'm not sure be he has mentioned case of Husband and wife where both can take tax rebate on joint home loan. Please check with your ca if same application in case of Father and Son.

@pratyush7000 Жыл бұрын

Yes you can claim deduction with both the assessee

@journalshours3524 Жыл бұрын

Why don't you guys just go near a CA he will guide you better.

@tejashrist8000 3 күн бұрын

If i buy agriculture land will i get exemption on that. And for purchase of agriculture land is it mandatory to take loan or i can direct pay all amount to get exemption in tax