2024 Income Tax Saving and Tax Planning Guide | New vs Old Regime | Assetyogi Show #4

[@AssetYogi]

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

[@NaharTm-iq9yx]

😂

[@CA_Surajdeo]

Adding few points for people who make some COMMON MISTAKES while focusing on TAX SAVING: 1. Saving taxes should be incidental, not the primary driver of your investment decisions. 2. Prioritizing tax savings can lead to suboptimal choices. So, Investments should primarily align with your financial goals like child education, wealth creation, retirement planning, Foreing trips (why not) etc 3. Chasing tax breaks with short-term investments might provide momentary gains but may not contribute to long-term wealth growth. Focus on investments with higher potential returns, even if they offer less immediate tax relief.

[@CA_Surajdeo]

Simply put, if you can claim more deductions and exemptions then choose the old regime, otherwise the new regime.

[@anilkumarbuddha5986]

सर शायद सैलरी बेस्ड लोगो के लिये ओल्ड रेजीम ही सही क्योंकि टैक्स बचाने के बहाने ही लोगोँ के पास के पास छोटी मोटी सेविंग हो जाती है। एवम सरकार के उपक्रमो को भी रुपया मिल जाता है। नए रिजीम में शायद इस कम है। आपका सुझाव स्वागत योग्य है।

[@CA_Surajdeo]

@@anilkumarbuddha5986 completely true, BIlkul sahi Anil ji, Old best hai. Ushme forced saving hota hi, aisa 80C 80D etc ka option na rahe like tax benefit etc to kayi log jo thora saving investment etc old regime k karan karte the, wo bhi karna band kar denge.

[@anilkumarbuddha5986]

@@CA_Surajdeo Ji Sir bilkul sahi kaha apne.

[@CommercekiDuniyabyjeet]

New tax regime is leading to not to invest your money

[@user-cario]

Hit 200k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started with 7k in August 2023...

[@George_vino]

Hello, how do you make such a monthly income? I'm a born Christian, and sometimes I feel down about myself because of my low finances. But I still believe in God.

[@dustinlynn3348]

most people fail to understand that living a Life without passive income isn't worth much except trying to pay off debts and loans.

[@user-cario]

To be successful in markets, investors should understand that the crypto market is highly profitable with a professional broker who understands crossover between asset classes & liquidity flow. Like Mr Charles Lucas focuses who on Multi-asset trading, a single strategy to manage risk, profit.

[@MUM_SANDRA]

Mr Charles Lucas financial education have really made name for himself, he's highly recommend best TA guy by for worked with during the fall

[@ahmedla7773]

I can sincerely say Mr Charles Lucas is one of the best Traders I have ever seen in the state in the past few years, now reducing losses and ensuring profits

[@chetankale3907]

After seeing so many videos, your video made a clarity about tax saving with very good example Thank you

[@KOUSHIKSAHA-ju4zd]

Extremely helpful video..hats off to you that you provide these precious videos without charging any fee ...❤ Thank you sir ...

[@gopalgarasiya4538]

As a teacher i want to save my Tax my income is around 8lac per annum. Make such a informative videos for teachers .. 🙏🏻

[@lulsec]

You don't fall under taxable income bracket !

[@meetvaghasiya3681]

Choose old regime 1.5 lakh elss, epd or ppf 50k nps Other 50k deduction yoi have to do from medical insurance, children education , travelling, 80ccd(2) , home load , or rent. Whatever applicable

[@tarundhawan9338]

@assetyogi this excel is superb the only thing to add would be is the net tax that a person will have to pay with the deduction on each level

[@RakeshYadav-sx8js]

Thanks a lots for your valuable information sir. Anuual CTC- 12L 80C= 1.50 lac used.(PPF ) Medical=20k MF= 4k per month PPF- 12500X12 TERMS INSURANCE -32K FD N RD SOME Share I have purchased HOW I CAN PLAN MY FINANCE AND future sir. I'm newly married person. Thanks in advance sir. I really like and follow your almost all videos for financial. You are real asset yogi🎉

[@AnilPrajapati-fz5ti]

If you can reduce you ppf amount to 10k per month as you can't use your term insurance premium in 80c or even less as you might have epf contribution from your end hence insurance ppf and epf all come under 80c so don't invest extra in ppf you can use that money to invest more in mf or help you to create emergency fund

[@suhasgali4796]

​​@@AnilPrajapati-fz5ti sir, I have a doubt plz clarify, I see (12*1800rs) deducted as epf from my salary, also I see contribution from employer In epfo portal ( 3.67% as employer share and 8.33 % as pension share counting to 1800 rs per month again). So can i put (12*3600rs) under 80c for deductions ?

[@AnilPrajapati-fz5ti]

@@suhasgali4796 no you can only consider your contribution into epf under 80c that is 1800×12= 21600 rs

[@hiteshraina4032]

Also use NPS 50K 80CCD1B for additional tax saving

[@Sachin_LearnandEarn]

Same bro. 3.67% employer contribution given​@@suhasgali4796

[@sourabhsoni5927]

Amazing. Very detailed and helpful video! 👌

[@amanac7305]

I spent my time on something that'll help me in future totally worth it. Thanks sir ❤

[@addahHusayn]

I’m 26, $300K net worth. Been saving 50% of my salary, investing in stocks & living below my means. My goal this year is to be more serious and consistent with my investments for long term. Starting to save for a house down payment. I want to invest more this year but I'm not sure on how to mitigate risk

[@Edgardo477]

A good number of people discredit the effectiveness of financial advisors. I’ve been DCA’ing into a diversified mix of low cost Index Funds/ETFs for months, buying heavier when low and lighter when higher. I haven’t checked in a bit but I’m already up like $100K because of this. My CFP and I are aiming for a sustainable cash flow portfolio generating at least 9% yield to partially fund my retirement!

[@jaidenSalinas]

@@Edgardo477 I'm looking to give stocks another shot after staying on the sidelines since the pandemic, if you do not mind, could you explain a little bit how you're getting guidance and how can I contact the advisor?

[@Edgardo477]

Credit to 'Martha Cornell Kerns' will recommend you look her up, Well, she recommends about 5-9 big rising stocks every month, 3-4 every week and the profits on these stocks are about 20%-55% most times or even higher

[@Chaim127]

Exactly what I’m doing again this week. The smartest thing I’ve ever done was having 30% in cash to buy on the way down in 2021. It hurt watching 30-40% discounts drop to 50, but grabbing Google, NVDIA, Apple, and others near the bottom has paid off

[@jaidenSalinas]

Thanks for sharing. searched for her full name and her website popped up, I set up a call with her

[@anitaghodke9565]

Thank you for your wonderful explanation. This will definitely help me to maximize tax savings.

[@samratchakraborty8755]

Hi, Can you please clarify - 1) If the gratuity amnt. has been considered part of CTC, will it be factored under taxable income in the New Tax regime? 2) What about Professional Tax, will that also be considered in the New regime? looking for your answer. Thanks in advance.

[@navleensingh3807]

In new tax regime Professional tax is not deducted and is considered a part of income.

[@vaishakb8095]

extremely helpful sir. Best ever tax regrading explanation!!

[@Vishhal_Pawar]

i followed your last years same video stating 0 tax, still they deduct around 30K, for views youre going so down

[@akashpatel291]

😂. Pay 60k this time. Don't worry its for the development of the nation.

[@gigachadkartik]

​@@akashpatel291lawde ka development Atal setu bhi Japan k loan ka hai, itna GST collection itna load bc ja kaha raha hai paisa sab? Ram mandir me? Horrible government

[@shettigarrammohan2201]

​@@gigachadkartik It goes to free loader like you who gives vote in the name of Freebies. And if someone calls out that one then you call them Andhbhakt.

[@KuldeepSingh-bg9vd]

Gujarat mein kharch ho rha hai sab

[@pratyushkumarjaiswal2573]

​@@gigachadkartikBaklol Ram mandir ke liye aam logo ne Rs20 se lekr industrialists ne RS 2 Crore Tak ka donation diya hai. Usse hi Mandir bann raha hai. Mandir government nahi Ram Mandir Trust bna raha hai. Thora padh likh lo. Aur rahi baat Atal Setu ki toh wo besak Japan ke loan pe bna hai aur aise hi state of the art infrastructure bnaye jaate hai. Japanese loan ka interest rate kaafi kam hai . Aur government loan ko repay karne me Paisa lagayegi. Ye ek normal process hai Jo har developing nation follow karti hai. Par madarsa putra ko kuch samajh ho tab toh😂

[@amollaate4657]

Sir, Thanks for this informative information and this is eye opner video. I would like to see a video of the combination of salary 18L and share trading @ 12L in one finacial year.

[@umendrasingh2557]

What a informative video sir 😉💯👍

[@korgaonkar_deepak]

Time travel krke dekh bhi liya kya 😂😂😂

[@umendrasingh2557]

@@korgaonkar_deepak are sir ki video h axi hi hogi 😁💯

[@AssetYogi]

So nice of you

[@_gauravsharma_]

Definitely investing will become simple for someone who don't know even about 80C. But for others, we'll see. Good luck.

[@vincentjr8013]

Last year if some one have bussess income , but this year they don't have bussines income then what happen ? Can they switch between regimes ?

[@usharamchandani3497]

Yes, if you don't have business income you have a choice to select between both regime

[@SimranKamboj]

Can u make a video on how as a freelancer we should be handling our finances ?? Getting a GST number , filing taxes and GST and other things

[@abhishekghode6397]

Sir, if the house is registered in both husband and wife name, then can the interest paid on home loan be claimed by both?

[@vpstca]

Yes, in the ratio of property

[@AssetYogi]

If you have taken a Joint Home Loan, then you both can claim it.

[@CA_Surajdeo]

If they both have taken a loan jointly and both are contributing to the EMI, then only, they both can claim.

[@dipenpatel5317]

Thank you sir, you have clear all doubts about old and new regime

[@vidhantiwari3314]

Yogi sir, What maximum amount of HRA can be claimed for rent of house owned by parents?....is there any limit or not?

[@AssetYogi]

Same as explained in the video 😊

[@rajanrasal2677]

Sir, your videos are very helpful n informative. I appreciate your way of communication. Very clear n pleasant. All d best. Keep it up. Thanks again.

[@sagarshinde4886]

Thanks for the information but how can we deduct employers PF contribution from salary calculations? Under which section?

[@suhasgali4796]

I too got to know this new info, employer contribution they will only give in your form 16, our contribution we need to put in 80c section, this is what I thought..

[@CA_Surajdeo]

Sagar, only the Employees’ contribution to the EPF account is eligible for deduction under Section 80C. Employer’s contribution (also tax free) is not eligible for deduction under Section 80C.

[@mrbishtji]

Thank u Asset Yogi for the useful info. . best part is to the point solution no faltu gyaan.

[@vitthaldoiphode5958]

Very informative video sir😊.. Could you please tell us that which rule says that the basic salary of employee should be 50% of their gross CTC? and how can I ask my HR to to restructure my salary if he is not agree?.. Our company gives only 25% of CTC as a basic salary and because of that we are loosing lot of tax deductions like HRA limis... Sir please help in the same.

[@AnilPrajapati-fz5ti]

There is new rule from last year which says your basic must be 50% of your CTC

[@vitthaldoiphode5958]

​@@AnilPrajapati-fz5ti Then why they are giving low basic salary? Ultimately they have to pay the same CTC. Are they unaware of rules?

[@AssetYogi]

The New Wage Code-2022

[@vitthaldoiphode5958]

​@@AssetYogiSir please try to make video on new wage 2022 for more clarity. Thanks a lot!

[@vitthaldoiphode5958]

New wage code-2022

[@neelshah5465]

All concepts clear bhai, thanks for explaining 🙂🙂

[@navya3481]

Can you also make a video on capital gain? I am specifically looking for information on STCG when it is the only income in the year. Can we use any exception/deduction for STGC? If STCG is 15L, is it taxed flat 15% or does it also fall under slabs and the tax will only be on 10L? Thanks in advance!

[@cachandraprakash943]

STCG on listed share is taxable @15% Also you can enjoy your slab benefit of 2.5 lakh

[@SaurabhKumar-bk4jm]

I have a simple question to government. When taxes are charged on percentage basis then why deductions are fixed. Deductions should be given on percentage basis too.

[@Christabeltowel]

I respect your work mate. BA is good but i find it truly baffing that all major crypto youtubers. Just look at pure B.A and completely ignore the bigger narrative of why BTC is pumping and why the future outlook might not be as rosy as it seems.it's kinda irresponsible to ignore the fact that each ETF launch so far has caused a major pump at the peak of BTC ... We were already on shaky footing with historically low volume and almost pure whale pumps, narrowly avoiding a long-term bear market..more emphasis should be put into day trading as it is less affected by the unpredictable nature of the market...i have made over 11btc from day with Elizabeth Marcel insight and signals in less than 3 weeks this is one of the best medium to backup your assets incase it goes bearish....❤

[@dollyfrosh4301]

Please educate me I've come across this before how can i get to her please?

[@ElizabethSutton-z8c]

Yesss!!! bitcoin going up is good for the entire market...my largest holding is also Xrp and i actually root for bitcoin to do well, because history shows xrp lags behind it.

[@Christabeltowel]

she' on 👇

[@Christabeltowel]

TELEGRAM

[@Christabeltowel]

Elizy 15 That's her username

[@matthai67]

Beautiful presentation

[@sadikansari4860]

👌👌👌🏆🏆

[@AssetYogi]

Thankyou

[@girishraddy6049]

Really Fantastic video sir. - Keep uploading like these types of videos

[@riteshguleria3557]

Very nice video sir. There’s one point I want to add regarding EPF contribution. 12% contribution is mandatory only when basic salary is Rs 15,000/- and below. Above this employer has option to cap the EPF contribution to maximum of Rs 3600(1800+1800 for employer & employee ) per month. So many employers exercise this option including mine. This we can’t take much advantage of it. Pls clarify me if I am wrong.

[@cachandraprakash943]

You are correct

[@mayapadakapri5181]

Really helpfull video, thank you so much sir

[@anuragadarsh9711]

Great video......this what I was looking for.....👍👍

[@bravi8317]

Sir, Under New Tax Regime Govt must consider differentiate PWD 80U, Under Old Regime also there is no increase in Limit for Last 8 yrs (75 k/ 1.25k) It should atleast increase as per inflation during so many years.

[@manalibhatt9913]

Aapki Deduction Calcution Me Mistake hai, New Tax Regime Me Let Out Property ( Rented Property ) me Home Loan Interest ko Sec 24(B) me Unlimited Deduction Claim kar sakte hai, Income Tax Advance Calcultor Ka Use kijiye...Waha Par Deduction Cheak kijiye...

[@nabinmittal9735]

Excellent sirji , bahut badiya bataya aapne, thanks a lot

[@garrysingh3337]

I am a web designer. I do job in MNC. I want to start working as freelancer on upwork, fiverr etc. and do some extra projects through references. Q1. I want to be able to deduct my expenses for travel, stay, marketing, equipment purchases, depreciation in equipment from my income. How can I do this? Q2. If it is necessary to have some sort of entity then which is best such that I need not do any compliance, or extra expenses or extra work for the entity? I just want to focus on my web designing. Q3. Also how can I reduce taxes? My total income from job and side projects will exceed 20lacs.

[@AmdavadiAjju]

As always perfect video

[@KiranKumar-ux8th]

Very useful

[@AssetYogi]

Thanks a lot

[@TRUEIndian413]

Thanks a lot Sirji. As always very useful and informative video

[@AssetYogi]

Always welcome

[@prahladkumar580]

Thank you Mukul Malik Sir

[@abentertainment8399]

This video is very informative. Thank you sir.👍

[@sangramdash935]

Excellent 👌

[@JAYP20256]

aap ek video share market ki income pe tax kaise file krna hai us pr bnaiye? uska tax calculate kaise hoga? aur kya person income(salary or business) tax isme add hoga ya nhi?

[@nature_lover1969]

Thank you 🙏

[@AssetYogi]

You’re welcome 😊

[@ajayraval5130]

Great video with detail comparision amazing Work by You sir ❤❤❤

[@bhupee29]

Very nice explain...thanks 👌 😊

[@prashantk25]

To claim so many exemptions we have to spend money in that category. Just imagine, 3L of HRA means, one must be spending approx 25k per month on rent, 200000 claim in home loan interest, means 20-25k of EMI. NPS contribution 6k. What will remain in hand or take home salary, how much one will invest in stocks or mutuals funds.. almost nothing.

[@saninikam6460]

Thank You Sir ji ❤

[@SunilGupta-yy1gh]

Awesome video

[@binosina5059]

Very well explained 🎉

[@kishordhilpe6439]

Nice Information Mukul ji

[@pythonwithpankaj3469]

Let's say you changed your company in between FY then how tax will applicable? What documents are required? And someone who selected old regime in first company and then choose new in second company then how he/she can save maximum tax?

[@WalterWhite-og6wj]

30 lakh se upar ki CTC pe new tax regime hi beneficial hai chahe kitne bhi deductions laga lo old tax regime mein

[@amolsapkale2453]

Thanks for this video. Eagerly waiting this video every year 😅

[@tirathnarbariya6642]

Very nice Good explain Good practice and very nice information

[@CA_Surajdeo]

Continued.. Simply put, if you can claim more deductions and exemptions then choose the old regime, otherwise the new regime. For a much higher tax deduction, a home loan is the option. If you are paying home loan interest, then you would be able to claim higher deductions. But all these things require money & planning. So, for most people, it's neither possible nor sensible also, to utilise every tax-saving option out there, just for the sake of taxes.

[@pradhuymanshah290]

Sir what if I purchase NPS at the end of Financial year can we claim NPS for that FY

[@CA_Surajdeo]

@@pradhuymanshah290 Ofcourse you can

[@pradhuymanshah290]

@@CA_Surajdeo thank you sir

[@lordveerveer1252]

@@CA_Surajdeo I am on New regime, can I still opt for NPS?

[@CA_Surajdeo]

@@lordveerveer1252 Yes You can opt for Nps, but the benefits are limited under new regime. if you opt for the new tax regime, the only deduction available is u/s 80CCD (2). Section 80CCD (2) is for the employer's contribution to an employee's NPS account. Here, the amount of deduction (or benefit for you) cannot exceed 14% of the salary in the case of Central Government employees and 10% in the case of any other employees. Salary will include only basic plus da here. For details, I had posted on video on my channel, that should be helpful for you. Happy investing, thanku.

[@TradingWithCS]

Agar husband or wife dono share market me trading se income karte hai to uske liye kaise maximum tax saving kare please ispar full details me ek video jarur bnaye. Or kaun sa ITR file karna padega?? Please btaye.

[@sureshhalmare8098]

This video is very informative. thank you sir.

[@nitinkaware]

Claiming HRA along with Sec 24 is not as simple as shown in a video. Here are the details: 1. Living in the Same House with a Home Loan: If you live in a house you own and pay a home loan for it, you cannot claim HRA. However, you can claim a home loan interest deduction under Section 24. 2. Living in a Different House with a Home Loan in Another City: If you live in a different house you own and your owned home is in a different city, you can claim both HRA and Sec 24. 3. Self-owned House Property and Renting in the Same City: You cannot claim HRA exemption unless your employment is far from your house property or for a genuine reason.

[@sangitapatel4222]

New regime handicap conveyance per month 3200/- and General professional tax per month 200/- Deductions milega

[@prasantkumar1444]

Bahut badhiya information... Thankyou si much

[@YadavDeepak]

Hello All, FYI Section 80EEB is not applicable for now as it was applicable for the period between 01/04/2019 and 31/03/2023 only. So do check once before planning to buy Electrical Vehicle for Tax Savings.

[@mdsarfaraz9153]

Electric vehicles registered from 1 January 2023 through 31 December 2025 are eligible for this exemption. As part of the Delhi Electric Vehicle Policy, the Delhi government also announced the exemption of two- and four-wheeler electric vehicles from paying road tax.

[@bhuwalsahu8195]

So nice sirji Hats of u ❤❤

[@DeepakGoswami-f9l]

Nice information sir 👍

[@Monku_Man]

No corporate has implemented 50% basic salary of CTC till date! Rules are only on papers.

[@mayankgupta2543]

Also there are conditions on stamp duty deductions like the area and upper limit of the stamp duty

[@maheshdolse580]

Excellent

[@sudiptopatra2993]

This suits you if you're a person: Married Having kids Also, Having a home loan with emi b/w 40k to 50k Having an ev loan Having an education loan Therefore monthly emi has to be atleast 70k to 80k But Still Investing 1.5lc in 80c and additional 50k in nps. ( Avg monthly investment 17k) So monthly expenses (investment+ emi+ premiums) approx 1lc (> 12lc yearly) Therefore Monthly cash in hand to cover all other monthly expenses (avg. Rs 30k to 35k) Does this really sound practical?

[@SpiritualindiaMusic]

Very nice n useful video

[@vineetjj2]

very Helpful!

[@manojjha16]

Very nice information ❤

[@mansimehra6038]

Well explained, very good 💯

[@mohananen4488]

my requests for the clearing the following points sir 1. i have second flat where my daughter is staying with family. so can i claim HRA as shown in the rent out flat 2. what is the health insurance claim max to sr citizen, since i am the one 3. i bought dollar for Rs 30000 ,so how it will be calculated /any difference required in ITR forms. I am a pensioner and usually i am using ITR1 to file return, no income from business

[@o.parora221]

Nice presentation

[@shreemoydash7426]

Very nice explanation......

[@alkam3657]

Pls upload video for tax saving for ladies with suggestions.. Thank you!

[@chittepuprasadareddy5314]

Very nice explanation Thank u very much Sir

[@bnmangaraj5301]

Sir, Thanks. My income is 15 lakhs. No doubt, I will opt new regime. Whether I can deduct standard deduction Rs 50000

[@GurmeetSingh-uf5ty]

Thanks for valuable information sir

[@handsomeguy_gcopa]

Sir please make similar video for government employees. Please..

[@mohaktrivedi9591]

Thank you very much sir!

[@Psyclepath_07]

Please don't use subtitles for your videos . Ur videos are very useful.👍👍

[@YTBlackflag]

Very informative video and well explained🎉🎉🎉

[@nags_k]

Few points If salary is 16LPA, then basic need not be 8LPA, its bcoz of the fact that most of the companies are not providing 50% as basic In such case, EPF wont be 96k Employer contribution of NPS won’t be 80k Also, 90% of those who claim for Home loan stay in the same location.. so they can’t claim HRA this is enough..that one individual cannot escape from tax if their salary is 15 or 16 LPA even if they have home loan, child education erc..

[@prakashbelunke9905]

Thanks a lot, sir, very helpful video.

[@sushilasingh7787]

Excellent detail video❤

[@MohammadAtharShaikh]

Pl make a detailed video on ITR4 in new regime with the "Presumptive Taxation" option

[@ganeshthimmaiah]

Good information, thank you

[@rajdhunnu]

Sir kabhi kabhi middle class family ke liye bhi bat kr liya kariye... Jaruri ni hmesha karodo me hi bat ki jae... Kuch log ese bhi h jinki income 5 to 10 lakh bhi hoti h...😢

[@satyajeettiwari9508]

If a salaried person doing short term and long term investment and FNO Marketing... So which ITR Form he Should fill and how to. Sir Can you please explain.. Thanks for sharing your information.

[@Animajain_]

Joint loan - interest can be claimed by both? Double deduction?

[@siddarth.poonacha]

This is a summary of income from salary of CA inter, the big picture is completely different

[@subhashchandrachaturvedi9474]

Excellent

[@gokhalesadan]

need updated video on this, after 2024 budget

[@1292piyush]

Please also make same video for government employees