Budget 2023| New Tax Regime or Old? Major Direct Tax Highlights

Budget 2023| New Tax Regime or Old? Major Direct Tax Highlights | CA Punarvas Jayakumar Classes
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[@sunilalluri184]

Sir never disappoints us ....man of MASSES 🔥🔥🔥

[@CAPunarvasJayakumarClasses]

🙏🏼🙏🏼 thank you buddy

[@guru-s-pot3153]

Was in my save later ; but couldn’t miss it any cost - PJ sirs analysis videos are true bliss

[@bhargavbg5966]

Sir Its a good move with changes in 115BAC and making a default one along with old tax regime. Where new scheme has a good tax advantages. But, down the line in next 6-8 years, where new scheme will be popular and majority of people under salaried class, it may effect the savings habit of middle class people ( except PF) when we compared to old tax regime.

[@CAPunarvasJayakumarClasses]

Yes, "tax-saving" schemes will no longer be attractive

[@kotapraveenkumar310]

Man of Analysing the things love your analysis ❤️ Thank you sir we want more such insights on practical aspects of dt and law.

[@CAPunarvasJayakumarClasses]

Thanks Praveen 🙏🏼🙏🏼

[@kotapraveenkumar310]

@@CAPunarvasJayakumarClasses sir I am cleared my ca final in nov 22 your slag overs book with 3 days marathon helped me alot in clearing the Ca final..

[@CAPunarvasJayakumarClasses]

Glad it helped dear. Welcome to the fraternity Praveen

[@camani23]

Thank you sir, Explained well.. enjoyed the video 🎊🎊 Expecting more videos from you.. 😀

[@lathabs4104]

Thanks a lot sir, for making the budget in an easy and understandable manner for all the students like me 🙂 thanks a lot, I wish to see more videos for students.

[@CAPunarvasJayakumarClasses]

Thank you for your kind words Latha 🙏🏼

[@veeraraghavan767]

Very good explanation. I have learnt basic things . Thank you very much.

[@CAPunarvasJayakumarClasses]

You're welcome 🙏🏼

[@dhebekmn8636]

Sir it is my kind request. If your time permits kindly start Caro 2020 important clause explanation series

[@CAPunarvasJayakumarClasses]

Sure

[@Mansi1603_]

This is such an informative video!

[@darshanpr]

Sir, whenever the CBDT wants to nullify a certain case judgement, the government amends the law in the bare act. Does this mean that once the law is amended, the old case judgement passed by the respective courts can never be referred again for Income Tax Planning?

[@CAPunarvasJayakumarClasses]

Once SC judgement is nullified by an amendment, old judgements are immaterial

[@darshanpr]

@@CAPunarvasJayakumarClasses Noted Sir, thank you very much.

[@darshanpr]

Sir, regarding the amendment brought in Finance Act 2017 relating to donations made to political parties ( I.e there is no limit of 7.5 %), how is bringing a provision in Finance Act different from not amending the Co. Act? Should the Co Act be amended if required. Please clarify if any law can be amended by finance act. Further what is the difference between Companies Act and Companies Amendment Act? Please clarify

[@akshayhegde8766]

Hi sir, In New Regime we will forgo HRA benefit, and LTA and Other deductions, If we consider the new regime is not beneficial

[@CAPunarvasJayakumarClasses]

Yes no HRA and other benefits

[@Mansi1603_]

Sir In 44 AD does the 6% and 8% rule still prevail depending upon the cash receipts?

[@fathimaanvar6178]

Sir, took classes for ca final nov 23,but appearing for may 24. Is there any changes more than this?? Especially international taxation part??...

[@rashikarawat1918]

Good morning sir, Could you plzz tell what does it mean making new tax regime as a default regime i mean in questions of ICAI what changes would be make do we consider this new tax regime as default tax rates and do the calculation accordingly. I want to know the implication of this change in icai income tax questions. Please clear this Thanks in advance

[@aasthalakhera4110]

grt

[@prateekshegde5428]

Standard deduction is 52500 if total income is more than or equal to 1550000

[@CAPunarvasJayakumarClasses]

Yup, already addressed in the video. TI 15,50,000 not taken in example to avoid confusion

[@prateekshegde5428]

@ CA Punarvas Jayakumar sir you told 50000 and small change(increase) in the video. But it is not available if total income is less than 1550000 know. It is only available if total income is more than or equal to 1550000 and that too deduction is 52500. I think in the example you have taken in all cases after standard deduction for both old and new regime even if income is less than 1550000. Plz correct me if i am wrong.

[@prateekshegde5428]

@@CAPunarvasJayakumarClasses My point was in your example at 18:04 you told assumed that the income is after standard deduction in all cases.But under new regime it is not so only if income is more than or equal to 1550000 standard deduction is available at Rs.52500. Plz look into it and correct me if i am wrong

[@CAPunarvasJayakumarClasses]

New 115BAC as per Finance Act 2023 says income be computed without giving effect to "clause ii and III of section 16". Section 16 clause i is standard deduction. Which means 50k can be availed . Old 115BAC said no exemption under S 16 can be claimed. In the new BAC, clause i has been excluded For all doubts, bare act is the answer cheers.

[@prateekshegde5428]

@@CAPunarvasJayakumarClasses sir i am still having doubt, standard deduction u/s 16(ia) can be availed or not if my total income is less than 1550000? If yes whether it is 50000 or 52500?

[@sharathrao9652]

as per my view under new provision of 194N if the recipient of cash is co operative society then limit enhanced from 1 crore to 3 crore.. so if co operative society withdrawing cash from banks then enhanced limit will apply.kindly clarify sir

[@CAPunarvasJayakumarClasses]

Yes buddy, recipient should be a cooperative society ! Primarily to help them run the show , as cash transactions are more in cooperative societies, especially agricultural co-ops

[@CAPunarvasJayakumarClasses]

Pl note withdrawal can be not just from banks, but also from cooperative societies

[@sharathrao9652]

@@CAPunarvasJayakumarClasses thank u very much...👏