How to Save Money on Income Tax (for Beginners & Salaried Employees)

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ABOUT THE VIDEO:
When someone says Income Tax, a switch in our brain turns off automatically, because who will do all that paperwork and it’s so complicated to understand. But think about it, we are already paying so many taxes. Taxes on food, taxes on clothes, taxes on travel, taxes on movies. So bhaiyoon aur behenoo…..it is time to turn that switch back on, because by doing our taxes, we can save a lot of money and that will inturn get you more money. It’s just like setting up a money tree. I know the concept is sounding like a fraud, but trust me, today I am going to tell you 5 legal ways to save tax and grow your money automatically.
In today’s video we are going to understand:
a) What is Tax and how much are we paying?
b) 5 easy and legal ways of saving money, which include
1. Spending Money (House Rent Allowance - HRA, Home Loan, Provident Fund, Education, Relief Fund)
2. PPF (Public Provident Fund)
3. Tax-Saving Fixed Deposit
4. Health Insurance
5. ELSS (Equity Linked Saving Scheme)
To help you decide, which option is best for you, I'll compare all of these saving options based on their, a) Lock-In Period, b) Average Returns and 3) Taxation on Maturity so that you make the best decision possible.
c) But most importantly, towards the end, as a Bonus Tip, I will show you through an example, how to do your tax calculations and pay the least tax possible.
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Correction: Tax Calculation of Raj's Example for 6 Lakh
Raj's Income: 6 L per annum
Subtract 5 L from it (for 3rd slab): 6 L - 5 L = 1 L
He has to pay 20% tax on the above 1 L = 1 L X 0.2 = Rs. 20,000
Remaining amount: 5 Lakh
Subtract 2.5 L from it (for 2nd slab): 5 L - 2.5 L = 2.5 L
He has to pay 5% tax on the above 2.5 L = 2.5 L X 0.05 = Rs. 12,500.
So, in total, Raj has to pay = Rs. 20,000 + Rs. 12,500 = Rs. 32,500 as tax for an income of 6 Lakh Rupees.
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KEEP IN TOUCH:
Instagram: / theurbanfight
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#IncomeTax #IncomeTaxFiling #IncomeTaxReturn #HowToSaveMoneyonIncomeTax

[@ShrinivasKattimani66]

I have been paying tax from past 3 years and I swear no body has educated me to this extent. Thanks a ton.

[@TheUrbanFight]

I am so happy that you found it useful and not boring. :P

[@NARASIMHAM1002]

@@TheUrbanFight Knowledge is power. Thanks for educating everyone in your radar.

[@cmacommunity705]

👍

[@Mewoi9205]

@@TheUrbanFight can you update the video according to 2021s budget plz plz

[@godswillarugu9588]

Me too

[@somnathmahato9184]

Tax calculation of Raj: 0-2.5L=0 2.5-5L@5%=12500 5-6L@20%=20000 .... So total is 32500 if I am not wrong.

[@TheUrbanFight]

You are not wrong. :) This correction has been made in the description.

[@ajayzingade4600]

@@TheUrbanFight yes you have given in the description thanks Urban Fight Girl.... you make nice content

[@ajayzingade4600]

you are correct somnath even she has corrected it in the description below

[@ajayzingade4600]

thanks for making this content actually I did not about IT Tax and till now I have bit paid IT Tax to govt of India. now package is in tax limits so it is useful for me

[@panditindian81]

So what will be the total tax to be paid by raju now?

[@angelchloe2574]

This video has come at the right time.....a saviour... didn't know too much about taxes....I just love ur videos a lot....to the point.... important things....no unnecessary blah blah like so many youtubers....love ur work... keep it up..

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You have so much potential and knowledge inside you, you make economics and finance ridiculously easy to understand. All power to you!

[@Dev-bi7ce]

Yes we need video on health insurance

[@SK-pb1fs]

health insurance buying outside is not that useful. since you pay 10yrs of premium and if you utilise it in 11th year you spent more than what we pay directly in hospital.

[@ckjamal99]

Yes

[@sci-techmedia9383]

Nice video.. Do we need to file Itr every year if we paid it once..? What if we don't file ITR?

[@cmacommunity705]

👍

[@SK-pb1fs]

@Maria Thomas that situation happens in very very rare cases

[@Bobbsicle]

I’m glad I stumbled upon your channel. This is information that no one actually gives you ever. Thanks a lot and cheers for the good work!

[@shwetha113]

I recently came across your video .. the way you talk ... I watch your videos only to listen to your talking... And bonus I get to learn something new in every video... 😀 Keeping fighting the urban fight 😃

[@TheUrbanFight]

Download the Groww App here: groww.app.link/lLnNbhFhbT & let me know how you find it. :) To know more about Groww App, watch this video: kzbin.info/www/bejne/gJS5oYWmpbV5ibs ************************************************************************************************************ Correction: Tax Calculation of Raj's Example for 6 Lakh Raj's Income: 6 L per annum Subtract 5 L from it (for 3rd slab): 6 L - 5 L = 1 L He has to pay 20% tax on the above 1 L = 1 L X 0.2 = Rs. 20,000 Remaining amount: 5 Lakh Subtract 2.5 L from it (for 2nd slab): 5 L - 2.5 L = 2.5 L He has to pay 5% tax on the above 2.5 L = 2.5 L X 0.05 = Rs. 12,500. So, in total, Raj has to pay = Rs. 20,000 + Rs. 12,500 = Rs. 32,500 as tax for an income of 6 Lakh Rupees. ************************************************************************************************************

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Thanks! I have done it! Exploring the app as I type😂😂

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Voice and expression and also graphics on side of the screen are superb, thank you for this video.

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Thank you so much for simplifying such a complex subject. Finally I am able to understand these concepts easily.

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[@KidsStoriesAnimated]

Yes, your content is amazing, we would need a dedicated video for health insurance.

[@AnkitKumar-tp8hc]

Possibly the best video on youtube on saving money on Income Tax. Keep up the good work.

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You are one of the best you tuber ever..

[@TheUrbanFight]

[@godswillarugu9588]

Tax is a very big problem

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So how do you think we go about the problem

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Ur English Speaking Skills Superb Mam

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Excellent description and your skill in simplifying complex thing. Keep going

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Amazing .... 😍 What an explanation ! .. Hats offf keep making such videos and educate us 😅..... Thankyou soo much...

[@MrVinilkrishna]

Hi.. I do watch your videos.. Awesome work.. your stuff motivates me.. What I understood by seeing this video is not how much one knows abt something and is how exactly someone shall really express & communicate or selling himself sometimes.. Thanks for teaching to a tax professional....

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Nice one..all doubts clear in a second thats amazing...thanks a lot..☺️☺️👍

[@sidnayak4395]

Finally there was someone who could make me understand everything.. Thank you Cheers. Between how about the standard deduction of 50K. I didn't see you mention that any where? or have I Missed something?

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Lucid explanation! Much need of the hour... thank you 😊

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In never miss ur videos....coz u offer the best content, which I (most youngster) need....Been subscribed since u had been making weight-loss videos... Best wishes... Keep fighting the urban fight! Request : Pls could u make a video on investments for a new born...

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[@cmacommunity705]

Right

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I started watching one of videos.. and I have binge watched 20.. Keep up the good work !!

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U are younger but doing very good job.thank u for clear explanation.ALL THE BEST for Progressive Career ahead.

[@sm73899]

Finally, I found an explainer video in English. Thanks :)

[@riyazabdul2101]

Thank you @urbanfight. These portions should be opened up at school levels

[@abilasha2272]

Your videos are very useful to me... I learnt many new things whenever I see Ur videos... and like the way you speak in English with encouraging manner....

[@pavanms5422]

Wow.. Simple.. Subtle and Short. I regret not watching this at first and spending 2-3 hrs to figure out income tax

[@devolinachakravarti3221]

Please let us know about good health insurance policies to invest in...

[@cmacommunity705]

Go For LIC Health insurance policy... Jivan arogya

[@godswillarugu9588]

Tax is becoming a very big problem for us ....we need more good platforms to invest in so we can keep up the tax

[@matthewhenderson5407]

@@godswillarugu9588 what type of investment

[@dhanushreddy4917]

You know all the ways in the world to save money😂 💯 great work

[@MrPrashant121]

Simlplieast way she explained 👌 please make detail video on helth insurance

[@prashbk]

After all these years of confusion🙆‍♂️... now I got the clarity.. thanks yaar 😀

[@saivenkatesh5036]

First thing I mad about ur english speaking and second is ur knowledge on financial system , I spent my time almost 5 to 6hrs on ur channel to gain knowledge , bcoz am facing lot of problems in saving tax , going forward u r channel is list as my favvvvv channel and words are very less to talk about ur channel , usually i wont drop any comments in youtube but u made me to do such a lengthy comment , still want to write more and more.....am very inspried...and i will recommend ur channel to people who are very poor in speaking english as a first priority and to gain knowledge on financial system as second priority.....i think ur feeling very happy and a louder smile on ur face... i wish u a great success go ahead...i need stock market basics....toooo

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[@harshitachouhan9091]

Just love your content, it's so useful, why aren't you making videos since last few months. Also, pls make video on understanding tax basics for someone who doesn't has any knowledge on tax. Thank you 😊

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Just love the way you break down complex subjects and explain them with such ease.. request you to make more videos on term life and health insurance policies.. good luck :)

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Dear , ur each upload is unique and keeping upstandard.. congrats .. and ya obviously will eagerly wait for the best health insurance policy in India at the moment. My conditions - husband just began NRI life, wife and 8 months old baby , mom 54, dad 63 years old , in India. After 1 year or 2 all the three will be NRI. The sum assured can be maximum 4 lakhs. Thank u

[@TheUrbanFight]

I am glad all those calculations make sense now. :) Good luck!

[@vvsganeshnanduri9374]

Best video on tax savings i saw so far. Thanks for educating on income tax savings for people like me

[@nbpersonal]

I am someone who absolutely hates understanding these things until TDS started to get deducted from my salary, and thanks to this video I have a starters idea of what to do. Very informative.

[@ishitachakraborty7990]

I LOVE YOU and your videos!! I am a great Noob in this tax section , finally feeling educated about paying tax 🤗 Please keep making amazing videos like this , helps us a lot.

[@godswillarugu9588]

Tax is becoming a very big problem for us ....we need more good platforms to invest in so we can keep up the tax

[@matthewhenderson5407]

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[@godswillarugu9588]

We need to talk about good platform too for investment

[@asjadnabeel]

Awesome video sister ......Believe me...Nobody ever explained anything this clear to me.... !!! keep going all the best....

[@nettirayala6990]

Best explanation video in youtube.. sharing with all my friends... Thanks for this video...

[@sathurmukil6308]

That’s an informative video. Your efforts are highly appreciated! Can you please do a video with updated tax slabs, so that the content would be up to date and not outdated. And could you please include ULIP investments for tax savings, which are not taxable at maturity and has an interest rate of 12% in average(may be useful to some) and a little bit in detail about the various forms like 80c,80D etc.. Thank you

[@cmacommunity705]

Right 👍

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Super.... we hardly need that information... thank you for your message and very clear explanation....

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Thank you so much,you explained so nicely:* loved it :* thanks a lot

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Can you please make more video on personal finance...I just love the way you explains it...

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Please make a video on health insurance. I love your content. You're guiding us really well. Thank you so much. Keep doing the good work.

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My first video... New subscriber😊😊

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Please make a detailed on SIP and also how to use the GROW app effectively.

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Don't use grow app go for orawealth

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I like ur english. Easy to understand. And thanks for ur tips. I already read the basic and important of tax detection in "rich dad poor dad" book. But u elaborate the thing. I think this video for employee. Kindly do a video for employers also.

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She made a mistake. Instead of praising her so much understand the mistake she made in the example given.

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I could never understand income tax n all this stuff, but your video specially for beginners was awesome. Such simple way to make understand. Keep up the good work 👍🏼

[@qwertyqwerty-nd5rj]

Hope you become a billionaire now

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Thank you so much.. Your video has given a complete view about the tax and saving money while paying tax.. So helpful👍👍

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Most logical and extremely intelligent youtuber!!! Beauty with brain !👌

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Hi! Thank you for all of these information! I just wanted to request you if you could make same video about taxes and calculation according to new tax rules of new budget? That would be really helpful. Great video as usual😍

[@cmacommunity705]

Right 👍

[@sagarrpawale2645]

Amazing video with handy illustrations. Thanks for making me financially aware! ❤️

[@rdias002]

I kid you not, she blew my mind. I have never ever seen an Indian video with such fluency and quality. I loved your video. Very helpful and great examples. PS: No offence to anybody.

[@natureaddict_lens903]

Excellent n a crystal clear explanation! Pl do a video on selecting the best health insurance policy. Thank u for all ur effort

[@suparnadas5899]

Awesome. U explained everything so well. Thanks. Kindly help with choosing the apt health insurance plan

[@TheUrbanFight]

You are welcome. I'm happy you liked it Suparna. :)

[@godswillarugu9588]

We need to talk about good platform too for investment

[@abhishekinmusic]

Your advices help me so much. Thank you and please continue educating and helping people.

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Your communication skills and personality is awesome 😊😊 love you content, keep going✌

[@godswillarugu9588]

Tax is becoming a very big problem for us ....we need more good platforms to invest in so we can keep up the tax

[@ParvathyPSoman]

This was just what I needed !! Thanks so Much .. please do make the video on health insurance too 😊😀

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Amazing! Keep up the good work and educating your viewers :)

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Made Very clear!! Pakka Explanation!!

[@NativeGoan]

Great video again. Love you because you are what you are. Love your videos because you come up with diversified content.

[@TheUrbanFight]

I'm happy you like my work. :) What do I call you?

[@NativeGoan]

Thank you for your reply. My name is Shilpa. "NativeGoan" is my channel's name. :)

[@kmurari68]

Your energetic way of presenting the topic is v good ; can u present investment and tax saving options for NRI's ?

[@sushmavangapandu8670]

I really love your work ...each and every point was so clear in the video .it is so helpful.

[@godswillarugu9588]

Yes

[@learnwithsonam9333]

Your way of speaking 😍is very impressive 👍

[@pratibhagupta5276]

I really like ur simplicity and expertise.

[@prasadk-oi9qr]

Hello Taneesha madam, Excellent Video, I have gained knowledge about Tax of salaried employees

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Very informative.. Good job.. BTW do u know Tamil..i saw ur dance video ND appadi podunga song at the end... Just curious to know if u know that language ..

[@GUNJANASWANI]

I remember when I met Taskeen Fatima outside Marriotts, Jaipur I said hey Are you from Urban Fight channel she said yes and then she also said he is my husband. I feel so great that not just you are a great youtuber but how much respectful you are in your relationship. Great content!

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Once again it was really an awesome effort by you di ... All I can say is thanks a lot and keep it up

[@godswillarugu9588]

We need to talk about good platform for investment

[@asdfgh3098]

You made it extremely simple and interesting..🍻

[@razahasnain9326]

Great video. Not boring unlike all other videos on income tax👍

[@kamalchandar2402]

Clicked on bell icon 😁. I liked the editing works you have done in this video describing about each and every thing you were explaining it. Thanks for that.

[@kamalchandar2402]

And yes I need the best health insurance video for parents. Oops sorry I forgot the important thing, is there any long term plan for babies for saving money in their name and use it later after 15years. If you have already explained it plz share d link here or if possible create a video explaining on the same. Thanks a lot again.

[@cmacommunity705]

Go for LIC Jivan arogya

[@96358865]

Awesome, this video is best in this topic. Thank You very much for clarifying these knowledge simply.

[@ynithya3222]

Very informative, Also you could have mentioned about the standard deduction and rebate , so Raj will end up paying 0 tax for 6L income

[@kkavya21]

Love ur simple way of explanation... Thank you

[@vksanthu]

Hey ! Nice work there. Please clarify about term and Heath insurance . How to chose one . Myself and my spouse Both are working and covered with group medical policy in office . Do we still have to go for health insurance ? Awaiting your reply . Need more clarification on mutual funds 🙏

[@arijitasen541]

You're doing an amazing job. You gave me the courage to start investing in mutual funds

[@godswillarugu9588]

Tax is becoming a very big problem for us ....we need more good platforms to invest in so we can keep up the tax

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We like you !!!!!! So informative 🤗 1000 Thumbs up ❤️

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You rock as usual !! Waiting for your health insurance video :D

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Tax is becoming a very big problem for us ....we need more good platforms to invest in so we can keep up the tax

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Your brain is a smart computer.. love you madam for your grate suggestions.. keep posting new videos

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You Make very informative videos and n stick to the important discussion, no crap . Really appreciate your Work ,all the efforts creating video, which are full of information. You sound very confident and put together in every video, keep doing more videos with new topics. Laugh..Love.. Peace..💕

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Your explanations are just 😗😗😗... u can make most difficult stuff understandable ... thnx

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Loved the video..great job you doing....can you suggest a good tax calculator app or site...

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Very nice video..very easily way of teaching....you are very talented..

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Yes, please make a separate video on best health insurance.

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Ma’am You r Excellent... The way you make us understand is completely awesome... I love this and of course your skills...