Tax Saving Tips with Old Tax Regime | No Tax on Rs. 10 Lakh Income [Calculation]

Tax Saving Tips with Old Tax Regime | No Tax on Rs. 10 Lakh Income [Calculation]
In this video by FinCalC TV we will see how to save income tax using old tax regime in hindi. Some of the options are available in new tax regime as well. We will also see income tax calculation using calculator to understand how to calculate income tax with old and new tax regime Fy 2024-25.
Income Tax Calculator:
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DOWNLOAD Income Tax Excel Calculator:
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Income Tax Slab Rates:
fincalc-blog.in/income-tax-sl...
Section 80C Video
• Section 80C Deductions...
Home Loan Calculation Video
• Home Loan Calculation ...
NPS Investment Online
• What is NPS How it Wor...
Savings Account Interest Calculation
• Bank Savings Account I...
New Tax Regime Deductions:
• New Tax Slabs 2023-24 ...
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New Tax Regime Slab Rates for FY 2024-25 are as follows:
Rs. 0 to Rs. 3 Lakh Income = 0% Tax
Rs. 3 Lakh to Rs. 6 Lakh Income = 5% Tax
Rs. 6 Lakh to Rs. 9 Lakh Income = 10% Tax
Rs. 9 Lakh to Rs. 12 Lakh Income = 15% Tax
Rs. 12 Lakh to Rs. 15 Lakh Income = 20% Tax
Rs. 15 Lakh and above Income = 30% Tax
Other important changes in Budget 2024 includes:
- Tax Rebate limit increased from Rs. 5 Lakh to Rs. 7 Lakh in New Tax Regime. So no tax up to income of Rs. 7 Lakh with new regime
- Tax slab rates changed for new tax regime
- Standard deduction of Rs. 50,000 available with new regime also
STANDARD DEDUCTION
Standard Deduction is a flat deductions of Rs. 50,000 - available for salaried employees and pensioners
HRA - HOUSE RENT ALLOWANCE
can be claimed to save income tax if you stay on rent
SECTION 80C
Section 80C is the popular section among tax payers to save income tax.
Maximum Rs. 1.5 Lakhs can be claimed as deduction with Section 80C in a financial year
SECTION 80D
Section 80D is for claiming your medical insurance premiums
If you have medical insurance and pay premiums every year, you can claim the amount under Section 80D
SECTION 80CCD(1B)
Section 80CCD(1B) is for claiming your investments in NPS - National Pension Scheme
It has the limit of claiming Rs. 50,000 in financial year when you invest in NPS. This limit is above and over Section 80C we have seen above
SECTION 24
Section 24 helps is claiming your home loan EMI interest component, that you pay every month
While the principal component can be claimed under Section 80C with Rs. 1.5 Lakhs limit in financial year, interest component that you pay can be claimed under Section 24 with Rs. 2 Lakhs limit in financial year.
#saveincometax #incometax #newtaxregime #fincalc
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DISCLAIMER:
Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown.
I Am Not A SEBI Registered Adviser. All The Information Provided By Me Are For Educational/Informational Purposes Only. We Do Not Take Any Responsibility For The Accuracy Of The Data But As It May Contain Typographic Or Other Errors And Inaccuracies And We Expressly Disclaim Liability For Any Errors On The KZbin Channel (FinCalC TV). Please consult your Financial Advisor before taking any decision or action in terms of your Finances.

[@fincalc]

Tax Saving tips video kaisa laga? COMMENT KARO 👇👇 Income Tax Calculator: fincalc-blog.in/income-tax-calculator/ JOIN Telegram Group: t.me/fincalc_tv_channel

[@prabhakarsahu9336]

Thank you

[@nehaverma8848]

Thabk you👍👍👍

[@simmyamar6623]

Hlo sir modern house installation loan is eligible as a home loans and can we take benefit ?

[@ajitrangdal]

good information

[@fincalc]

Thanks

[@legendplayz4451]

How to Calculate RD interest on advance deposited of one year?

[@fincalc]

watch this video for RD interest calculation: kzbin.info/www/bejne/ZnW2Z2qpd56Vi9k

[@pradnyamadye4817]

Hi sr citizens with income from other sources will get standard deduction of 50000? Also 80D for self with mediclaim and medical expenses, health chk up maximum will be?? With family of super sr citizen maximum how much?

[@fincalc]

Check this video kzbin.info/www/bejne/jHeoo4uCabd1fJIsi=OQtuVwEe2H9nPCPG

[@sundarrash5338]

Bro my total income is 8 i do not have any investments except HRA.. can you please suggest which regime will be better for me.

[@Sarah-og8np]

Old regime

[@DilipBhowmik-jy2ud]

Sir, my income is about 8.5lkh.from pension,I am giving Insurance Rs.1.1lkhs (Tata AIG & Bob India fast) LIC Rs.1.0 lkh . ELSS Rs. 2.lkhs Per yr.

[@vinishavinnu253]

Is standard deduction included in this website to calculate old regime

[@fincalc]

Yes

[@SatStar]

Bro as per new regime no tax deductions till 7L . But every month around 6500 is getting deducted. Shall I move back to old regime atleast I have chance to submit few lic premium, tution fee for kids, etc. Please suggest some way out. Thanks!

[@fincalc]

if your gross income is below 7 lakh than no tax deductions should be made as per new tax regime. yes you can check the investment deductions to be claimed and use the tax calculator to decide between old and new tax regime use tax calculator here: fincalc-blog.in/income-tax-calculator/

[@SatStar]

@@fincalc contact number plzz

[@RajChand-zp7ig]

Mera income 6.25 lpa kya hm income tax slab main aayenge kya

[@Nitin-dn5xi]

No. Choose new tax regime

[@Skumarsweb]

Please confirm what's the max we can save if we are under 18L package ??

[@fincalc]

it depends on the maximum number of deductions you can use with old tax regime. Please check those options in which you can invest and use the tax calculator to decide and select between old and new tax regime tax calculator link: fincalc-blog.in/income-tax-calculator/

[@DilipBhowmik-jy2ud]

Sir, my income is Rs.8.5 lkhs this yr.from pension,& I have paid Insurance premium Rs.2.1lkhs(LIC and others) I am also having ELSS, mutual fund Rs. 2.lkh, mediclaim Rs.35000.this yr. May I taxable fy 23/24.pl.confirm

[@fincalc]

section 80C claim will be Rs. 1.5 lakh and medical insurance (80D) claim will be Rs. 35,000 Please use these inputs in calculator for tax calculation here: fincalc-blog.in/income-tax-calculator/

[@simmyamar6623]

Sir meri 10 lakh tk salary hai ...but Mera pass sirf LIC and HRA he claim ho Raha hai ...mai tax nil kaise kru...tax liability 50000 approx bn Raha hai ....plz help.

[@jatinkumargupta1032]

Contact us

[@rajasekhardunaka9528]

Telugu link send me

[@MaXKnowledge]

50000 ka medical insurance premium kon pay krta hai itna 😅

[@shubhuyadav6193]

Ek saal ka hoga wo...

[@himanshusingh3163]

Ek saal ka bhi aur agar usne family floater policy li hui h toh

[@hits1988rocking]

FY 24-25 nahi bhai par FY 23-24

[@fincalc]

FY 23-24 me bhi ye tax saving options use kar sakte hai

[@sair-sapata4871]

340 nDA la milatila 400 nahi