Top 5 tax saving tips for Salaried Employees | Salaried employees kaise maximum Income Tax bachaye

[@ETMONEY]

We have posted some really good videos on taxes on the ETMONEY KZbin channel. Here is a useful compilation: 1. How to Calculate Income Tax? kzbin.info/www/bejne/h5WtfKOJjaiMo7M 2. Everything about Tax Deduction under Section 80C kzbin.info/www/bejne/b4OxqHWKirN-b8U 3. Using Tax Harvesting to Save Taxes kzbin.info/www/bejne/qpDcYZ6EhZKUprs 4. Saving Taxes using NPS (National Pension Scheme) kzbin.info/www/bejne/n52veoOYh66ImM0 5. Difference between the Old and the New Tax Regime in India kzbin.info/www/bejne/mqiQiZ-Ijrenm68

[@gaurav9163]

Bring back this guy ET money..look at the way he explains and says everything..one of the best presenter I have seen..Do remember a fact is not as good as someone explains it

[@AbelThomas28]

Now, that's how you explain something! No gimmicks..just visual cues to help..wonderful..

[@ETMONEY]

Thank you, Abel Thomas

[@joelsamthomas8086]

True that @Abel Thomas. Wonderful

[@SmoothEskimo]

80CCD - NPS 80D - Mediclaim Premium 80DD - Medical Expenditure for disabled member 80E - Repayment of education loan

[@manishrakundla8205]

Excellently presented. No natak. No Drama. Presenter - awesome.

[@ETMONEY]

Thanks!

[@kpbhagwan]

80c section limit has to increase. Most of the finance experts are of opinion that 1.5L is very less. I think atleast ELSS investment should be kept separate and limit should be at least 1L. The fact that many kinds of investments are being stuffed into this section alone is a cruel trick by the policy makers.

[@DrMaverick007]

Twitter trend before budget may help

[@pradyumnas7068]

govt will think how to increase theor gains.. so no govt will think about doing this.. instead they always think what new ways they can collect taxes

[@growbytes1622]

Sir, Nice session. With due respect. you missed the few components 1. HRA 2. Interest paid on home loan 3. principal paid for first house bought 4. Additional NPS upto 10% of Basic pay

[@aakash.sharma]

Dude you are so calm and explain so peacefully. You are the reason I downloaded ET money app. I’ve always been so confused with finances but when I listen to you, I feel so good and ready to learn more! Hats off.

[@ETMONEY]

Thanks

[@MK-uu2et]

Watching this video in March. It will definitely help me to initiate tax planning from month of April itself for FY 21-22.

[@chandrakanthmendon]

These all are commonly known deductions to all the tax payers, please do a video on how to build salary structure (componsation package) which will save maximum tax .

[@madhurkhanna94]

Whoever this guy is...he is a great explainer and has very good explanation style.

[@ETMONEY]

So nice of you

[@apoorvamishra4969]

Thank you so much, it was helpful.😋

[@ETMONEY]

You're welcome 😊

[@ayushkedia7164]

One thing to note is even the interest from FD/RD is covered under section 80TTB (for senior citizens)

[@ramakrishnavjoshi]

I was looking for this. I think video missed it.

[@pradyumnas7068]

thanks for the info👍

[@RaghavAggrwal]

@ETMONEY thank you so much for this simple video.

[@ETMONEY]

Glad it was helpful!

[@Sam-rp4hy]

But in the end the total limit is 1.5l extendable to 50k via NPS right?

[@reddyeaswar]

Clean and neat presentation. Well done 👏🏻👏🏻👏🏻

[@ETMONEY]

Thanks a lot 😊

[@reshmabhandary9196]

My father is a pensioner. He is not covered under any insurance, so can I claim medical expenditure spend for him while filing return ?

[@preksha888]

Thank you very much for the knowledge provided, was not aware of 4 out of 5 points.👍

[@ETMONEY]

Most welcome

[@socialroamer7381]

Simple and informative 👍👍no shouting... nothing.

[@ETMONEY]

Thanks a lot 😊

[@MahendraPatil-fr4sp]

Your skills of explanation are really nice 👌 sir

[@ETMONEY]

So nice of you. Thanks!

[@vipulhamirani4927]

Can I adjust loss from trading in shares with profit in mutual funds? Please suggest

[@sharibkhan5443]

Sir Salary me jo TDS cut hota h use Save karne ke liye kya LIC me investment kar k TDS save kiya ja sakta h plzz bataye

[@RAJESHShah-vo1hm]

Excellent knowledge

[@ETMONEY]

So nice of you. Thanks!

[@dipak881]

I’m a PSU employee and my parents is dependent on me and availing medical facilities provided by my company but my question is - can I avail tax benefit on any medical expense that is not claimed/ reimbursed from my company under section 80 D. Note - I have not any insurance for my parents but have some medical expenses that not comes under my company’s medical facilities.

[@ETMONEY]

Dear Dipak Singh: There was an article in the MInt which might be assistance to you www.livemint.com/money/personal-finance/medical-expenses-incurred-for-senior-citizen-parents-eligible-for-deduction-11593346995500.html

[@JP-dk5rp]

For health insurance, I paid premium for two years in 2019-20 as a single payment. Can I claim the entire premium for tax deduction this year? Or do I have to claim deduction for half the premium this year and half in next year?

[@pratikroy6760]

Can an individual avail tax benefits under section 80C & 80 D together under a single ITR ?

[@gherirupchandani4142]

ia there any limit that I can show in HRA to my parents ?? provided its allowed as per my CTC ??

[@Lifeangel2908]

Please provide complete information related to important aspects, section 80D requires payment to be made by any other mode than cash. You might also add section 80DDB, payment for treatment of specified diseases.

[@WhyAnkurGautam]

Such a well-researched and to-the-point video...!!!

[@ETMONEY]

Thanks

[@virenyadav1385]

awesome explanation,. Is there any benefit for GrandFather (DadaJi) health Insurance if i am paying that amount.

[@anandanag7896]

Useful information. Thank you.

[@ETMONEY]

Thanks

[@salmaan-2345]

HRA bi 80c me aata hei kya? 1,50,000 ka bracket excluding HRA hei ya including. Plz batao

[@ajitkumar-lr2wi]

Nice explanation

[@ETMONEY]

Thanks for liking

[@caankitadhikari5136]

I thought there will be some not known section. But i think these deductions are generally known to every salaries employee

[@Lifeangel2908]

Agreed, but I would say most of salaried employees know these. There could be salaried people who file through their advisors and who see the things only during last quarter and run to their tax advisors.

[@srajeshkr.20]

What about tax savings from EV vehicle 80 EEB?

[@rohandhawan1337]

What are best tax saving schemes for a person with salary upto 35000/month

[@mrigankabora83]

Excellent video...real insight into the facts...well spoken and presented.. Love the background music too 🙂

[@ETMONEY]

Thank you

[@UK00009]

Sir, kya hum FY.. 20-21 ka tax save Karne ke liye FY.. 21-22 me still koi investment Kar sakte hai .........before filling ITR?? for OLD TAX SCHEME

[@codegagan]

the video does not mentions the disability certificate requirement for 80DD

[@TravelingVines]

Are koi single ka bhi toh batao, agar hum unmarried hai aur tax kaise bacha sakte hai insurance se

[@reddeppachoudari8475]

To get benefitted from 80ccd(1b), I should invest 1.5lakh under 80c only in NPS ?? Or 80c 1.5 lakh can be including of other investmens like SSA, elss etc?

[@JaiSriRam_1206]

You are 💎 all your videos are very informative. Can you please upload video which covers life insurance and medical insurance additional to the corporate provided both insurances.🙏

[@ETMONEY]

Dear Sir - we have 7-8 videos on life and health insurance which are quite informative. Kindly type ETMONEY insurance in the KZbin search bar. Am sure these will show up in the results. Thx!

[@gajendrasonare]

Can you get tax deduction by investing in stock market?

[@GurpreetSinghmadsfan]

Ques: My dad is a stroke patient, right sided complete paralysis & bed bound. Can I claim his bills of physiotherapy? Who will certify the disability?

[@rebeccadawson2214]

Bravo....need your support on filing claim.

[@gauravdeb1]

Get this guy to make more videos for you.

[@rathangsetty437]

Hi Sir, My salary is 44 lakhs and not married. I have HRA, LTA, food Voucher, car driver allowance, phone, broadband allowance, Home Loan, 80C, 80D, 80G, NPS. What else can I have to tax. As I end up paying 6 to 7 lakhs as tax

[@mandarp9472]

There are no options to cut Tax outgo unless govt LTCG, STCG or govt increasing slabs.

[@ankitkapoor20]

What is covered in medical expenses for handicapped, are medicines covered in medical expenses??

[@renjithreghunath3871]

Can anyone say what is tax on non recurring earning mentioned in salary slip? Incentives are again getting taxed?

[@saikiran9474]

If we invest Directly in equity or bonds such as sgb can we avoid tax

[@sudarsonchakraborty4058]

Very good presentation

[@ETMONEY]

Thanks a lot 👍

[@anwarhussainansari13]

Sir agar SCSS,NSC,FD,RD,MIS,SAVING ACCOUNT IN in sabhi schemes me maniye ki total 10lakhs rs invest kiye hai to 80c to sirf 1.5 lakh rs k liye hi Hogi na ?? Aur Jo Baki Ka 8.5 lakh hai use ITR me kaise add karenge ?

[@abcdefghi9776]

Please answer my following question, if one of the parents is only senior citizen. Then 50k deduction is applicable? What is the required age for man and woman for being a senior citizen?

[@sivanbo]

so max is 1.5+ 50k correct? any more possible other than sr citizen medicals. Something missing?

[@91kunalm]

If I invest 1.5 lakh in tax saving mutual funds and additional 50k in NPS, will I get tax deduction on 50k invested in NPS? PS - I am already an ET Money user and have made several investments in mutual funds.

[@NoBakwas]

Yes, you will.

[@ETMONEY]

Thanks Kunal Mathuria for your patronage & hope you are doing well. Yes, 50k under NPS is additional .. just ensure you are filing it under the right Section of the Income Tax Act. Do search for more videos on NPS on the ETMONEY channel that are currently live, they'll help you understand the concept clearer.

[@girish.r]

If I have claimed full in 80 c for other investments/tuition fees, and invested only 50,000 in NPS, can I claim deduction for 50,000 in sec 80CCD?

[@ETMONEY]

Dear girishbabunaidu87: Please refer to our blog on the NPS taxes, that would resolve your query best. www.etmoney.com/blog/nps-tax-benefits-explained-in-4-points/

[@RockyRanjan]

Yes, deduction under 80CCD (50,000/-) is over and above the 80C limit (1,50,000). I have been availimg this since 2015.

[@smita9495.]

Is axis blue-chip Direct MF qualify under 80c ?

[@akshaybakliwal366]

Is Employers contribution to PF (along with Employees PF) also considered under Section 80C 1.5Lakh limit ?

[@suniladiyodi]

Only employees share. Employer share no need to consider anywhere.

[@pradyumnas7068]

employers contribution to pf will be already excluded while calculating income.. so no need to take any deduction for it

[@deepikakumari5369]

If my office is giving me medical insurance of upto 4 lacs. So, can I claim this under 80D as I'm paying premium from my salary to my employer, or do I need to take additional medi insurance of upto 25k to claim? Please clear my Doubt Sir.

[@prashantkatiyar4858]

you can claim that under 80D if the premium is getting deducted from your salary.

[@royalnetwork7501]

I have already a ppf a/c of rs 150000 yearly.Now how much amount can I invest in NPS to get NPS TIER 1 TAX Benefit.If I invest Rs 50000,can I get rs 10000 tax benefit in old slab(20%of rs 50000)

[@josiahnoronha7886]

@royalnetwork yes u can

[@jagdisharora4614]

Whether these rebate/deductions are admissible under new tax regime as per finance act 2020?

[@ETMONEY]

Hi, No. All deductions and exemptions go away if you opt for the new tax regime

[@sourabhverma597]

@@ETMONEY Does tax benefit of 50k on NPS also go away ?

[@9912062627]

Does tax benefit under 80CCD(2) is applicable when the Employer contribution towards NPS is not shown in Gross Salary. ?

[@sunilsingh-zb5xn]

Wonderfully explained! Great content and to the point #Nobullshit

[@ETMONEY]

Thank you!

[@kollibharath9674]

Sir if I have opted for both NPS and health insurance premium then what will be tax exemption limit?

[@varunshah960]

Sir, You are so perfect Professional Your explanation is too good as well as helpful. Genuinely, You became my crush, God Bless You.

[@parvezshaikh2607]

Can we I get tax exemption on my 2 wheeler loan

[@rajeevrp1500]

I have already exhausted 1.5 lakh under 80C. Can I save another 15k through new NPS a/c under 80CCD by just investing 50K ?

[@ayushkedia7164]

Yes you can, considering you fall in the 30% tax bracket. Please do read the NPS guidelines - many people do not consider investing in the NPS worthy.

[@vijayalakshmil5286]

Sir Can we claim disability benefits of 75,000 for self and dependent at same time

[@abhijeet21251804]

Sir I have taken additonal mediacl insurance which provided by company for my mom and dad.... Should i assume that i will save my tax as well if company provided medical insurance

[@bharatpatel-rg7nt]

Sir yadi senior cityzen depend hai to salaried person ko kya tax benifit hai

[@pravawatidevi3048]

Aapne jitne v bataein h sirf income from savings account chorke, sabhi to 150000 lakh ke limit me rakhna h.. Mtlb limit h 150000 ka, chapter v1 a ka dedn limit 150000 ka h, extra saving kaise hua phr

[@probhakarsarkar2430]

Is the 50,000 in nps is excess of 1,50,000? What I mean is, I need to invest 2,00,000 in nps right? Can I exhaust 80C with other options then only avail 80CCD 50,000 with nps?

[@ETMONEY]

Yes, you can. Try it on the ETMONEY app

[@parallelspace7475]

Other than 2 lakhs (50k by NPS + 1.5L by 80C), can I get 25k additional tax benefits on health insurance? , Means can I get tax Benefits on 2.25L or only on 2L?

[@hemjitwangjam406]

Please give me clarification regarding dependent of mental illness. Under this Can elder brother (age>30yrs) be added as dependent for claiming tax reduction?

[@MahendraPatil-fr4sp]

Please make video on NPS investment on etmoney

[@ETMONEY]

Sure. Please do watch our "Everything about NPS" video too at kzbin.info/www/bejne/fmGXZmV5jc6IjsU

[@MahendraPatil-fr4sp]

@@ETMONEY thank you so much 🙏

[@subhashchandramahato]

How to get maximum benefit of 24C and HRA at same time?

[@nitishkholiya9620]

Hello Team, Under section 80DD , can I claim deduction on medicine bill and medical treatment expense incurred on My father who is disabled dependent senior citizen with half body paralysis? Thanks in advance!

[@ETMONEY]

Dear Nitish Kholiya: Apologies, we haven't gone into the specifica of this and maybe a tax advisor can answer this best

[@CoolDopa_qx8ti]

Deduction u/s 80DD is allowed to individual or Huf for incurring medical expenses of a dependent. If dependant is senior citizen deduction shall be Rs 125000/- for disability of 80% or more and Rs 75000/- for disability 40% or more.

[@p_p21]

Can anyone being in railway govt job invest in share market or not?plz reply.

[@vjj6258]

Sir, my friend files tax thru CA who shows fake education loan & loss in property and reduces tax and Even ITR gets processed, how safe is to apply these, can IT dept cross verifies these claims later on?

[@stingchoudhary4775]

Sir, I am a railway employee, not getting HRA, Occupied govt alloted quater and rs. 300 deducted from my salary every month for house rent. Can i claim it in 80gg.

[@studywise01]

Deduction -the lowest of these will be considered as the deduction under this section- (a) Rs 5,000 per month (b) 25% of the total Income (excluding long-term capital gains, short-term capital gains under section 111A and Income under Section 115A or 115D and deductions under 80C to 80U. Also, income is before making a deduction under section 80GG). (c) Actual rent less 10% of Income Do take benefit of this section - provided all conditions have been fulfilled by you.

[@deepanigam717]

Thanks for presentation..Very informative and

[@ETMONEY]

We are glad it was helpful!

[@dineshs3409]

Rent is also 80C and 80C investment limit is 1.5lac. example invested in PPF 1.5lac per year, Life insurance 20000 and house rent approved benefit is 50000. As all this come under 80C toh Tax benefit 1.5lac he milega ya total 1.5lac+ 20000+ 50000 ?

[@ETMONEY]

Hi, Aap exemptions and deductions ko confuse kar rahe gain. HRA yaani rent paid Milli choot ek exemption hain aur yeh apko Section 80c kay bahar hain. PPF and Life insurance Section 80c main aati gain aur yaha limit 1.5 lakh hain.

[@dineshs3409]

@@ETMONEY ok toh HRA is excluded from 1.5lac 80C benefit. Thank u sir

[@sourabhverma597]

@@dineshs3409 Your taxable income is computed after deducting the HRA component, which is independent of 80-C . This HRA component is usually computed based on difference between the HRA allowance and 10% of your basic salary (there are 3 computations and minimum of them will be taken as HRA exemption).

[@dineshs3409]

@@sourabhverma597 Bro I invest 1.5lac in a year which falls under 80C. So I will get 1.5 lac + house rent benefit also which is separate from 80C deduction right?

[@sourabhverma597]

@@dineshs3409 Yes.. HRA tax exemption is separate from 80C . So, if you are already getting 1.5 L investment benefit from 80-C and your HRA tax exemption component is 50000 .. then your total deduction is 2 L .

[@MahendraPatil-fr4sp]

1 question sir if my 80C is already completed (150000) investment and I start investing 50000 in NPS then can I claim 80CCD(1B) benefit or not

[@umakanta7]

Yes

[@MahendraPatil-fr4sp]

@@umakanta7 thank you 🙏

[@subhankar81]

1.If i have done 150000 inv in 80c and i want to claim 5000 more tax saving....then can i invest 5000 in NPS? 2. If i need this for this financial year i.e. before 31st march....do i have sufficient time now to open NPS account and invest in that as very small time remaining and NPS account opening is time consuming as far as i know....pls reply. Thanks.

[@ETMONEY]

Hi Subhankar, Yes. You can invest 50k in NPS and take the tax benefit over and above the Section 80c limit. Regarding if you have enough time. Well, we have some good news. On ETMONEY you can invest in NPS within minutes even if you are a first- time investor. It is completely paperless too. So, download the app and invest right away. As you mentioned, not much time is less Regards, Team ETMONEY

[@subhankar81]

@@ETMONEY thanks for the reply....i want to invest 5 to 10 thousand(that will serve my purpose) not the 50000, is that possible?....secondly, if i do it online on etmoney, how to download the receipt voucher which i will need at the time of return submission.pl reply.Thanks.

[@ETMONEY]

@@subhankar81 Yes. You can invest any amount. On the second point, you will get the option to download the proof as soon your investment is done. Regards, Team ETMONEY

[@tipsandtricks2147]

Well explained

[@sumanpal7648]

Please make a video of tax saving ways for senior citizens.

[@TheCoolboy4321]

Sir employer contribution in also tax saving

[@mkannan]

Please tag Hindi in the title so it's clear without having to watch the first half a minute of the video. Thanks! :)

[@soumyarajpurkayastha5502]

My 80C is covered.. And separately I am investing 30k per year in NPS.. Can I claim this amount in 80CCD?

[@elcapitan8769]

I think yes. Upto 50,000 can be claimed seperately

[@gyanakrishana6400]

Standard Deduction 50000 hai. Or PF deduction 42707 hai to kya Muje 92707 deduction milege na??

[@satishoza8564]

Yes

[@sheshagirirao8758]

HI 1. Can I claim my daughter's school fees for tax exemption ? 2. I have 3 kids , my younger daughter does not insurance cover provided my employer, can I take insurnace for her separately and does this provide me tax exemption ?

[@akashdeepsingh5311]

school tuition fees is exempted

[@akashdeepsingh5311]

school tuition fees is exempted

[@NavinKumar-gg4xg]

My tax deduction is 7000 per month. I joined my company in June, now what should I do and how, so that my tax deduction amount will revert to me, and process please

[@srinivasareddy2344]

Good. Can you please do the same for NRIs

[@bandanaganguly6427]

Sir my mother is suffering from alzaemer . Can I claim deduction? . She has no disability certificate. Is it necessary.

[@ETMONEY]

Kindly check with your tax advisor or chartered accountant. They will help you better on this

[@dishon006]

brother , it would be very helpful if it's explained in English , couldn't get the exact jist

[@molukutti2806]

Sir my brother has 40% low vision can I claim his education expenses under 80DD

[@ETMONEY]

Please read up on Section 80DD in more details. The specifics are available on the Income Tax website. www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx

[@rahulchaudhari5676]

Was waiting till the end to know, exactly how much I can save & I didn't get the answer

[@InvestorKatta]

Technically there is no maximum limit as there is no limit on the amount of Tax you can save through 80E (just depends on interest on your education loan). Similarly, in many cases, there is no upper limit on the tax you can save through 80G. For a regular salaried employee (under age 60) with no education loan (self or child), no disabled dependent and no investment in health insurance - you can deduct 2.2 Lakhs under section 80C and its subsections (80C - 1.5 Lakh (15 different options), 80 CCD - 50,000 (NPS) and 80 CCF - 20,000 (Infrastructure Bonds)). Now Depending on your tax bracket, you can save up to 66,000 (In case you are in the 30% tax bracket). If you are in lower brackets this amount definitely goes down. If you have a disabled dependent, dependent parent or home/education load (self or child) - this amount can change drastically. Also in case the majority of your income is under a special rate (capital gains etc.) then things change further.

[@nautyrider]

What a add less and neat presentation

[@GaneshJadhav-qv5mm]

Thank you for detailed explanation .. But why can’t we consider interest and principle for under construction property?

[@ETMONEY]

Thank you Ganesh Jadhav