Ultimate Income Tax Saving and Tax Planning Guide - By Asset Yogi

Income tax saving tips and tax planning for salary income up to Rs 16 lakhs. This video will teach an individual or even a salaried employee how to do income tax calculation by availing all available tax saving options.
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Time Stamps:
00:00 - Intro
01:57- Choosing Tax Slab
02:41- Excel Demo
03:35- Employee Provident Fund (EPF)
04:03- Exemptions under Section 10
07:34- Deductions
07:40- Standard Deduction
07:50-Deduction u/s 24 (House Property)
09:48- Deduction u/s 80c.
12:50- Deduction u/s 80D.
18:10- Bonus Tip (Home Loan)
18:37- How to File Tax?
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About the Video
At the end of each financial year, we juggle with tax-saving and search the internet for tax-saving tips. Government offers income tax deductions to a salaried employee as an income tax savings option. We all want to save tax but most people don’t know about tax-saving investments and income tax exemption. We either hire a tax expert for tax planning or do it ourselves.
When your salary bracket increases over time, it becomes difficult to save tax. We invest in irrelevant investments here and there just to save tax without proper planning. There are tax deductions under various heads that include investment in NPS, ELSS, and EPF that one can deduct up to a certain limit to minimize the tax outgo. We have talked about all these in this video. This video will guide a salaried employee with income up to Rs 16 lakhs about tax saving and tax planning. This is a perfect recipe for income tax planning, that will solve all issues concerning tax planning for the individual.
In this video, we have explained:
1. Tax planning guide for individuals.
2. Tax saving tips
3. Income tax calculation using excel.
4. What are tax-saving instruments?
5. How to save tax?
6. Tax saving options.
7. How to do tax planning for salaried people?
8. How to do tax planning for salary income?
9. Income tax exemption options.
10. Old and New tax slab.
11. How to avail income tax deductions for salaried employees?
12. What are income tax saving options?
13. Tax planning in hindi.
14. How to do tax planning with a 10 lakhs salary?
15. Do it yourself (DIY) income tax planning.
16. Tax planning through tax-saving instruments.
17. How to save tax?
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Website
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#Taxplanning #TaxSavingTips #Incometax

[@AssetYogi]

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

[@shakib6661]

High Tax in INDIA is also the biggest reason why salaried persons go outside of the country and get PR of that country. And basically Rich people easily reduce our taxes while the middle class section need to pay taxes.

[@vinodgushain327]

EPS also part of 80C

[@shammyshammy5565]

Extremely informative video brother , u saved my hard earned 95k annual tax which i was paying from last 4-5 years ...even 1 hour spend daily with you can give more knowledge than reading 10 hours a day from tax book

[@yashrajput8502]

HRA exemption in least of the following 1. HRA received 2. 40% or 50% of salary 50% in metropolitan city Here salary means = basic salary+ dearness allowance (if it is forming the part of retirement benefits) + commision (if it is fixed of tuornover) 3. Rent - 10% of salary

[@Susheelkaram]

Too many ideal case scenarios. - 4L for HRA is very high even in metros. (As others pointed out it comes down to 3.2L) - Not everyone has home loan or education loan. - NPS is not a great investment plan (personal choice though) - And why was 80TTA 10,000 deduction removed from CTC? Its for the deduction on the interest earned on savings, which is additional income. The bottomline is make peace with fact there is no escape from taxes. Just do proper investments and save as much you can on that. But don't do investments or expenses just to save taxes.

[@akhil_sai]

30% tax look like taxation in the time of Kings ruling time, kings used to levy high tax on citizens, isn't it same happening now also ? Looks like tax loot. Mostly salaried people who belongs this category pay this tax, others somehow find a way to avoid it. In the countries like Singapore regardless of income all people need to pay 7% of their income, that's look simple and legit.

[@ace.aniket]

What about countries like USA, Canada? not considering the social security and other benefits, just taxation.

[@Anupnitw]

@@ace.aniket in US, 10 % tax is federal(govt), 10 % is to the State, 10 % goes to 401 K that they give back as pension after age of 60 . So effectively 20 % tax only.

[@pradeep.saho0]

In India we have high rich. And poor people. Due to income inequality tax system is like this. But in developed countries there is no that much inequality

[@akhil_sai]

@@pradeep.saho0 but in actuality, the rich, super rich, high networth individuals find many ways to evade or they have several options to cut taxes, the middle class person having only salary as a source of income paying this much taxes (comparing to his income), at least gov give some exception for people who have only one income source and if more family members depends on this person income alone.

[@SR01995]

30% tax is too much.

[@sravankumarpiler9797]

In fact we need to include Meal allowance in Standard deductions like wise Medical, Fuel.. Meal allowance is a big crux where not all individuals who are in tax bracket is using like govt employees As per CBDT only Rs. 50 per day per meal is exempted, but most of the corporates claim Rs. 100.00

[@nirajagarwal6410]

50 per meal for 2 meals per day

[@payalmore6817]

I have been watching a lot of videos on tax saving recently. But this video cleared all my doubts. Very well explained. Thanks for the video.

[@satishchanderseth3770]

Yes sir, this is a good idea.because there are very few pensioners for PENSION UPDATION. OTHER THREE CATEGORIES ARE WE CAN SAY LESS. PENSIONER AFTER 2002 ARE THERE FOR PENSISON UPDATION

[@007_Sun_Tzu]

2 points where we miss out- Interest component comes down with time under 2lakh per yr. HRA is lower of three- HRA, rent paid minus monthly basic, 50% of total basic.

[@AniketBasak]

HRA is lower of amount actually received, or rent paid - 10% of salary, or 50% of salary if in mumbai, kolkata, delhi, chennai or 40% of salary in all other places. (salary being basic + DA forming part + Commission based on fixed % of turnover achieved by the employee)

[@dildboss]

Exactly... whole HRA doesn't get exempted. For a 16L salary figure, rent paid - 10% salary will always be the least. So a maximum of 1.5L to 2L (assuming a rent of around 20k - 25k) only comes under exemption. Balance 2L to 2.5L is taxable. But all in all this is a damn good explanation.

[@cutieandsweetievlogs2475]

@@dildboss on paper show rent of 5 lakhs per annum then you can claim 5 lakh - 10%(16 lakh)= 3.4 lakh

[@kiransinhchauhan3174]

@@cutieandsweetievlogs2475 for claime rent, we required PAN of house owner? If yes, then our claimed rent would his income.

[@biju.b257]

@@AniketBasak w111

[@shankarnsangeet1588]

Well explained. Thank you for bringing up this video. Financial education is indeed required for more than 70% of the Society in the Country as very few are literate on the subject...KZbin is one such tool acts as a flat form for education and awareness.

[@AssetYogi]

Thanks Shankar sir

[@relax_repose]

@@AssetYogi sir quiko link is not here

[@vikramjitsingh834]

EPF & NPS (employer side) are mutually exclusive. We can also add pre-emptive health checkup for us & family.

[@SumitSingh-rb2fg]

You can opt both provided ur employer provides flexibility.. Your in hand will reduce as the NPS amount will be deducted from your salary only

[@ShashiMaurya6]

First good video however. The calculation is still very optimistic. Practically 15L salaried person cannot use 25% CTC as HRA. It comes out to be 40000 (HRA rebate=RENT-Basic10%). wonder which 15L salaried person would stay in 40k rental home. The relation that works for most of people is 10-15% CTC. Which is about 17500, which is typical rent for small 2BHK in NCR, Navi Mumbai, Bangalore, HYD. so adjusting HRA correction of 2.8L makes ZERO tax CTC comes down to 12.2L. Hence for Zero Tax : Money in hand (excluding rent) as per this equation is 5 lacs + 50k (std ded) + 12k(LTA/4) = 5.62L pa = 46k pm. This equation will work for some on who has less dependents.

[@meghachoudhuri]

That's right. Also EPF (employers contribution) is calculated under 80C, how come the EPF has been decuted in annual CTC..how ?

[@mdimranalam1601]

Well said, deduction does not come without investment. If you add all the investment which give you the mentioned deducton and exemption, you wonder it will be more than the mentioned in-hand salary. Paying rent of 4 lac in a year, paying education loan of approx 5 lakh (then interest will be around 50k), paying home loan of approx 5 lakh (then interest would be around 2 lakh or more), 80C investmet of 1.5 lakh, and many moreeeee......so total investement should be more than annual income to go for 0 tax........Impractical video.............Any how your other videos are very informative and logical.....!!!

[@kumar-mi7rl]

@@mdimranalam1601 he has put in all the components, which is not possible....and HRA calculation is wrong... , so this video is good for nothing.

[@rodeopriya]

Income of 10k shall be added in income from other sources before getting exemption under Section 80TTA. Net exemption is zero in 80TTA since you add and subtract from income

[@prathameshphatak]

Exactly 💯 , he made several unrealistic assumption also in this video, and not adding 10k above was a gross mistake on his part !

[@kumar-mi7rl]

@@prathameshphatak adding and again deducting 10k doesn't make any sense

[@prathameshphatak]

@@kumar-mi7rl you only deducted that's the fault at first place

[@akshaykumarsonune1937]

This is very informative. Thank you for investing your time on explaining things easy to understand. One thing that I could sense is.... buying home loan becomes mandatory for this income bracket people since there are no other options one can save tax upto 2L.

[@AssetYogi]

Thanks for sharing!

[@inspiredvideo6959]

NPS of employer is also added in Taxable salary.... Secondly EPF is part of 80 C include in 1.5 lacs no any other benefit exemption.

[@artibanerjee4184]

@@AssetYogi pl share ur email

[@mustafaalikhanmohammed1274]

You are a fantastic financial mentor. Excellent knowledge sharing. Thank you so much.

[@AssetYogi]

I appreciate that!

[@illuminati9486]

Epf 92000 is already mentioned at start so 80c should be around 50k in your calculations not 1.5 lac. So income will become 5lac +. Also, lta is not available to all

[@SHANKS0412]

Thoda extreme scenario hai. Itne saare investments in tax savings plus loans generally nahin hote. People need cash in hand for expenses also 🤣😆 Also 25% HRA exemption on the assumption of 25% of CTC as Rent being paid is very high. But good thing is that employees can learn about all possible IT exemptions in one Video.

[@HowTo2021]

More than 25% of ctc paying as rent. Wonder what will the person be left with for investments and expenses

[@VivekKumar-bb6jb]

I worked in an mnc for 9 years and HRA was 40% of basic max for non metro city how can we get 25%??

[@monumittal4721]

Kk

[@vineetdhar]

Very impractical in real world

[@FunnyVideos-hd3yr]

@asset yogi same concern is mine how can one claim total 4l HRA under 16l total salary it's wrong rule. Even rule for calculating basic salary is also much higher. I have seen it around 30% most organization provide.

[@rohitahmed6754]

I have joined NPS department this month. I have been watching videos for the product knowledge. I would also like to add that we are the POP SP(ICICI PRUDENTIAL PENSION FUND MANAGEMENT COMPANY LTD). Kindly comment here for any NPS related queries or to open a new account.

[@ruchijain9300]

Kya kisi ke 2 NPS account ho sakte hai ? 1. gov. Job ka automatically 2. 50000 redemption ke liye gov employee khud se open karwa sakta hai kya?

[@ahzamsiddiqui4050]

Check 80c and EPF once, you considered it twice. The limit is 1.5L in 80c including provident fund.

[@sudipshilsharma5986]

Correct. EPF is under 80C only. Cannot be claimed twice

[@tarunbehera5867]

Main unrealistic assumptions in this calculation is 50% basic which no companies pay in all MNCs. Hence HRA will reduce.

[@MalayKumar98]

Try working in either legal companies or any company other than TCS bro... they do pay 50℅ as Basic of annual CTC.

[@tarunbehera5867]

@@MalayKumar98 I had worked with multiple companies other than TCS and nowhere it is exactly 50% of basics in the private IT sector.

[@Khojkhabar_deshheet]

Bro I am very layman to taxation part. My simple question to you is if I start investing all this money to different different component to lower down my taxable income, what exactly or practically I am left with in month end for day to day expenses. All money I have investment to save my tax. Practically I have no money in my hand to run my house. Please explain me as this is my confusion.

[@rajeshshenoy8049]

These are tools which help build corpus in long term, ppf ,nps etc. remaining are all expenses to run the house

[@surajparkash1190]

Informative..... But you considered employer contribution 2 times.....In EPF(96000) and in NPS(104440). Employer will contribute either in EPF or in NPS

[@krishnaagarwal6388]

yes, the same thing I noticed.

[@tushar5426]

Thank you so much sir for this amazing video!! This is really helpful. Your way of explanation is awesome ❤

[@AssetYogi]

Most welcome!

[@DigvijayUpadhyaybit03]

Good one for newbies who don't understand this taxation stuff

[@bhaveshvaishnav633]

We can also claim health insurance premiums for our parents up to 25k for non-senior citizens and 50k for seniors citizens.

[@tejalpatel9181]

Evn if they are ex govt employees & having pension??

[@sandhyam8505]

@@tejalpatel9181 yes provided they are senior citizens (60or more)

[@sudhirsaleakanomad2051]

Bhai :) aap ke videos crisp aur clear hote hai. maine 2 saal pehle aapke hi ek video se dependent parents ke medical expenses pe 50k ke baare mae jaan kar claim kiya aur mujhe 11k approximate income tax rebate mile 🙏 aapne yaar is video mai jo excel tha uska bhi link neeche dete toh bohot help hojata hosake to please woh link daal dijeye. humlog bhi apna figures daal ke plan karsakte. I wish you good luck for your career and a BIG Thanks for sharing your knowledge.

[@psgamer547]

Hello sir, it would be great if you provide this excel for our reference and we can try out according to our amounts. Also wanted to know that my company is not giving 50% of CTC in basic...you can take it 20-25% and i live in metro city also tried to convey the same to the HR but no luck from them. What do you wanna say about this?? Thanks you 😊

[@BetterLifePhilosophies]

Great informative video. Thank you, Sir! I think the HRA claim couldn't be 4 lakhs at this income. Rest everything was so good to know info.

[@AssetYogi]

Thank you so much.

[@amitmaurya6179]

My HRa is 3.65 lakh with 15 CTC.

[@ajayraval5130]

EXCELLENT Knowledge I have gain from your video . 🙏🙏🙏👌👌👌

[@AssetYogi]

Glad to hear that

[@jamesnalley4629]

As a beginner in the markets , your best bet is getting an experienced mentor to guide and help you make the right decisions , specifically someone who can handle your capital and help you grow your portfolio

[@aleighholden8462]

@Flor Martinez I've always been fascinated with investing and I need to start now . Could you possibly give more information about the Investment Professional and how I can reach out

[@susannelson350]

@@aleighholden8462 sure , she was able to guild me through out the process , she's such a patient broker

[@susannelson350]

Look for her on *telegram* with the name below

[@susannelson350]

*Stellalouis1*

[@Debbiemoris7652]

@@susannelson350 I couldn't believe the process until a profit of $ 15 , 000 with an initial startup capital of $ 2500 in 5days . Thank you Ms. Stella Louis for been transparent

[@nitikasrivastava9368]

EPF is also part of 80C but you claimed twice 96K under EPF and 1,50,000 in 80C, which is invalid

[@SriRamaMemes]

Employer contribution vs Employee contribution?

[@abakashnayak]

This is a misleading way for calculation of tax on salary income. The employer either contributes toward EPF/EPS or towards NPS , not both. A person earning 15 lpa as CTC has to pay taxes even with all the deductions possible. The HRA calculator is also not proper. An advice to the creator don't mislead people.

[@ManabendraGhosh]

Rightly said... This video is just to gain publicity...

[@sonurokr]

Why don't you put that in details here for people to learn. Tell the world what is improper in this calculation here rather than bringing the creator down. Maybe the creator will learn from your findings.

[@tejeshcreation65]

Yes... HRA is too huge in dis case..no one will agree for dis.. misleading video..

[@SunilKumar27]

Also he used 2L of loss of house property

[@ianalphonso4851]

I agree, the calculations are wrong, is IT department a fool?

[@woolf7285]

Congratulations For three Million SUBSCRIBERS 😘

[@AssetYogi]

Thanks

[@sumanr79]

Information about the deductions are very informative. However this is very hypothetical scenario for a person earning 16 Lacs. If the person invest such heavily then how would he manage his bills and monthly expenditures?

[@NITHYASHREEKSPGP-Batch]

he has addressed that also -_-

[@mdimranalam1601]

Correct! Hypothetical scenario. If you calculate all the investment, you wonder it is more than salary. Total invest karega to khaega kya bhai...!!

[@abhaykumarabhaysrivastava]

Very useful and informative video. Thank you so much 🙂

[@pradipbhume6098]

I'm really surprised to know such options to save tax. Thank you for creating such informative content. This will be helpful for lot of people like me.!! 🙂

[@AssetYogi]

You are welcome.

[@kumar-mi7rl]

omg, u didn't know these components till now ?

[@akshaygirme2475]

Sir, You should add 10k (Interest) in Gross Income & then claim deduction under 80TTA. By the way your video is helpful. 🙂

[@AssetYogi]

Yes, you are right

[@kumar-mi7rl]

doesn't make any sense to add 10k and deduct again 10k

[@dhananjayvaish3276]

Most informative video on tax saving so far .

[@mdsarfaraz9153]

In General : 21600 is the Employee contribution which comes in payslip

[@anirbansarkar6306]

I think 4Lkh on HRA is also rare (in general) as it is like per-month 33000 home rest. We generally prefer 10k rents. But overall this was really helpful video. Thank you so much

[@AssetYogi]

Keep learning.

[@rahul_spawar]

You can still say that you're giving this much money to your parents 😛

[@tejask4889]

@@rahul_spawar The calculation never works out, you can't just say you pay any random number in tax, the formula to calculate always ends up in a very low number.

[@srinivasinv5542]

@@rahul_spawar you have to give PAN of parents if you are giving such high rents they will come under tax dept eyes they will identify your parents property in other city and you are working in different city they will consider it as fraud it will work until you are doing WFH

[@AS-zj1kl]

I was about to make a same comment. 33K is too high rent for a person earning 16 lakhs. But still good information. @@AssetYogi is this true that basic should be half of CTC? Can we demand employer to restructure salary based on same?

[@trendyniro]

Thank you sir. Very useful. Till now people have been telling me that I can claim tax deduction only upto 1.5 lac under 80c section and totally left out the rest of the deductions.

[@AssetYogi]

Most welcome Niranjan

[@sushmabyatha2494]

Thanks a lot for giving such a detailed information on tax saving for salaried person

[@vkrsoft]

Very informative, opened my eyes. 🙂👍

[@djtailor]

Thanks for this extremely useful video. Better if you can share this excel sheet.

[@swapnilgodawat4176]

Did you get this wxcel.?

[@SahilGupta-cu1ip]

Thanks sir for great information ❤🙏

[@AssetYogi]

Most welcome

[@mgedwardcullen22]

I am Govt Employee: 1. Rebate on Home Loan Interest is limited to only 50k. How to maximise that?, 2. My NPS contribution is by default 10%of Basic+DA. This itself occupies most of my 1.5L 80C deduction. How to maximise this? 3. I reside in a Govt Quarter and hence don't get any HRA, can I claim any benefits therein?

[@VinodKumar-gq5fd]

Sir, As per your bonus tip 2 people can take benefit in case of a joint home loan. If done so, do we also have to divide all the deductions (like Rental income, maintenance charges, Interest on Home loans, etc) as 50% - 50% considering both are equal partners?

[@AniketBasak]

Refer to section 26 of the income tax act, 1961.

[@shristitiwari6969]

Clubbing section will apply

[@rajeshshenoy8049]

Yes not necessarily 50 any proportion to help reduce tax for both

[@shashanknarayan5929]

He has considered 80E/ 80EE which is an aggressive assumption And assumption of 25% for HRA is totally funny

[@sonampatil7895]

400000 HRA deduction not possible

[@josephs4044]

25% HRA is real. There are several components in the salary that makes effective HRA less than 40%.

[@kruthikapillay3393]

Very well explained.. I am going to replicate that excel

[@mrshajum9895]

Were you able to do that? Since creator is not responding for sharing excel sheet, please share the sheet link :)

[@Tube-180]

Could you please share the excel link

[@ashwarya26]

Great Video. I have one doubt : Has EPF deduction counted twice and it should be under 80C only, For Example 96k deducted from 1.5 lakhs limit and then 54k on ELSS fund, that makes 1.5 lakhs I believe there is double counting in the beginning for EPF

[@AssetYogi]

Noted. Will check.

[@varunanadkat]

Employer contribution towards PF is not considered in your taxable income.

[@arpitthakur2489]

@@varunanadkat but it comes under ur 80C 1.5 limit only. u cannot claim 96k as EPF and 1.5 as 80C seperately

[@varunanadkat]

@@arpitthakur2489 yes EPF is considered under sec 80C

[@amannjainn]

I think you are wrong. Employer contribution is already tax free in the hands of employee.. It doesn't form part of 80C.

[@maheshasodia4960]

ITR 1 फाइलिंग के बारे में आपने बहुत बढ़िया समझाया है , धन्यवाद .

[@hardiksheth7694]

@Assetyogi - 4 lacs HRA deduction is impractical, since most companies dont allow changing actual HRA. i have dont audit of atleast 40 companies till now, nd i dont see that option

[@MrAjitPrasad]

Disclaimer:- It's for perfect family

[@TheSougata1]

Great explanation sir. Thank you🙂

[@user-iv2zg5gh2k]

This was a beneficial video. Thank you so much

[@tintiniitk]

Let's calculate how much rent you must be paying to show 4 lakh HRA deduction in the above case study. I'm dealing with only annual numbers here. Total salary: 16 lakh Base salary: 8 lakh HRA: 4 lakh (assuming about 50% of basic, which is a impractically high %age, but whatever) >= HRA deduction (4 lakh) --> Works! 50% of basic = 4 lakh >= HRA deduction (4 lakh) --> Works! Rent - 10% of basic salary >= HRA deduction (4 lakh) --> ??? i.e. Rent >= 4.8 lakh per annum i.e. 40,000 per month or more, and this doesn't include maintenance, gas/water/electricity/internet bills or any other service charges or expenses. The analysis done by Asset Yogi is theoretically correct, but extremely impractical, where you can get deduction of about 12.5 lakh rupees per annum, but it is practical only if you have huge untaxable savings, untaxable investments, (untaxable :D) cash already lying around with you and you're willing to just invest/spend all of your incoming 16 lakh salary each year or may be even more in trying to save taxes. The point of the video of course is not that you can save 31.2% (30% slab *+ 4% cess) of 12.5 lakhs in taxes, instead that there are many tax deduction avenues that many of us aren't using very well today. Identify which ones work for you and make use of them. A tip from me: if you are desparate to save taxes by hook or by crook and that too legally, become either a farmer, or a godman, or a politician.

[@AssetYogi]

Thanks for the input.

[@shishirdebnath6670]

😂😂😂

[@zeustrong305]

The fact is, not much tax saving options are available for salaried persons, especially for those who are in 30% bracket.

[@k0u0s0h0a0g0r0a0]

The rationale for tax benefit rules is to allow people to spend their earnings on basic short-term and long-term liabilities - such as living expenses, health, education, leisure, etc . If anything is left after that, there is no reason why it should not be subject to taxation.

[@ManishKumar-lt6wg]

@@k0u0s0h0a0g0r0a0 waah bhai

[@AniketBasak]

Very true, maybe try calculating your tax liability under 115BAC (New tax regime).

[@amitdubey881]

@@k0u0s0h0a0g0r0a0 do you even pay taxes?

[@shivammaheshwari5519]

@@amitdubey881 they are most probably a daily wage worker.

[@user-uo1yt3hd1r]

Net cash flow : 8.5L - computation is - Salary CTC - 16L minus ~7.5L (LTA- 0.5L + interest on HP -2L + 80C -1.5L + EPF - 0.96L + NPS -0.5L + NPS - 1L +80D/E/EE - 1.25L). Not accounted for 4L which is being deducted as HRA. It can be paid to Parents, whose income will also be taxable since rent paid is going above basic exemption limit.

[@pankajnrij4590]

Employer contribution in 80ccd(2) is first added in the income, and then deduction allowed. So no benefit. HRA is too much, and also when we use formula as per 10(13A) it will reduce further. And we pay more interest to lender than saving of taxes on interest and principal, so taking housing loan is not beneficial, if we can pay in cash. No need to take notional rent, we are allowed to keep 2 properties as SELF OCCUPIED PROPERTY and can keep empty or without rent and still claim HRA and interest deduction u/s 24, if we pay rent somewhere and have taken housing loan.

[@tejask4889]

I don't think companies are following the 50% rule, basic salary is always very low which restricts you on the amount you can claim as HRA.

[@AssetYogi]

It's not yet applicable.

[@dr.rajeshingole2215]

HRA 25% wrong

[@nitiprakashdas5800]

One of the Best Channel on KZbin. To gaining Financial Knowledge. Thank you Sir.

[@AssetYogi]

You are most welcome

[@shivamsancheti1398]

@@AssetYogi Negative comments ko bhi like kar dete..baseless calculations..itna sab karega to Banda khayega kya

[@livewellvlogs]

Thanks ...your video was informative...

[@natureloveprash]

Video is very informative but I request you to illustrate an example for government salaried employee under old pension scheme.

[@srinaga1975]

Very nice video; Explained in detail; Can you share the excel sheet?

[@raviraj_pawar]

did you get excel?

[@siddheshana]

corporate NPS ka exemption basic+DA ka 10% hota hai na , na ki Net Salary ki 10%. It makes a huge difference as most of the corporate employees have multiple components in their CTC

[@ajabhishekjha1234]

@Siddesh yes

[@dusmantpail4713]

If basic salary is 800000, then nps deduction will be 10% of basic that is 80000.

[@ArjunSingh-sr5rx]

Sir..Thanks fore info ...would like to know if I dont have Home Loan, education loan, and covered only 80C...is there any other tax saving instrument that I can use. Your suggestions would be helpful

[@subhamsarda6182]

Dude you are considering 25% of CTC as HRA when calculating the deduction but even if the annual rent is 40k you won't get that as HRA because Actual HRA - 10% BASIC will be the minimum so your valid HRA will be 3,20,000.

[@saadjsayed]

400000* 10% of Basic+DA and not CTC

[@akshaybudhe7548]

Interest on saving 80TTA deduction amount is Rs 40,000/- and for senior citizen is 50,000/-

[@shristitiwari6969]

No it's 10k and for senior citizens it's 50k

[@harehare3488]

Can we buy father's home thru Loan so the money is within the family and Father can invest the money in Stocks which can grow minimum 20% PA? This way family gets say 40lakhs it is invested in Stocks. Now, son & daughter in law can claim deduction on Interest Consider Son & Daughter inlaw are living in another town they can also claim HRA This is logical?

[@ace.aniket]

Yes you can, but you will be taking loan from banks which will charge you interest. Plus other expenses like stamp duty, registration etc have to be kept in mind for doing the ROI calculations. If you are sure you can make more than 10-12% in stock market then it might be a good option. I can't see any hurdles in this.

[@rupeshkarle7141]

It's really nice and informative video..... Request you to give us Excel link to Download from description box

[@praveenmpkable]

sir, my father is 84 years and his pension salary is 19 lakhs and what are avenues to save tax to the maximum. his savings is only PPF only and nothing.

[@sanjaydey3903]

Excellent explanation. Thank you so much 👍🏼

[@AssetYogi]

You're very welcome!

[@shubhamdhakrey3197]

Ghante ka excellent chutiyapanti ki video gai bc

[@dharamveerbhadoria2083]

Its not realistic. Please be self aware.

[@The_Immature_Millennial]

80C deduction is calculated twice, EPF as well as ELSS everything together is taken for the 1.5L exemption in 80C

[@prashanttimmapur9101]

Well said i was about to say same thing

[@tanmoydas6370]

No calculation is correct. You misunderstood the point. Employee contribution comes under 1.5L but not employer. Here he is trying to say that 12% amount which employer gives. This part is also calculated under CTC(Cost to Company) means all benefits those you are receiving from ur employer.

[@prashanttimmapur9101]

But you can't claim that in your itr.

[@MalayKumar98]

@@prashanttimmapur9101 No he is trying to say that it is not included you income. So basically he deducted that from the CTC but not as a rebate.

[@tikiortaka]

@@MalayKumar98 That amount isn't part of the taxable income to begin with. Employer's by default don't declare that as taxable income while calculating TDS.

[@preetamshetty6679]

How are you considering tax exemption for both employers and employees EPF contributions?

[@BRIJMOHAN-nd9gk]

very informative and the information how to save tax is really beneficial to all the tax payer who desires to save tax.

[@AssetYogi]

Thanks Mohan

[@shantanugawade9121]

For HRA to be 4 L for basic of 8L, we have to pay 40K per month in rent (40*12-10%8L). For interest of 2L on home loan or other loss of house property, we have to take a loan amount which contributes to min 50K as EMI/Loss, For NPS + LTA of about 1.5L, another 12.5K deduction, EPF components as per structure shows 8K per month , constitutes to 16K per month since we have to consider both employer and employee's contribution. Now in total we have around (40+50+12.5+16) = 118.5K per month will be drawn out of in hand salary. 16L/12 = 133K per month. So only 15K per month in which we have to pay bills, eat food, travel. Also we are claiming both home loan interest and HRA which is highly unrealistic. Is everything in this videos realistic ? This seems more realistic to people who can have very high income and who could risk more liabilities. People taking home loans just for the sake of avoiding taxes won't be able to invest more and this will haunt 20 years afterwards.

[@meghachoudhuri]

EPF employers contribution is deducted from ctc, is it not from 80C?

[@harsh7809]

I was looking for this comment.

[@SK-cg6hm]

Really Knowledgeable video, Thank you Sir

[@AssetYogi]

Most welcome

[@vijaypalsharma8852]

Shandar video sir

[@mallikarjunsavanur2314]

Hi I did IT returns file as per your guidance. I have saved 1.08 lacks of deducted TAX by refunding as per the guided instructions. Anyone can fallow even who don't know about Accounts and IT returns can do it easily. Thank your very much

[@AssetYogi]

That's great. congrats.

[@Sam_dairy]

Thanks for the information. If we do so many investments then in hand salary will be very less so think twice before investing in order to save tax.

[@AssetYogi]

Spend after investing.

[@AnishTiwari.official]

Is this sheet available to download ??

[@narayankumbhar4567]

very good information i like it & needful me

[@Foxylawfirm]

Very helpful video sir...

[@bhanuarora5097]

Medical insurance premium is only exempted at personal level. If it is a corporate scheme deducted directly in your salary, then it is not exempted

[@sush2142]

It is recommended you buy a personal plan which includes your parents

[@shristitiwari6969]

You can also claim presumptive health checkup 5000 in extra

[@devgenesis6436]

extreme case I have the same CTC of 16..but I'm paying 9-10k/month as tax..even after exhausting both 80c and NPS..though I don't have a home loan

[@rishabhgusai96]

Take one.

[@rishabhgusai96]

Also consider 80D for medical insurence for 25k

[@rekharai9930]

@Dev Genesis can you please tell me how you are paying 9-10k/ month tax, because I have 15CTC but i am paying approx 13.5k per month

[@devgenesis6436]

@@rekharai9930 exhausted 80c ..declared nps for 30k ..HRA around 180k.

[@karthikkamath2046]

@@devgenesis6436 Do you need rent reciepts for HRA around 180k? As far as I know landlord PAN is mandatory for HRA above 1L.

[@AnishSingh-cc3ot]

Yogi ji, wonderful information. I have one point here, I think in case of joint home loan, both partner can claim only 50% rebate each and not the full rebate.

[@AssetYogi]

Thanks Anish

[@anoopn698]

Very informative video. Thank you. Could you please share the excel which u shown in this video so that we can alter it according to our salary..

[@radhey1981]

Sir me aapse apni ITR filing karwana chahta hi please muzhe batai me aapse kese contact car sakta hu

[@Aiprojects970]

Sir, you have shared a valuable information. Thank you. Can you also share this excel sheet ?

[@AssetYogi]

You are welcome.

[@kyzokyzokyzo]

@@AssetYogi it really would have been useful if you could share the EXCEL sheet

[@mayurjain2501111]

I am your fan sir ....thanks for helping me get my financial literacy ....

[@AssetYogi]

It's my pleasure

[@anbujeev1]

if you use Sec 80TTA to get the deduction of 10,000 from savings account interest, then you should declare that SB account interest as additional income along with your salary.

[@AssetYogi]

You can say.

[@srqbal]

Dear Sir, I need to know how to deduct the short notice recovery amount from Gross salary. When I deduct and input the same by editing Gross salary while filing ITR-1, warning and then error appears that it is not matching with the form 26as. And due to this I am not able to proceed further. Please help me out.

[@mujahids1664]

Nice explanation. Can you please share the excel sheet for tax calculation ?

[@raviraj_pawar]

did you get excel?

[@mujahids1664]

@@raviraj_pawar no

[@vkroy4743]

Hhb

[@fingerstylesahil7678]

If EPF is a part of 80C and EPF alone is being deducted by company and fulfilling 1,50,000. Then there would be no need to do PPF or other options from 80C to save tax, because EPF has exhausted total 1.50L, correct?

[@AssetYogi]

Yes.

[@mgedwardcullen22]

@@AssetYogi Same is My Situation as Govt employee. Major portion of my 1.5L 80C is exhausted by NPS deduction from salary which is compulsory.

[@FactNight]

Sir, please make a video on income tax after earning from KZbin AdSense and sponsorship. And if we invest that Money in buying stocks, will I still have to pay 30% tax plus 18% GST? If someone earns more than 5 CR per year from KZbin and other products like courses, etc. How can they save taxes? 🙂

[@kartikeshsaurkar4353]

Thanks for considering practical scenarios

[@AssetYogi]

Most welcome Kartikesh.

[@tkb95]

What is the tax filing and saving rule for people who has international income as consultant or contractors?

[@nileshsarda]

You can file Income Tax Return as a Freelancer under section 44ad ITR 4 CAN be filed

[@lokeshchandak4914]

@Asset Yogi This video is little misleading. We can't claim HRA complete 25% of salary. Hardly we can claim HRA about 1.5l - 2L for this much salary bracket provided that paying rent should be more than 14-15k atleast.

[@josephs4044]

He is demonstrating an extreme case to showcase how you could use tax slabs to one's advantage the best possible way. It may not be practical for you, but helps me a lot.

[@machanenra5904]

You can claim HRA as much you want , later IT Department collects Demand Amt , as much they want 🤣🤣🤣

[@rgk3257]

I was fascinated with title of the video. I listened to it. I was further fascinated and excited. Later, when I was trying to recall the speech, I questioned myself. If I earn so much living in this country, expecting all sorts of facilities, what if these facilities are not available due to lack of funds used to pay the workers, machinery, raw material etc. etc ? Does that fund comes from revenue comprising of all sorts of taxes ? Is Income tax one of those taxes ? Should I be one of the contributors of those taxes ? Other than GST should I pay some amount under heading of Income tax ? The answer I received was a 'yes'. My being fascinated with this video was a waste 😮

[@ravishankardh]

thanks u so much itna badhiya se samjahne ke liye dil se dhanyabad

[@AssetYogi]

You're most welcome