2024 Income Tax Saving and Tax Planning Guide | New vs Old Regime | Assetyogi Show #4

Income tax saving tips and tax planning guide for 2024. New Tax Regime vs Old Tax Regime: Which is better from a tax-saving point of view for each salary bracket?

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Tax Saving Calculator – Old & New Regime:

With an easy to use Tax Calculator, you can calculate income tax and increase tax savings in different salary brackets. We’ll cover deductions under Sections 80C and 80D, HRA exemptions, LTA claims, Section 24 deductions and a lot more.

0:00 Intro
0:36 Pay ₹0 Tax on Salary Income
01:19 Which Tax Regime is better?
03:20 How to get Maximum Deductions?
03:25 Tax Deductions in Old Regime
04:05 EPF
05:18 HRA
06:43 Children’s Education Allowance
07:04 LTA
07:39 Reimbursements
08:09 Standard Deduction
08:21 Deduction under Sec-24
09:55 Deductions under Sec-80C
14:07 Taxable Income
17:13 New Tax Slabs
17:52 Deductions in /New Regime
20:24 Important Tips


About the Video

The government has announced new income tax slab rates and a new tax regime has altered the calculation of income taxes. We all want to save in tax but most people don’t know about tax-saving investments, deductions and exemptions available to them. We either hire a tax expert for tax planning or do it ourselves.
Our detailed Excel calculations will help you understand how to make the most of various tax-saving options, including Section 80C deductions on investments, HRA exemptions, LTA claims, and Section 24 house property loss deductions. Learn how to leverage Section 80D benefits, explore the nuances of education loan tax exemptions under Section 80E, and gain insights on switching between the old and new tax regimes. Whether you're a salaried individual or a business owner, this video will equip you with the knowledge to make informed decisions that optimize your tax savings every financial year.
1. In this video, we’ll cover the following concepts:
2. New tax regime vs old tax regime.
3. Which tax regime is better for saving income tax?
4. Income Tax Saving Tips
5. How to maximize tax savings for salary income?
6. What are the tax saving options under the new tax regime?
7. Best tax saving options under old and new regimes?
8. What are the new tax slab rates?
9. Effective tax planning tips for 2024
10. How to plan taxes for salary income?
11. Is the new tax slab more beneficial?
12. How to save more tax on salary?
13. Tax planning guide for individuals.
14. Tax savings with joint home loan


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[AssetYogi]

Enjoy Free Access to select Financial Insights & 1st Chapter of all the courses.

[CA_Surajdeo]

Adding few points for people who make some COMMON MISTAKES while focusing on TAX SAVING:
1. Saving taxes should be incidental, not the primary driver of your investment decisions.
2. Prioritizing tax savings can lead to suboptimal choices. So, Investments should primarily align with your financial goals like child education, wealth creation, retirement planning, Foreing trips (why not) etc
3. Chasing tax breaks with short-term investments might provide momentary gains but may not contribute to long-term wealth growth. Focus on investments with higher potential returns, even if they offer less immediate tax relief.

[KOUSHIKSAHA-juzd]

Extremely helpful video..hats off to you that you provide these precious videos without charging any fee ...❤ Thank you sir ...

[cario]

Hit 200k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started with 7k in August 2023...

[chetankale]

After seeing so many videos, your video made a clarity about tax saving with very good example
Thank you

[sourabhsoni]

Amazing. Very detailed and helpful video! 👌

[RakeshYadav-sxjs]

Thanks a lots for your valuable information sir.

Anuual CTC- 12L
80C= 1.50 lac used.(PPF )
Medical=20k
MF= 4k per month
PPF- 12500X12
TERMS INSURANCE -32K
FD N RD SOME
Share I have purchased


HOW I CAN PLAN MY FINANCE AND future sir.

I'm newly married person.

Thanks in advance sir.

I really like and follow your almost all videos for financial. You are real asset yogi🎉

[GopalPatil-yt]

1.If l am government employee l will not get benifit as company employee's get.
2. I have rented my house.But staying in same city on rent. Can l claim HRA benifit for exemption?

[gopalgarasiya]

As a teacher i want to save my Tax my income is around 8lac per annum.
Make such a informative videos for teachers .. 🙏🏻

[SaurabhKumar-bkjm]

I have a simple question to government. When taxes are charged on percentage basis then why deductions are fixed. Deductions should be given on percentage basis too.

[addahHusayn]

I’m 26, $300K net worth. Been saving 50% of my salary, investing in stocks & living below my means. My goal this year is to be more serious and consistent with my investments for long term. Starting to save for a house down payment. I want to invest more this year but I'm not sure on how to mitigate risk

[vaishakb]

extremely helpful sir. Best ever tax regrading explanation!!

[samratchakraborty]

Hi, Can you please clarify -
1) If the gratuity amnt. has been considered part of CTC, will it be factored under taxable income in the New Tax regime?
2) What about Professional Tax, will that also be considered in the New regime?
looking for your answer. Thanks in advance.

[tarundhawan]

@assetyogi this excel is superb the only thing to add would be is the net tax that a person will have to pay with the deduction on each level

[vidhantiwari]

Yogi sir, What maximum amount of HRA can be claimed for rent of house owned by parents?....is there any limit or not?

[amanac]

I spent my time on something that'll help me in future totally worth it. Thanks sir ❤

[sagarshinde]

Thanks for the information but how can we deduct employers PF contribution from salary calculations? Under which section?

[anitaghodke]

Thank you for your wonderful explanation. This will definitely help me to maximize tax savings.

[vitthaldoiphode]

Very informative video sir😊..
Could you please tell us that which rule says that the basic salary of employee should be 50% of their gross CTC? and how can I ask my HR to to restructure my salary if he is not agree?.. Our company gives only 25% of CTC as a basic salary and because of that we are loosing lot of tax deductions like HRA limis... Sir please help in the same.

[navya]

Can you also make a video on capital gain? I am specifically looking for information on STCG when it is the only income in the year. Can we use any exception/deduction for STGC? If STCG is 15L, is it taxed flat 15% or does it also fall under slabs and the tax will only be on 10L? Thanks in advance!