How Tax on Total Income upto ₹ 7 lakh shall be NIL ? | CA Anoop Bhatia

Dear Friends, in her budget speech hon’ble Finance Minister declared that if a person earns total income upto Rs. 7 lakh still his tax liability shall be NIL (wef FY 202-3-24) this creates a confusion as to when the basic exemption limit remains 2.5 lakh (under old regime) and 3 lakh (under new regime) then how tax on total income upto Rs. 7 lakh shall be NIL This video will help you to know how this is possible ? I hope you will find the content beneficial; your precious suggestions and questions are most welcome.

#budget
#budget2023
#keychangesinslabrates
#newslabrate
#revisednewslabrate
#taxation
#AY2024
#keychangesbybudget2023

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[rajkumarsodhani]

लोगों को मूर्ख बनाया है इस बजट में और कुछ नहीं किया

[navinmehta]

Very concrete and correct information. Really great, and very much useful to all.

[mkchakraborty]

Sir, will sec 87a will be applicable for income upto 10 lakhs ? You have not mentioned while showing tax liability of income 10 lakhs.

[SHANI]

This is a FLAWLESS EXPLANATION.
Great sir👍👍

[mujibkhan-bl]

If i give bearer chq to withdraw cash 2 lakhs is there any tax implication or penalty?

[satishgoel]

Sar aap bahut acchi tarah samjhate Hain bilkul clear ho gaya hai sirf ek doubt rah Gaya hai yah standard deduction Jo hai new slab mein shuru se milegi ya kisi limit ke bad milegi

[sethuselvaraman]

Lic policy amount also we can claim tax rebate

[guruprasadcv]

Excellent sir. Pl give some more examples

[durgasrinivas]

Very useful explanation
Thank you so much

[satishgoel]

Yadi koi salaried person hai jiski income 750000 hai kya use standard deduction 50000 Katkar per koi tax nahin lagega

[tarunsirkicoachingclasses]

Sir that means in new regime who earn 7.5 lakh person also have nil tax liability ?

[navinmehta]

Can I claim deduction u/s 80 U for my 100 % disablement in NEW REGIME ?

[anilreddy]

Thanks for the clear explanations as no one shared the proper info about no Tax for 7lkhs .
Here, you compare old and new regimes for 10lkhs, but you haven't exempted 7lkhs for the new regime. For example, 10lkhs --7lkhs should be exempted and additional 50k standard deduction then it comes 2.5lkhs Taxable income...but you are showing 9.5lkhs as a taxable income ...how come?

[harshsaxena]

Hallo sir. Thanks for video on tax slab

[aadarshjain]

Sir home loan interest is allowed under sec 24b under new regime?

[mayurvora]

Can SR citizen changes the option every year?

[SubhashChander-guyd]

Thanks for this video. What's about tax free income/gift received from relatives and others (up to 50000/-) Please explain. 🙏🙏

[himanshugupta]

Sir in this 87a exumption will also be applied for both cases to get net tax rebate

[sloya]

Mediclaim allowed under the new regime??? You have not taken the benefit of same.

[naheedmateen]

Sir Is section 87A is applicable for old Tax scheme also?