Standard Deduction in new tax? #LLAShorts 524

Get smarter with Masterclasses by LLA

Start your Investing Journey with the best Brokers👇

▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
Insurance is Important, Get one Now! 👇

▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
Standard Deduction ka Confusion?
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
Shot & Edited by: Naveen, Rohan Agarwal
Presented by: Jagruk RJ
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
Follow us on Social Media📲

#Shorts #LLA #budget2023 #budget

[LabourLawAdvisor]

We've made a detailed video on Budget 2023, Watch it now! 👇

Become a Tax Smart Investor with LLA Capital Gain Masterclass: cg.lla.in

Earn what you deserve, LLA Employee Rights Masterclass: er.lla.in

[shwetataxsolutions]

No deduction for professional tax guys. Only standard deduction is allowed in new tax regime.

[Quad_iu]

For unemployed guys, this info is as relevant as "ueue" in "queue".

[yogi]

Nhi Sir... actual reason is

that Tax calculation on 15.5L according to New tax regime and according to Finance Act 22 is 2, 02, 500

And Now as per Finance bill 23 Tax on 15.5 is 1, 50, 000 (After considering Std dedn and new rates)

Hence the difference ₹52500 = 202500 - 150000 is the benefit she was referring to.

[WealthDekho]

Professional tax not allow in new tax regime. 52500 means when you compare 15.5 lakh tax in new tax regime before budget and after budget taxes then you got the difference of 52500/-INR which is benefit.

[vaibhavagarwal]

@rishabh ji
One little correction

That 52500 Rs additional tax saving is not due to 50000 plus professional tax.

Nirmala ji is simply pointing out Difference of tax(in new regime only) in 2022-23 (pre budget) VS 2023-24 (post budget) if salary is above 15.5 lakh

To put it simple-
Compute tax ( new regime) for both the above years taking income above 15.50 lakhs( you can take any figure)

You will note that there would be tax saving of exact 52500 irrespective of any income above 15.5 lakh rs


One catch- do not consider education and secondary edu cess while computing tax

CA Vaibhav Agarwal
#JAGRUKJANTA

Request to LLA team to revise the video and upload the correct one.

[aryamanbh]

New scheme is section 115BAC, it had been introduced a couple of years ago. Standard deduction( section 16) is not allowed under this section since the inception. The difference of 52500 is by applying the rates of taxes.

[anujahuja]

Thank you so much sir nd LLA team for the clarification 🙂

[saikrishnaykiccha]

Last year regime - budget regime = 52500 additional deduction not professional tax whose income 15.5 lakh.

[Prince-cgeu]

Regarding 15.5L I think

She meant is if a person earns 15.5L or more and assuming Deductions to be claimed by person is Rs. 2 L then he can save Rs. 52, 500 under new Tax regime.

[SouravSen]

Professional tax exemption is not applicable in new regime so only standard deduction 50000 is available.

[sanjaymukherjee]

Sir professional tax deduction cannot be claimed in the New tax regime

[sayyedmuzammil]

Standard deduction 52500 on old tax regime and in new 75000

[imrankhaleeque]

2.5 lac wale top 10% mein hai.. 15 lakh wala to above richness scale mein hoga

[LabourInformation]

Mujhe lagta he kisi ko act kare bare me knowledge he to wo aap ho or aap mujhe bahot aache se jante bhi he

[ek_virus]

Hack is only for ols regime.
No use in new

[ab]

Where to claim professional tax in new tax regime? There is no option

[suhailcool]

Ek video bnao jisme employee income 12lakhs and also do the startup having income 5lakhs loss in restaurant

[devang]

Hi, aap ka khub khub dhanyawad ki aap humare liye acche se jankari wale videos banate hai.
Ek sawal aur hai ki new tax regime mai humara jo PF ka part hai uspe deduction mile ga? PF EEE category mai aata hai to... Please ispe bi ek shorts ya video banaiye.... Request hai..

[knightslares]

iss finance minister ko nikaldoo yaar, kuch kaamkee nai hai.... sab bakvass batatee hai budget.