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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#Taxplanning #TaxSavingTips #Incometax

[AssetYogi]

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

[shakib]

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.

[shammyshammy]

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

[_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.

[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.

[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

[shankarnsangeet]

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...YouTube is one such tool acts as a flat form for education and awareness.

[SHANKS]

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.

[ahzamsiddiqui]

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

[ShashiMaurya]

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.

[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.

[tarunbehera]

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

[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.

[sravankumarpiler]

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

[yashrajput]

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

[surajparkash]

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

[anirbansarkar]

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

[jamesnalley]

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

[illuminati]

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

[akshaykumarsonune]

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.