Save Income Tax 2024-25 | Why Old Tax Regime is Still Better then new tax regime? Income Tax Calculation Examples
In this video by FinCalC TV we will see how to save income tax for salaried and business with old tax regime in 2024-25 in hindi using some tax saving options. New tax regime slab rates are revised and standard deduction is increased to Rs. 75,000 for salaried employees. Some of the options are available in new tax regime as well. We will also see income tax calculation using calculator to understand how to calculate income tax with old and new tax regime Fy 2024-25.
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STANDARD DEDUCTION
Standard Deduction is a flat deductions of Rs. 50,000 and Rs. 75,000 – available for salaried employees and pensioners
HRA – HOUSE RENT ALLOWANCE
can be claimed to save income tax if you stay on rent
SECTION 80C
Section 80C is the popular section among tax payers to save income tax.
Maximum Rs. 1.5 Lakhs can be claimed as deduction with Section 80C in a financial year
SECTION 80D
Section 80D is for claiming your medical insurance premiums
If you have medical insurance and pay premiums every year, you can claim the amount under Section 80D
SECTION 80CCD(1B)
Section 80CCD(1B) is for claiming your investments in NPS – National Pension Scheme
It has the limit of claiming Rs. 50,000 in financial year when you invest in NPS. This limit is above and over Section 80C we have seen above
SECTION 24
Section 24 helps is claiming your home loan EMI interest component, that you pay every month
While the principal component can be claimed under Section 80C with Rs. 1.5 Lakhs limit in financial year, interest component that you pay can be claimed under Section 24 with Rs. 2 Lakhs limit in financial year.
#saveincometax #incometax #newtaxregime #oldtaxregime #fincalc
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DISCLAIMER:
Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown.
I Am Not A SEBI Registered Adviser. All The Information Provided By Me Are For Educational/Informational Purposes Only. We Do Not Take Any Responsibility For The Accuracy Of The Data But As It May Contain Typographic Or Other Errors And Inaccuracies And We Expressly Disclaim Liability For Any Errors On The YouTube Channel (FinCalC TV). Please consult your Financial Advisor before taking any decision or action in terms of your Finances.
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